<SEC-DOCUMENT>0001398344-15-004382.txt : 20150709
<SEC-HEADER>0001398344-15-004382.hdr.sgml : 20150709
<ACCEPTANCE-DATETIME>20150708173651
ACCESSION NUMBER:		0001398344-15-004382
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150707
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150709
DATE AS OF CHANGE:		20150708

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31785
		FILM NUMBER:		15979979

	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>8-K
<SEQUENCE>1
<FILENAME>fp0015027_8k.htm
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">UNITED STATES</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE COMMISSION</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font> Washington, D.C. 20549</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">FORM 8-K</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">CURRENT REPORT</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Pursuant to Section 13 or 15(d) of the<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font> Securities Exchange Act of 1934.</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Date of Report: July 8, 2015</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(Date of earliest event reported)</font></div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 24pt; FONT-WEIGHT: bold">Mexco Energy Corporation</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(Exact name of registrant as specified in its charter)</font></div>

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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">CO</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(State or other jurisdiction of incorporation)</font></div>
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</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(Commission File Number)</font></div>
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</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(IRS Employer Identification Number)</font></div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-WEIGHT: bold">214 W. Texas Avenue,</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Suite 1101</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Midland, TX</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(Address of principal executive offices)</font></div>
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</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(Zip Code)</font></div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font>Registrant's telephone number, including area code: <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">432-682-1119</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab"><font style="FONT-SIZE: 11pt">[&#160;&#160; ]</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">[&#160;&#160; ]</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">[&#160;&#160; ]</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">[&#160;&#160; ]</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Item 2.02</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Results of Operations and Financial Condition.</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">On July 8, 2015, Mexco Energy Corporation (the &#8220;Registrant&#8221;) issued a news release including the announcement of its financial results for the year ended March 31, 2015.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Item 8.01</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Other Events</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">On July 8, 2015, the Registrant issued a news release including the announcement of further development of properties.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Copy of news release is filed as Exhibit 99.1.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Item 9.01.&#160;&#160; Financial Statements and Exhibits.</div>

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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">Exhibits</td>
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Number</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">99.1</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">News release dated July 8, 2015.</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">SIGNATURES</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">MEXCO ENERGY CORPORATION</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Dated: July 8, 2015</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">By:</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">/s/ Tammy McComic</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Tammy McComic</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">President and Chief Financial Officer</div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>fp0015027_ex991.htm
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<html>
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<!--Licensed to: FilePoint
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    Copyright 1995 - 2015 Summit Financial Printing, LLC.  All rights reserved.-->
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<div>&#160;</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 10pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">EXHIBIT 99.1</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">July&#160;8, 2015</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>FOR IMMEDIATE RELEASE</u></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">MEXCO ENERGY CORPORATION REPORTS FINANCIAL RESULTS FOR FISCAL 2015 AND ANNOUNCES FURTHER DEVELOPMENT OF PROPERTIES</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">MIDLAND, TX &#8211; 07/08/15 &#8211; Mexco Energy Corporation (NYSE Market: MXC) reported results on its Annual Report on Form 10-K to the Securities and Exchange Commission (&#8220;SEC&#8221;) for the fiscal year ended March 31, 2015.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Company reported a net loss of $340,986, or ($0.17) per diluted share, for fiscal year 2015, a decrease from a net profit of $301,113, or $0.15 per diluted share, for fiscal 2014.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Operating revenues in fiscal 2015 were $3,390,005, a decrease of 16% when compared to fiscal 2014 operating revenues of $4,041,941. This is the result of a 9% increase in oil production and a 2% increase in gas production offset by a 27% decrease in oil prices and a 12% decrease in natural gas prices.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Company reported an operating loss of $412,332 for the quarter ending March 31, 2015, the Company&#8217;s fourth quarter of fiscal 2015, a decrease from the comparable quarter of fiscal 2014. Oil and gas revenues in the fourth quarter were $551,894 compared to $953,291 for the same quarter in fiscal 2014, a decrease of 42%.<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;</font>This is primarily the result of decreased oil and natural gas prices.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Company&#8217;s estimated present value of proved reserves at March 31, 2015 was approximately $24 million based on estimated future net revenues discounted at 10% per annum, pricing and other assumptions set forth in &#8220;Item 2 &#8211; Properties&#8221; of the Company&#8217;s Form 10-K, a decrease of 4% as compared to the same at March 31, 2014. The Company&#8217;s total estimated proved reserves at March 31, 2015 were 660,000 barrels of oil and natural gas liquids, an increase of 32% over the prior fiscal year, and 6.288 billion cubic feet of natural gas, an increase of .5% over the prior fiscal year. For fiscal 2015, natural gas constituted approximately 61% of the Company&#8217;s total proved reserves and approximately 38% of the Company&#8217;s revenues.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Mexco made the following acquisitions in the latter part of fiscal year 2015:</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 11pt">Royalty interests, purchase price of $200,000 covering 43 wells in 12 counties of eight states. Of these oil and gas reserves, approximately 54% are in TX and 10% in LA.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 11pt">Royalty interests, purchase price $580,000 covering 580 wells in 87 counties of eight states. Approximately 90% of the net revenue from these royalties is produced by 157 wells located in the Barnett Shale of the Fort Worth Basin of Texas. Also included are interests in 423 wells in 8 states.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 11pt">Non-Operated working interests, purchase price $525,000 for 12.5% (approximately 10% net revenue interest). Eight wells now producing oil on 20-acre spacing at approximately 3,600 foot depth on the 190 acres in Pecos County, TX. The operator has agreed to pay all operating expenses of these interests. Mexco also receives 100% of the gross disposal fees paid by an adjacent operator for one disposal well located on these properties</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 11pt">Royalty and mineral interests, purchase price $1,000,000 covering approximately 1,800 wells in 27 counties of Texas. Of these oil and gas reserves, approximately 80% is natural gas and 20% oil.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 11pt">Non-Operated working interests, purchase price $840,000 in 70 Natural gas producing wells located in 5 counties of Oklahoma.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">A joint venture in which Mexco is a working interest owner participated in two wells respectively completed in Wolfcamp A and B formations using horizontal drilling and multi-stage fracture stimulation on a 1,125-acre tract in Reagan County, Texas. These wells respectively initially produced at the rates of 486 and 928 barrels of oil equivalent per day. Our share of these two wells is approximately 2.34% working interest (1.99% net revenue interest). The initial production results are not necessarily indicative of future rates of production or reserves.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Company currently expects to participate in the drilling and completion of 19 horizontal and one vertical well at an estimated aggregate cost of approximately $954,000 for the fiscal year ended March 31, 2016, of which $538,000 has been expended to date. The operators of these wells include Apache Corporation, Bold Energy III, LLC, Concho Resources, Inc., Endurance Resources, LLC, QEP Resources, Inc., XTO Energy, Inc. and others.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Mexco Energy Corporation, a Colorado corporation, is an independent oil and gas company located in Midland, Texas engaged in the acquisition, exploration and development of oil and gas properties. For more information on Mexco Energy Corporation, go to www.mexcoenergy.com.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Mexco Energy Corporation cautions that statements in this press release which are forward-looking and which provide other than historical information involve risks and uncertainties that may impact the Company's actual results of operations. These risks include, but are not limited to, production variance from expectations, volatility of oil and gas prices, the need to develop and replace reserves, exploration risks, uncertainties about estimates of reserves, competition, government regulation, and mechanical and other inherit risks associated with oil and gas production. A discussion of these and other factors, including risks and uncertainties, is set forth in the Company's Form 10-K for the fiscal year ended March 31, 2014. Mexco Energy Corporation disclaims any intention or obligation to revise any forward-looking statements.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">For additional information, please contact: Nicholas C. Taylor, Chairman and Chief Executive Officer or Tammy L. McComic, President and Chief Financial Officer, both of Mexco Energy Corporation, (432) 682-1119.</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Mexco Energy Corporation and Subsidiaries</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">CONSOLIDATED BALANCE SHEETS</div>

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<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="ffcbc4d36c15466a87246312435e2da0" border="0" cellspacing="0" cellpadding="0">
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">March 31,</div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">March 31,</div>
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<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2015</div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2014</div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ASSETS</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 9pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Current assets</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 18pt; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Cash and cash equivalents</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">96,084</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">156,082</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 18pt; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Accounts receivable:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 2%; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Oil and gas sales</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">384,485</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">628,098</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 2%; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Trade</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">64,584</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">18,144</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 18pt; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Prepaid costs and expenses</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">44,618</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">28,804</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 4%; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Total current assets</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">589,771</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">831,128</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 18pt; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 9pt; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Property and equipment, at cost</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 18pt; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Oil and gas properties, using the full cost method</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">40,563,443</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">35,460,741</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 18pt; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Other</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">106,792</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">94,356</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 18pt; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Accumulated depreciation, depletion and amortization</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(19,838,036</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(18,475,174</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 4%; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Property and equipment, net</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">20,832,199</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">17,079,923</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 18pt; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 18pt; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Other noncurrent assets</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">48,980</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">7,239</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 4%; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Total assets</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">21,470,950</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">17,918,290</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 18pt; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">LIABILITIES AND STOCKHOLDERS' EQUITY</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 9pt; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Current liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 18pt; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Accounts payable and accrued expenses</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">423,121</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">257,431</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 18pt; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Income tax payable</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 18pt; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Derivative instruments</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">-</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">44,981</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 4%; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Total current liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">423,121</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">308,912</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 18pt; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 9pt; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Long-term debt</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,950,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,425,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 9pt; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Asset retirement obligations</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,230,216</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">926,577</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 9pt; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Deferred income tax liabilities</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">660,870</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">858,449</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 4%; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Total liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">8,264,207</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4,518,938</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 18pt; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 9pt; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Commitments and contingencies</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 18pt; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 9pt; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Stockholders' equity</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 18pt; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Preferred stock - $1.00 par value;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 2%; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">10,000,000 shares authorized; none outstanding</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 18pt; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Common stock - $0.50 par value; 40,000,000 shares authorized;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 2%; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,104,266 shares issued; 2,037,266 and 2,038,266 shares</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 2%; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;outstanding as of March 31, 2015 and 2014, respectively</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,052,133</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,052,133</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 18pt; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Additional paid-in capital</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">7,075,031</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6,921,645</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 18pt; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Retained earnings</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,425,580</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,766,566</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 18pt; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Treasury stock, at cost (67,000 and 66,000 shares, respectively)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(346,001</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(340,992</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 9pt; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Total stockholders' equity</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">13,206,743</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">13,399,352</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 18pt; WIDTH: 74%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">21,470,950</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">17,918,290</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</div>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #555555; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 1px; COLOR: #555555; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Mexco Energy Corporation and Subsidiaries</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">CONSOLIDATED STATEMENTS OF OPERATIONS</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Year ended March 31,</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="04538dbdc00f453b94b3f8164732158b" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-LEFT: 18pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2015</div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2014</div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2013</div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Operating revenues:</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 9pt; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Oil and gas</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,336,826</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,994,295</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,063,707</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 9pt; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Other</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">53,179</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">47,646</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">32,708</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 18pt; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Total operating revenues</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,390,005</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4,041,941</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,096,415</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 18pt; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Operating expenses:</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 9pt; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Production</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,300,820</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,231,814</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,082,043</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 9pt; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Accretion of asset retirement obligation</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">27,932</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">44,366</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">39,376</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 9pt; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Depreciation, depletion and amortization</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,362,862</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,151,482</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,100,425</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 9pt; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">General and administrative</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,239,750</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,136,939</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,028,846</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 18pt; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Total operating expenses</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,931,364</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,564,601</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,250,690</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 18pt; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Operating (loss) income</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(541,359</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">477,340</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(154,275</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 18pt; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Other income (expenses):</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 9pt; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Interest income</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">45</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">172</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">229</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 9pt; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Interest expense</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(99,240</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(65,387</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(53,832</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 9pt; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Gain (loss) on derivative instruments</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">102,069</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(99,262</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">-</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 18pt; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net other income (expense)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,874</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(164,477</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(53,603</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 18pt; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(Loss) earnings before provision for income taxes</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(538,485</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">312,863</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(207,878</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 18pt; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Income tax (benefit) expense:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 9pt; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Current</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 9pt; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Deferred</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(197,499</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,250</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(31,504</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 18pt; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(197,499</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">11,750</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(31,504</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 18pt; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net (loss) income</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(340,986</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">301,113</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(176,374</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 18pt; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 18pt; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(Loss) income per common share:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 9pt; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Basic:</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.17</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.15</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.09</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 9pt; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Diluted:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.17</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.15</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.09</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 18pt; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Weighted average common shares outstanding:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; PADDING-LEFT: 9pt; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Basic:</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,038,250</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,036,950</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,036,959</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 9pt; WIDTH: 61%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Diluted:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,038,250</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,042,184</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,036,959</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
