<SEC-DOCUMENT>0001683168-17-001652.txt : 20170831
<SEC-HEADER>0001683168-17-001652.hdr.sgml : 20170831
<ACCEPTANCE-DATETIME>20170623121652
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001683168-17-001652
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20170623

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Black Ridge Oil & Gas, Inc.
		CENTRAL INDEX KEY:			0001490161
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				272345075
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		110 NORTH 5TH STREET
		STREET 2:		SUITE 410
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55403
		BUSINESS PHONE:		952-426-1241

	MAIL ADDRESS:	
		STREET 1:		110 NORTH 5TH STREET
		STREET 2:		SUITE 410
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55403

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ante5, Inc.
		DATE OF NAME CHANGE:	20100422
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="stinson_logo.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">June 23, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><U>VIA EDGAR</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">H. Roger Schwall<BR>
Assistant Director</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Office of Natural Resources<BR>
Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 7%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:&#9;</FONT></TD>
    <TD STYLE="width: 93%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Black Ridge Oil &amp; Gas, Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Registration Statement on Form S-1</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed on May 23, 2017</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">File No. 333-218191</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dear Mr. Schwall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">We are filing this letter on behalf of Black
Ridge Oil &amp; Gas, Inc. (the &ldquo;Company&rdquo;) in connection with the filing of the Company&rsquo;s Registration Statement
on Form S-1 (the &ldquo;Registration Statement&rdquo;) with the U.S. Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
on May 23, 2017. On June 15, 2017, the Company received a letter from the staff of the Commission&rsquo;s Division of Corporation
Finance (the &ldquo;Staff&rdquo;) relating to the Registration Statement (the &ldquo;Comment Letter&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">This letter sets forth the response of the Company
to the Comment Letter. Capitalized terms used but not defined herein are given the meaning ascribed to them in the Registration
Statement. For ease of reference, we have repeated the comments contained in the Comment Letter in italics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><U>General</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>1.</I></TD><TD STYLE="text-align: justify"><I>We note the recent restructuring arrangement with your subordinated lender, the termination
of the management services agreement and the sale of your remaining stake in the newly created entity in connection with the sale
of such assets to a third party. As a result of this series of transactions, it appears that you now only hold cash assets and
possess no meaningful operations. In view of the foregoing, it seems that your current business, as well as your plan for the offering
proceeds in this transaction, may be commensurate in scope with the uncertainty ordinarily associated with a blank check company.
Accordingly, please revise your disclosure throughout your registration statement to comply with Rule 419 of Regulation C or supplementally
provide a detailed explanation as to why Rule 419 does not apply to this offering. Additionally, if you believe that you do not
fall within the definition of a blank check company, as defined in Rule 419(a)(2) of Regulation C, appropriate disclosure should
be included to demonstrate your status as a non-blank check company, including a more detailed discussion pertaining to the SPAC
entity you plan to establish.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0"><FONT STYLE="font-size: 8pt">STINSON.COM</FONT></P>



</TD>
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 8pt">150
                           SOUTH FIFTH STREET, SUITE 2300 &bull; MINNEAPOLIS, MN 55402</FONT></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 8pt">612.335.1500 MAIN &bull; 612.335.1657
FAX</FONT></P>



</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">H. Roger Schwall</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">June <FONT STYLE="font-size: 10pt">23</FONT>, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 2</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><U>Response:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1.8pt 0 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1.8pt 0 0; text-indent: 0.5in; text-align: justify">For the reasons discussed below and
disclosed in the Company&rsquo;s periodic filings, the Company should not be deemed a blank check company for purposes of Rule
419 of Regulation C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1.8pt 0 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1.8pt 0 0; text-indent: 0.5in; text-align: justify">Rule 419(a)(2)(i) of Regulation C
defines a &ldquo;blank check company&rdquo; as a company that &ldquo;is a development stage company that has no specific business
plan or purpose or has indicated that its business plan is to engage in a merger or acquisition with an unidentified company or
companies, or other entity or person.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1.8pt 0 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1.8pt 0 0; text-indent: 0.5in; text-align: justify">As an initial matter, the Company
is not a development stage company. Nor is the Company&rsquo;s business plan to engage in a merger or acquisition of an unidentified
entity or companies. The Company&rsquo;s specific operational business plan is focused on managing oil and gas assets in which
it has an indirect minority interest. The Company continues to hold its interest in Black Ridge Holding Company, LLC although it
has entered into an agreement to sell such interest as its joint venture partner sold the underlying oil and gas assets earlier
this year. In addition, the Company has recently and will continue to pursue distressed asset acquisitions in the Bakken and/or
Three Forks and other formations that may be acquired with capital from our existing joint venture partners or other capital providers.
The Company intends to create value for these joint venture partners and capital providers by identifying and targeting acreage
positions in oil and gas prospects with attractive returns on the capital employed. In assessing a project&rsquo;s suitability
for investment, the Company evaluates, amongst other factors, reserve potential, operator performance, anticipated well costs and
anticipated operating expenses. The Company focuses on identifying minority interests in multiple drilling units and, thus, is
able to diversify its partners&rsquo; risk across numerous wells. The Company has received revenue for management and consulting
services provided to BRHC since its reorganization in the second quarter of 2016 through June 30, 2017 and expects to receive revenue
from management services to other private equity sponsors once oil and gas assets are acquired by such sponsors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1.8pt 0 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1.8pt 0 0; text-indent: 0.5in; text-align: justify">To date, the Company has taken substantive
steps in furtherance of its business plan including evaluating, negotiating, and placing bids for oil and gas assets on behalf
of third party entities that reflect a combined purchase price and anticipated capital expenditures for well costs of over $2 billion
over the last two years. The Company has also evaluated multiple oil and gas asset packages that it declined to make a bid or offer
to acquire. The Company has engaged with at least five different private equity sources of capital as potential joint venture partners
to submit bids for oil and gas assets although it has not entered into any formal engagement or joint venture with any of the potential
partners (except for Merced Capital) and plans to only enter into a formal agreement following a successful bid. At this time the
Company has not completed acquisitions with any joint venture partners, but currently has pending bid submissions for the acquisition
of oil and gas assets. The process, amounts and partners participating in ongoing bid submissions are confidential during the duration
of the bidding process or until the investment is complete. As such, due to the competitively sensitive nature of such information,
the Company is supplementally submitting additional information confirming the Company&rsquo;s ongoing business operations for
the Staff&rsquo;s consideration under Rule 418 of the Securities Act. In accordance with Rule 418(b), the Company respectfully
requests that the Staff return or destroy this supplemental information at the completion of its review. In addition, the Company
will request confidential treatment for all such information included in its supplemental submission in accordance with SEC Rule
83.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">The Company&rsquo;s sponsorship of a SPAC is
intended to serve as a separate investment distinct from the Company&rsquo;s primary business operations. The Company intends to
continue to focus on its current business plan as described above and in the Registration Statement and has no intention of relying
on its proposed sponsorship of a SPAC as its sole or primary source of revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">Consistent with the foregoing discussion, the
Company has revised the Registration to prominently disclose that it is not a blank check company under Rule 419 on both the cover
page and within the Company&rsquo;s description of its business in the prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">H. Roger Schwall</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">June <FONT STYLE="font-size: 10pt">23</FONT>, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 3</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>2.</I></TD><TD STYLE="text-align: justify"><I>The scope of the formation activities you plan to undertake in connection with the formation
of a SPAC entity is unclear from your current disclosure. You reference, in multiple locations, the &ldquo;sponsorship of a special
purpose acquisition company (SPAC).&rdquo; It is unclear how the relationship between you and the SPAC would be structured. More
specifically, it is unclear how you plan to pursue organizing activities, including the holding of founder shares in newly created
entity, in a manner that will permit you to maintain an exemption from registration under the Investment Company Act of 1940. Please
expand your disclosure to address these issues.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><U>Response:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As discussed in the Registration
Statement under the heading &ldquo;SPAC Sponsorship,&rdquo; the Company as sponsor of the SPAC will make an initial contribution
to the SPAC in exchange for shares and warrants in the SPAC that could represent beneficial ownership of approximately 20% of the
SPAC&rsquo;s shares. The Company&rsquo;s planned SPAC sponsorship is only one piece of its current business activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company believes that
its current business activities would preclude it from being characterized as an investment company under the Investment Company
Act of 1940, as amended, (the &ldquo;Investment Company Act&rdquo;) because it is not and does not hold itself out as being, &ldquo;engaged
primarily&rdquo; in the business of investing, reinvesting, or trading in securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In particular, the Company
is not currently and will not in the future be primarily engaged in the business of investing, reinvesting, owning, holding, or
trading in the SPAC securities. As discussed in the immediately preceding response and in the Company&rsquo;s periodic filings,
the Company intends to continue to be primarily engaged in its current business activities focusing on management of oil and gas
assets in which it has indirect minority interest while seeking to enter into relationships with partners to pursue distressed
asset acquisitions in the oil and gas industry. Please also refer to the supplemental information about the Company&rsquo;s ongoing
business operations included in our submission under Rule 418. Any issuer primarily engaged, directly or through a wholly-owned
subsidiary or subsidiaries, in a business or businesses other than that of investing, reinvesting, owning, holding, or trading
in securities is exempt from the requirements of the Investment Company Act under Section 3(b)(1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In determining whether
an issuer is engaged primarily in investing in securities, the Commission generally applies the five factor test enunciated in
<I>In re Tonopah Mining Co., </I>26 S.E.C. 426 (1947) (the &ldquo;<I>Toponah</I> test&rdquo;). The five factors are: (i) the company&rsquo;s
historical development, (ii) its public representations of policy, (iii) the activities of its officers and directors, (iv) the
nature of its present assets and (v) the sources of its present income. Applying the <I>Tonopah</I> test, the Company should not
be considered an investment company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company&rsquo;s operating
history is inconsistent with that of an investment company: since November 2011, the Company has described itself as an oil and
gas company that pursues distressed asset acquisitions in all unconventional, onshore U.S. oil and gas basins, including over $100
million previously invested in the Williston Basin in North Dakota and Montana. In addition, the Company&rsquo;s management team
has been involved with the submission of bids for joint venture partners of the Company on over $2 billion of opportunities since
June 2015. The Company&rsquo;s management team would similarly be heavily involved in identifying and evaluating potential investments
in oil and gas assets by the SPAC and the ongoing management and operation of such assets if the SPAC were to make an acquisition
in the oil and gas industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company continues to
present itself to the public (and to investors) as an operating company as consistently indicated by the information provided on
the Company&rsquo;s website and in its periodic and annual reports.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Likewise, the Company&rsquo;s
officers and senior managers have devoted the vast majority of their time to continuing to cultivate relationships and explore
business opportunities in the oil and gas industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">H. Roger Schwall</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">June <FONT STYLE="font-size: 10pt">23</FONT>, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 4</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As indicated in the Company&rsquo;s
most recent Form 10-Q (for the quarterly period ended March 31, 2017), 100% of the Company&rsquo;s revenues were derived from management
fees under a service agreement pursuant to which the Company provided services including but not limited to locating, investigating
and analyzing potential non-operator oil and gas projects and day-to-day operations related to such projects. Likewise, as noted
in the Company&rsquo;s most recent Form 10-K (for the year ended December 31, 2016), the Company earned $1,049,451 in management
fees in connection with this relationship from June 21, 2016 through December 31, 2016. Although, as the Staff notes, the Company
has entered into an agreement to sell its remaining interest in this entity, the Company has no intention of ceasing operations
or changing its business plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company also believes
that it is eligible to rely on the exemption available under Section 3(c)(9) of the Investment Company Act to avoid being deemed
an inadvertent investment company under the Investment Company Act. In particular, the Company intends for substantially all of
its business to continue to consist of owning or holding oil, gas or other mineral royalties or leases or fractional interests
therein, or certificates of interest or participation relating to such mineral royalties or lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">Notwithstanding the foregoing
discussion, the Company has revised its risk factor disclosure in the prospectus under the heading &ldquo;<I>[t]he Company may
become subject to the requirements of the Investment Company Act of 1940</I>&rdquo; to provide additional disclosure concerning
the potential risks posed by the Company&rsquo;s proposed SPAC sponsorship relative to its continued compliance with the Investment
Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>3.</I></TD><TD STYLE="text-align: justify"><I>You indicate in several locations that the SPAC, if formed, will seek &ldquo;a target business
in the energy industry.&rdquo; Clarify what actions you would take if you are unable to locate a target in the energy industry.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><U>Response:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company expects that
the SPAC will focus on effecting a merger or similar business combination with a target business in the energy or energy-related
industries in light of the relevant industry background and experience of the SPAC&rsquo;s management team. Nonetheless, the Company
understands that the SPAC&rsquo;s efforts to identify a prospective target business will not be limited to a particular industry
or geographic region. The Company believes that the primary consideration in identifying any prospective target business will be
whether the target business has a fair market value of at least 80% of the assets held in the SPAC&rsquo;s trust account. As such,
any inability to locate a target in the energy or energy-related industry would not be expected to have a material impact on the
SPAC&rsquo;s ability to consummate a business combination. The registration statement has been revised throughout the prospectus
to reflect the Company&rsquo;s understanding of the SPAC&rsquo;s likely area of focus for a target business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition, if the SPAC
is unable to locate a target in the energy or energy-related industry and also fails to locate a prospective target business in
a different industry, then the Company expects to continue to operate its business which includes providing management and consulting
services to joint venture partners, which is not dependent on the success of the SPAC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><U>Recent Developments,
page 10</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>4.</I></TD><TD STYLE="text-align: justify"><I>Please confirm that the rights offering will be open for at least 20 days. </I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><U>Response:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company hereby confirms
that the rights offering will be open at least 20 days. The prospectus has also been revised to disclose this information in each
location that addresses the expiration of the rights offering period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>5.</I></TD><TD STYLE="text-align: justify"><I>In the DEF14C filed on May 30, 2016, you indicated that you would continue to &ldquo;own equity
interests in BRHC which will be 95% owned by Chambers indirectly through the Chambers Affiliates. The Company will provide management
and consulting services to BRHC pursuant to the Management Services Agreement and will continue to provide management and consulting
services to Merced Black Ridge, LLC.&rdquo; Address why you subsequently decided not to pursue that plan.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">H. Roger Schwall</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">June <FONT STYLE="font-size: 10pt">23</FONT>, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 5</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><U>Response</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Following the recapitalization
transaction that was described in the DEF14C filed on May 30, 2016, the Company did own equity interests in Black Ridge Holding
Company, LLC (BRHC). Based on oil prices and sale opportunities, Chambers elected to sell the oil and gas assets owned by BRHC
in the second quarter of 2017. The oil and gas assets were sold to an entity that managed other oil and gas assets and no longer
required the Company&rsquo;s management and consulting services. The Company will provide management and consulting services to
BRHC pursuant to the Management Services Agreement through June 30, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company has also continued
to provide management and consulting services to Merced Black Ridge, LLC although given the depressed nature and volatility of
oil and gas prices in the last year, Merced Capital has not been as active in seeking investments of oil and gas assets and has
not completed an investment. As noted above in response to Comment 1, the Company has submitted multiple bids for the acquisition
of oil and gas assets in conjunction with other joint venture partners and continues to actively pursue the management and consulting
services strategy that was described in the DEF14C filed on May 30, 2016 and in the Company&rsquo;s subsequent periodic reports.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>The Company may become subject to the requirements of the Investment
Company Act of 1940..., page 17 </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>6.</I></TD><TD STYLE="text-align: justify"><I>You indicate that the Investment Company Act &ldquo;excludes from this definition any person
substantially all of whose business consists of owning or holding oil, gas or other mineral royalties or leases or fractional interests
therein, or certificates of interest or participation relating to such mineral royalties or leases.&rdquo; Address the impact should
the SPAC choose to merge with or otherwise acquire a business or assets not covered by the exclusion you cite.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><U>Response:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As discussed in the Company&rsquo;s
response to Comment 2 above, the Company believes that it should not be characterized as an investment company based on the exemption
available under Section 3(b)(1) of the Investment Company Act because it is not and will not be &ldquo;primarily engaged&rdquo;
in a business of investing or holding securities and that it would otherwise qualify for the exemption available under Section
3(c)(9) of the Investment Company Act. To the extent that the Company determines that no other exemption is available to it under
the Investment Company Act and it is otherwise unable to avoid being characterized as an investment company, the Company will consider
whether it is necessary to engage in further restructuring of its business operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>The Standby Purchase Agreement, page 27</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>7.</I></TD><TD STYLE="text-align: justify"><I>Identify the backstop purchasers. Also, file the executed Standby Purchase Agreement as an exhibit.
We note that you filed the form of agreement with the Form 8-K on May 30, 2017.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><U>Response:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The
Company respectfully notes that each of the backstop purchasers are identified in Exhibit A to the Standby Purchase Agreement
filed as Exhibit 10.10 to the Registration Statement. The Company would also highlight that the Registration Statement
discloses that the backstop purchasers include members of the Company&rsquo;s board of directors, its Chief Executive
Officer, and its largest stockholders. The Registration Statement has also been revised to identify each backstop purchaser
as requested by the Staff under the heading &ldquo;Are there backstop purchasers?&rdquo; in the section entitled
&ldquo;Questions and Answers Relating to the Rights Offering.&rdquo; Notwithstanding the description of the agreement
included in the exhibit index for the Form 8-K filed on May 30, 2017, the Company hereby confirms that the Standby Purchase
Agreement filed as Exhibit 10.10 to the Registration Statement is the final executed copy of the Standby Purchase
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">H. Roger Schwall</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">June <FONT STYLE="font-size: 10pt">23</FONT>, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 6</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>8.</I></TD><TD STYLE="text-align: justify"><I>In that regard, we note that Exhibit 99.1 to that Form 8-K references this registration statement
and provides information about the Black Ridge Rights Offering and contains a SPAC Primer. Please advise as to the consideration
that you gave to the requirements of Rule 425 with regards to these materials. We note that the Form 8-K was not &ldquo;tagged&rdquo;
on EDGAR as a 425 filing and the box regarding Rule 425 on the cover of the Form 8-K was not checked.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><U>Response:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company respectfully
notes that Rule 425 of the Securities Act relates to the filing of certain prospectuses and communications under Rule 135 in connection
with business combination transactions. As noted in the adopting release for Rule 425, &ldquo;a &lsquo;business combination transaction&rsquo;
means any Rule 145(a) transaction (including mergers, recapitalizations, acquisitions, and similar matters) or tender offer (including
issuer tender offers).&rdquo; See SEC Release No. 33-7760 (January 24, 2000). The release further clarifies that the rules thereunder
are specifically applicable to business combination transactions &ndash; not capital-raising transactions. The information reflected
in the investor presentation filed with the Form 8-K is filed in connection with a capital-raising transaction (i.e. a rights offering)
&ndash; not a business combination transaction. As such, it would not constitute materials subject to Rule 425.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The information reflected
in the investor presentation was filed in compliance with Rule 134 of the Securities Act which sets forth parameters for information
that may be included in communications without such communications being considered a prospectus under the Securities Act. In particular,
the Rule 134 safe harbor permits inclusion of the following information, e.g. the title and price of security, a description of
the intended use of proceeds, and the anticipated schedule of an offering. The presentation also includes the legends and information
as to how to obtain a copy of the prospectus required under Rules 134(b) and Rule 134(d). In each of these respects the information
included in the investor presentation complies with the safe harbor for such communications available under Rule 134.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>* * * *</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">H. Roger Schwall</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">June <FONT STYLE="font-size: 10pt">23</FONT>, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 7</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If you should have any
further questions, please do not hesitate to contact Bryan Pitko directly at (612) 335-7061 and Jill Radloff directly at (612)
335-7119.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Respectfully Submitted,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Stinson Leonard Street LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">/s/ Jill
R.
Radloff&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
Bryan J. Pitko</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">cc:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ken DeCubellis</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
