Lots of acreage which is great. What is the potential recovery of the underlying mineral reserves? New Mexico Operations Colfax County (The Raton Basin), New Mexico 222,855 gross acres of wholly owned mineral interests (fee simple) Additional 2,400 net acres under lease Look-alike geological analogue to the Tucumcari Basin producing gas to the south Operationally similar to the Deep Cotton Valley / Bossier in East Texas at 15,000 feet Resource potential of 4 to 7 TCF gas-in-place Presently continuing development of geological data and analysis prior to implementation of drilling plan *All acreage is approximated as of Fiscal Year End April 30, 2011 Texas Operations West Texas (Permian Basin) - Tom Green County, Texas 1,063 net acres under lease in the prolific Permian Basin 623 net acres are held by production by two wells East Texas - Panola, Houston, Angelina and Cherokee Counties, Texas 9,053 net acres under lease in the East Texas Basin 2,366 net acres are held by production by four wells *All acreage is approximated as of Fiscal Year End April 30, 2011