September 30, 2012 10-Q

0001078782-12-002869.txt : 20121114 0001078782-12-002869.hdr.sgml : 20121114 20121114162633 ACCESSION NUMBER: 0001078782-12-002869 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121114 DATE AS OF CHANGE: 20121114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RING ENERGY, INC. CENTRAL INDEX KEY: 0001384195 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 980495938 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-53920 FILM NUMBER: 121204989 BUSINESS ADDRESS: STREET 1: 6555 SOUTH LEWIS STREET CITY: TULSA STATE: OK ZIP: 74136 BUSINESS PHONE: 918-499-3880 MAIL ADDRESS: STREET 1: 6555 SOUTH LEWIS STREET CITY: TULSA STATE: OK ZIP: 74136 FORMER COMPANY: FORMER CONFORMED NAME: Transglobal Mining Corp. DATE OF NAME CHANGE: 20070425 FORMER COMPANY: FORMER CONFORMED NAME: Blanca Corp. DATE OF NAME CHANGE: 20061220 10-Q 1 f10q093012_10q.htm SEPTEMBER 30, 2012 10-Q September 30, 2012 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

X . QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: September 30, 2012

. TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 000-53920

RING ENERGY, INC.

(Exact Name of registrant as specified in its charter)


Nevada	98-0406406
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)


6555 S. Lewis Street, Suite 200, Tulsa, OK	74136
(Address of principal executive offices)	(Zip Code)

(918) 499-3880

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

X . Yes

. No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

X . Yes

. No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer .

Accelerated filer .

Non-accelerated filer .

Smaller reporting company X .

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12-b-2 of the Exchange Act).

. Yes

X . No

The registrant has one class of common stock of which 13,541,011 shares were outstanding at November 5, 2012.

INDEX

Ring Energy, Inc.

For the Quarter Ended September 30, 2012

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Item 4. Controls and Procedures

PART II – OTHER INFORMATION

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Item 6. Exhibits

SIGNATURES

Forward-Looking Statements

The statements contained in this report that are not historical facts are forward-looking statements that represent management’s beliefs and assumptions based on currently available information. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, need for financing, competitive position, and potential growth opportunities. Our forward-looking statements do not consider the effects of future legislation or regulations. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words “believes,” “intends,” “may,” “should,” “anticipates,” “expects,” “could,” “plans,” or comparable terminology or by discussions of strategy or trends. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot give any assurances that these expectations will prove to be correct. Such statements by their nature involve risks and uncertainties that could significantly affect expected results, and actual future results could differ materially from those described in such forward-looking statements.

Among the factors that could cause actual future results to differ materially are the risks and uncertainties discussed in this report and in our annual report on Form 10-K for the year ended December 31, 2011. While it is not possible to identify all factors, we continue to face many risks and uncertainties including, but not limited to, changes in the general economic downturn; a further downturn in the securities markets; uncertainties associated with oil and gas exploration and development, and our ability to generate revenue. Should our underlying assumptions prove incorrect or the consequences of the aforementioned risks worsen, actual results could differ materially from those expected. We disclaim any intention or obligation to update publicly or revise such statements whether as a result of new information, future events or otherwise.

There may also be other risks and uncertainties that we are unable to predict at this time or that we do not now expect to have a material adverse impact on our business.

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

The unaudited consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. The Company believes that the disclosures are adequate to make the information presented not misleading.

RING ENERGY, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


		September 30,		December 31,
		2012		2011
ASSETS
Current Assets
Cash	$	9,846,250	$	11,372
Accounts receivable		130,816		91,022
Prepaid expenses and retainers		120,706		121,301
Total Current Assets		10,097,772		223,695
Properties and Equipment
Oil and natural gas properties subject to amortization		12,318,591		6,597,433
Office equipment		194,207		11,133
Total Properties and Equipment		12,512,798		6,608,566
Accumulated depreciation, depletion and amortization		(382,478)		(89,376)
Net Properties and Equipment		12,130,320		6,519,190
Total Assets	$	22,228,092	$	6,742,885

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current Liabilities
Accounts payable	$	1,595,870	$	100,321
Accrued compensation		-		100,000
Accrued payable to investors		72,500		-
Derivative put option		130,104		276,736
Total Current Liabilities		1,798,474		477,057
Noncurrent Liabilities
Revolving line of credit		-		9,244,428
Note payable to Ring Energy, Inc.		-		853,122
Asset retirement obligations		303,289		274,788
Total Noncurrent Liabilities		303,289		10,372,338
Stockholders' Equity (Deficit)
Common stock - $0.001 par value; 75,000,000 shares authorized; 12,993,788 and 3,440,000 shares outstanding, respectively
		12,994		3,440
Additional paid-in capital		26,230,974		204,585
Accumulated deficit		(6,117,639)		(4,314,535)
Total Stockholders' Equity (Deficit)		20,126,329		(4,106,510)
Total Liabilities and Stockholders' Equity (Deficit)	$	22,228,092	$	6,742,885

The accompanying notes are an integral part of these unaudited consolidated financial statements.

RING ENERGY, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)


										Predecessor
			Successor							Carve-out
			For The Three Months			For The Nine		For The Five		For The Four
			Ended September 30,			Months Ended		Months Ended		Months Ended
			2012		2011	September 30, 2012		September 30, 2011		April 30, 2011

Oil and Gas Revenues		$	374,739	$	162,527	$	1,045,264	$	175,004	$	96,956

Costs and Operating Expenses
	Oil and gas production costs		216,908		51,632		592,163		60,181		71,656
	Oil and gas production taxes		17,296		7,702		49,921		8,277		4,468
	Depreciation, depletion and amortization		117,267		49,287		293,102		50,944		2,778
	Accretion expense		4,763		1,675		14,287		2,456		3,732
	General and administrative expense		671,438		123,866		1,825,937		146,722		6,000

Total Costs and Operating Expenses			1,027,672		234,162		2,775,410		268,580		88,634

Other Income (Expense)
	Gain on derivative put options		53,224		29,420		146,632		34,880		-
	Non-refundable transaction fee		-		200,000		-		200,000		-
	Interest income		2,248		-		2,248		-		-
	Interest expense		(33,992)		(30,909)		(221,838)		(39,663)		-

Net Other Income (Expense)			21,480		198,511		(72,958)		195,217		-

Net Income (Loss)		$	(631,453)	$	126,876	$	(1,803,104)	$	101,641	$	8,322

Basic Earnings (Loss) per Share		$	(0.06)	$	0.02	$	(0.29)	$	0.02	$	-
Diluted Earnings (Loss) per Share		$	(0.06)	$	0.02	$	(0.29)	$	0.02	$	-

The accompanying notes are an integral part of these unaudited consolidated financial statements.

RING ENERGY, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENT OF PREDECESSOR OWNERS’

NET INVESTMENT (DEFICIT)

FOR THE FOUR MONTHS ENDED APRIL 30, 2011


		Owners' Net
		Investment
Predecessor		(Deficit)
Balance, December 31, 2010	$	11,686
Distributions to owners		(26,416)
Net income		8,322
Balance, April 30, 2011	$	(6,408)

RING ENERGY, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (DEFICIT)

FOR THE FIVE MONTHS ENDED SEPTEMBER 30, 2011


					Additional				Stockholders'
	Common Stock				Paid-in	Accumulated			Equity
Successor	Shares	Amount			Capital		Deficit		(Deficit)
Balance, May 1, 2011	6,250,000	$	6,250	$	199,750	$	-	$	206,000
Capital contributions from shareholders of available-for-sale securities
	-		-		40,000		-		40,000
Capital contributions from shareholders	-		-		50,000		-		50,000
Capital distributions to shareholders					(150,000)				(150,000)
Net loss	-		-		-		101,641		101,641
Balance, September 30, 2011	6,250,000	$	6,250	$	139,750	$	101,641	$	247,641

RING ENERGY, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (DEFICIT)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012


									Total
					Additional				Stockholders'
	Common Stock				Paid-in	Accumulated			Equity
Successor	Shares	Amount			Capital		Deficit		(Deficit)
Balance, December 31, 2011	3,440,000	$	3,440	$	204,585	$	(4,314,535)	$	(4,106,510)
Share-based compensation	-		-		707,090		-		707,090
Common stock issued to purchase Ring Energy, Inc.
Common stock issued to purchase Ring Energy, Inc.	6,579,808		6,580		13,088,789		-		13,095,369
Common stock issued for cash	2,821,202		2,821		11,543,162		-		11,545,983
Common stock issued in property acquisition	152,778		153		687,348		-		687,501
Net loss	-		-		-		(1,803,104)		(1,803,104)
Balance, September 30, 2012	12,993,788	$	12,994	$	26,230,974	$	(6,117,639)	$	20,126,329

The accompanying notes are an integral part of these unaudited consolidated financial statements.

RING ENERGY, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


							Predecessor
			Successor				Carve-Out
			For the Nine		For the Five		For the Four
			Months Ended		Months Ended		Months Ended
			September 30, 2012		September 30, 2011		April 30, 2011
Cash Flows From Operating Activities
	Net income (loss)	$	(1,803,104)	$	101,641	$	8,322
	Adjustments to reconcile net income to net cash provided by operating activities:

	Depreciation, depletion and amortization		293,102		50,944		2,778
	Accretion expense		14,287		2,456		3,732
	Share-based compensation		707,090		-		-
	Gain on derivative put options		(146,632)		(34,880)		-
	Changes in assets and liabilities:
	Accounts receivable		(39,794)		(103,638)		4,677
	Prepaid expenses		27,537		(18,803)		-
	Accounts payable		1,558,156		277,425		6,907
	Accrued compensation		(100,000)		-		-
	Net Cash Provided by (Used in) Operating Activities		510,642		275,145		26,416
Cash Flows from Investing Activities
	Payments to purchase oil and natural gas properties		(124,050)		(3,895,659)		-
	Payments to develop oil and natural gas properties		(4,711,752)		(257,271)		-
	Purchase of office equipment		(179,078)		-		-
	Net Cash Used in Investing Activities		(5,014,880)		(4,152,930)		-
Cash Flows From Financing Activities
	Proceeds from borrowings from Ring Energy, Inc.		1,150,000		-		-
	Proceeds from borrowings under revolving line of credit		-		4,053,428		-
	Proceeds from issuance of common stock		11,545,983		-		-
	Proceeds from issuance of common stock to Ring Energy, Inc. shareholders
			10,887,561		-		-
	Principal payments on revolving line of credit		(9,244,428)		-		-
	Capital contributions from shareholders		-		50,000		-
	Capital distributions to owners		-		(150,000)		(26,416)
	Net Cash Provided by (Used in) Financing Activities		14,339,116		3,953,428		(26,416)
Net Increase (Decrease) in Cash			9,834,878		75,643		-
Cash at Beginning of Period			11,372		30,000		-
Cash at End of Period		$	9,846,250	$	105,643	$	-
Supplemental Cash Flow Information
	Cash paid for interest	$	93,471	$	8,754	$	-
Noncash Investing and Financing Activities
	Oil and natural gas properties acquired	$	825,765	$	4,110,430	$	-
	Asset retirement obligations assumed		(14,214)		(101,849)		-
	Payments with Ring Energy, Inc. shares		(687,501)		(40,000)		-
	Derivative put option incurred		-		(72,922)		-
	Cash payments for oil and natural gas properties acquired	$	124,050	$	3,895,659	$	-
	Issuance of common stock to Ring Energy, Inc. shareholders	$	13,095,369	$	-	$	-
	Accounts payable assumed		9,893		-		-
	Less: Elimination of note payable to Ring Energy, Inc.		(2,003,122)		-		-
	Less: Prepaid expenses acquired		(26,942)		-		-
	Less: Property and equipment acquired		(187,637)		-		-
	Proceeds from issuance of common stock to Ring Energy, Inc. shareholders
		$	10,887,561	$	-	$	-
	Capital contribution of Ring Energy, Inc. common stock	$	-	$	40,000	$	-

The accompanying notes are an integral part of these unaudited consolidated financial statements.

RING ENERGY, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Consolidated Financial Statements – The accompanying consolidated financial statements have been prepared by the Company and are unaudited. In the opinion of management, the accompanying unaudited financial statements contain all adjustments necessary for fair presentation, consisting of normal recurring adjustments, except as disclosed herein. The financial position and results of operations for the three and nine months ended September 30, 2012 are not necessarily indicative of the results to be expected for the full year ending December 31, 2012.

Organization and Nature of Operations –Stanford Energy, Inc. (“Stanford” or the “Company”) is a Texas corporation that owns interests in oil and natural gas properties located in Texas. The Company’s oil and natural gas sales, profitability and future growth are dependent upon prevailing and future prices for oil and natural gas and the successful acquisition, exploration and development of oil and natural gas properties. Oil and natural gas prices have historically been volatile and may be subject to wide fluctuations in the future. A substantial decline in oil and natural gas prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows and quantities of oil and natural gas reserves that may be economically produced.

Reorganization into Ring Energy, Inc. – On June 28, 2012, Ring Energy, Inc. (“Ring”) completed the acquisition of Stanford Energy, Inc. through the closing of a stock-for-stock exchange agreement dated May 3, 2012. As a result, Stanford became a wholly-owned subsidiary of Ring. At the closing, the Stanford shareholders exchanged their 1,376 shares of Stanford common stock for 3,440,000 shares of Ring common stock. In addition, Ring assumed and adopted Stanford’s equity compensation plan and its outstanding options to purchase 450 shares of Stanford common stock, which represented the right to purchase 1,125,000 shares of Ring common stock at $2.00 per share. Prior to the closing, Ring had 6,110,408 shares of common stock outstanding, of which Stanford shareholders held 793,317 shares. As a result, Stanford’s shareholders obtained control of Ring. In addition, Stanford’s shareholders have the right to appoint to a majority of the members of the Ring board of directors and senior management of the combined company.

Since the Stanford shareholders obtained a controlling interest in Ring’s common stock and stock options and the right to control the board of directors and senior management, Stanford was determined to be the accounting acquirer and its historical financial statements have been adjusted to reflect its reorganization in a manner equivalent to a 2,500-for-1 stock split. The accompanying historical financial statements prior to the reorganization into Ring are Stanford’s financial statements, adjusted to reflect the authorized capital and par value of Ring and to reflect the effects of the stock split for all periods presented.

Predecessor Carve-Out Financial Statements – On May 1, 2011, Stanford acquired developed and undeveloped properties referred to as the Fisher I Property. The Fisher I Property represents Stanford’s predecessor under Rule 405 of Regulation C of the Securities Act of 1933, as amended, as the Fisher I Property was Stanford’s first interest in producing oil and natural gas properties and Stanford’s own operations before the acquisition were insignificant relative to the operations acquired. In that regard, upon consummation of the acquisition, the historical financial statements of the Fisher I Property became the historical financial statements of the Company. The accompanying predecessor financial statements present the full carve-out financial position, the related revenues earned and costs and expenses incurred, and the cash flows of the predecessor owners relative to the Fisher I Property.

Subsequent to the acquisition, the successor financial statements present the financial position, operations and cash flows of the assets acquired, the liabilities assumed and operations of the Fisher I Property as well as those of other properties acquired subsequently and are reflected at their purchase-date fair values. Those fair values are reflected as the cost of the assets acquired and the carrying amounts of the liabilities assumed, and are the basis of the resulting operations of the successor.

Prior to the acquisition of the Fisher I Property, Stanford had little activity and was a development stage company. Its planned operations were to acquire, develop and operate oil and natural gas properties. Stanford had no revenue, expenses or income during the four months ended April 30, 2011. Changes in Stanford’s stockholders’ equity for the four months ended April 30, 2011, on a post-split basis, were as follows:

RING ENERGY, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)


						Additional		Total
	Common Stock					Paid-in		Stockholders'
	Shares	Amount				Capital		Equity
Balance, December 31, 2010	5,000,000		$	5,000	$	(5,000)	$	-
Common stock issued for no consideration	1,250,000			1,250		(1,250)		-
Cash paid in from shareholders without
the issuance of additional shares	-			-		206,000		206,000
Balance, April 30, 2011	6,250,000		$	6,250	$	199,750	$	206,000

Stanford’s cash flows during the four months ended April 30, 2011 were as follows:


Cash Flows from Investing Activities
	Payments to purchase oil and gas properties	$	(176,000)
Cash Flows From Financing Activities
	Capital contributions from shareholders		206,000
Net Increase in Cash			30,000
Cash at Beginning of Period			-
Cash at End of Period		$	30,000

Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Changes in the future estimated oil and natural gas reserves or the estimated future cash flows attributable to the reserves that are utilized for impairment analysis could have a significant impact on the Company’s future results of operations.

Fair Values of Financial Instruments – The carrying amounts reported for the revolving line of credit approximates fair value because the underlying instruments are at interest rates which approximate current market rates. The derivative put options are carried at fair value.

Consolidation – The accompanying consolidated financial statements include the accounts, operations and cash flows of Stanford for all periods presented and the consolidated operations and cash flows of Ring from June 28, 2012. All significant intercompany balances and transactions have been eliminated in consolidation.

Concentration of Credit Risk and Major Customer – The Company has cash in excess of federally insured limits at September 30, 2012. During the nine months ended September 30, 2012, sales to three customers represented 36%, 35% and 27%, respectively, of oil and gas revenues. At September 30, 2012, these customers made up 33%, 24% and 43%, respectively, of accounts receivable.

Oil and Gas Properties – The Company uses the full cost method of accounting for oil and gas properties. Under this method, all costs associated with acquisition, exploration, and development of oil and gas reserves are capitalized. Costs capitalized include acquisition costs, geological and geophysical expenditures, lease rentals on undeveloped properties and costs of drilling and equipping productive and non-productive wells. Drilling costs include directly related overhead costs. Capitalized costs are categorized either as being subject to amortization or not subject to amortization.

All capitalized costs of oil and gas properties, including the estimated future costs to develop proved reserves and estimated future costs of abandonment and site restoration, are amortized on the unit-of-production method using estimates of proved reserves as determined by independent engineers. Investments in unproved properties and major development projects are not amortized until proved reserves associated with the projects can be determined. The Company evaluates oil and gas properties for impairment at least annually. Amortization expense for the three and nine months ended September 30, 2012 was $117,267 and $293,102, respectively, based on depletion at the rate of $21.43 per barrel of oil equivalent compared to $49,287 and $53,722, respectively, for the three and nine months ended September 30, 2011, based on depletion at the rate of $24.28 per barrel of oil equivalent. These amounts include $10,501 and $31,502 of depreciation for the three and nine months ended September 30, 2012, respectively, with no depreciation for the three or nine months ended September 30, 2011.

RING ENERGY, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

In addition, capitalized costs are subject to a ceiling test which limits such costs to the estimated present value of future net revenues from proved reserves, discounted at a 10% interest rate, based on current economic and operating conditions, plus the lower of cost or fair market value of unproved properties. Consideration received from sales or transfers of oil and gas property is accounted for as a reduction of capitalized costs. Revenue is not recognized in connection with contractual services performed on properties in which the Company holds an ownership interest.

Office Equipment – Office equipment is valued at historical cost adjusted for impairment loss less accumulated depreciation. Historical costs include all direct costs associated with the acquisition of office equipment and placing it in service. Depreciation is calculated using the straight-line method based upon an estimated useful life of 5 to 7 years.

Asset Retirement Obligation – The Company records a liability in the period in which an asset retirement obligation (“ARO”) is incurred, in an amount equal to the discounted estimated fair value of the obligation that is capitalized. Thereafter, this liability is accreted up to the final estimated retirement cost. An ARO is a future expenditure related to the disposal or other retirement of certain assets. The Company’s ARO relates to future plugging and abandonment expenses of its oil and natural gas properties and related facilities disposal.

Revenue Recognition – The Company predominantly derives its revenues from the sale of produced oil and natural gas. Revenue is recorded in the month the product is delivered to the purchasers. At the end of each month, the Company recognizes oil and natural gas sales based on estimates of the amount of production delivered to purchasers and the price to be received. Variances between the Company’s estimated oil and natural gas sales and actual receipts are recorded in the month the payments are received.

Share-Based Employee Compensation – The Company has outstanding stock option grants to directors and employees, which are described more fully in Note 6. The Company recognizes the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the related compensation expense over the period during which an employee is required to provide service in exchange for the award, which is generally the vesting period.

Share-Based Compensation to Non-Employees – The Company accounts for share-based compensation issued to non-employees as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The measurement date for these issuances is the earlier of the date at which a commitment for performance by the recipient to earn the equity instruments is reached or the date at which the recipient’s performance is complete.

Recent Accounting Pronouncements – The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoptions of any such pronouncements are expected to cause a material impact on the Company’s financial condition or the results of operations.

Basic and Diluted Earnings (Loss) per Share – Basic earnings (loss) per share are computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if all contracts to issue common stock were converted into common stock, except for those that are anti-dilutive. The dilutive effect of stock options and other share-based compensation is calculated using the treasury method with an offset from expected proceeds upon exercise of the stock options and unrecognized compensation expense.

RING ENERGY, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 2 – EARNINGS (LOSS) PER SHARE INFORMATION


									Predecessor
		Successor							Carve-out
		For The Three Months			For The Nine		For The Five		For The Four
		Ended September 30,			Months Ended		Months Ended		Months Ended
		2012		2011	September 30, 2012		September 30, 2011		April 30, 2011
Net Income (Loss)	$	(631,453)	$	126,876	$	(1,803,104)	$	101,641	$	8,322
Basic Weighted-Average Shares Outstanding		11,433,730		6,250,000		6,172,054		6,250,000		6,250,000
Effect of dilutive securities:
Stock options		-		-		-		-		-
Diluted Weighted-Average Shares Outstanding		11,433,730		6,250,000		6,172,054		6,250,000		6,250,000
Basic Earnings (Loss) per Share	$	(0.06)	$	0.02	$	(0.29)	$	0.02	$	-
Diluted Earnings (Loss) per Share	$	(0.06)	$	0.02	$	(0.29)	$	0.02	$	-

Stock options to purchase 1,125,000 shares of common stock were excluded from the computation of diluted earnings (loss) per share during the three and nine months ended September 30, 2012 as their effect would have been anti-dilutive. There were no stock options outstanding during the three or nine months ended September 30, 2011.

NOTE 3 – ACQUISITIONS

Fisher I Property – On May 23, 2011, Stanford purchased proved developed and undeveloped oil and natural gas reserves (the “Fisher I Property”) located in the Permian Basin, Andrews County, Texas. The Fisher I Property acquired consisted of 100% of the working interest (75% net revenue interest) in four producing leases, a 99.6% working interest (74.7% net revenue interest) in 640 undeveloped acres and a 92.0% working interest (69.0% net revenue interest) in 960 undeveloped acres. The Fisher I Property was acquired for $2,296,228 of total consideration consisting of cash of $2,183,306, the transfer of 20,000 shares of Ring Energy, Inc. (“Ring”) common stock, valued at $2.00 per share or $40,000, and the issuance of a put option relating to the Ring shares valued at $72,922, whereby the holders could put the Ring shares back to Stanford for $5.00 per share through November 24, 2011.

For purposes of acquisition accounting, the fair value of the Ring shares transferred was determined based on the price stockholders of the Company paid to purchase the shares in May 2011 (see Note 10) since there was not an active market for the Ring shares. The value of the put option was determined using the Black-Scholes option pricing model based on the following assumptions: risk-free interest rate of 0.11%; expected life of 0.5 years; dividend yield of 0% and volatility of 207%, which was calculated on Ring stock historical prices. Stanford incurred $30,673 of acquisition-related costs, which were recognized in general and administrative expense for the eight months ended December 31, 2011.

The acquisition qualified as a business combination and as such, Stanford recognized the assets acquired and the liabilities assumed at their fair values as of the May 23, 2011 acquisition date, which is the date the Company obtained control of the properties. Oil and natural gas sales receivable and production costs payable at May 23, 2011 were not material. The estimated fair value of these properties approximated the consideration paid, which the Company concluded approximated the fair value that would be paid by a typical market participant. As a result, neither goodwill nor a bargain purchase gain was recognized related to the acquisition. The following table summarizes the assets acquired and the liabilities assumed:


Proved developed and undeveloped oil and gas properties	$	2,358,483
Asset retirement obligation		(62,255)
Total Identifiable Net Assets	$	2,296,228

Oil and natural gas sales and income from operations before general and administrative expense from the Fisher I Property, for the eight months ended December 31, 2011, were $166,250 and $49,116, respectively.

Miocene Property – On August 17, 2011, Stanford purchased additional proved developed and undeveloped oil and natural gas reserves (the “Miocene Property”) located in the Permian Basin, Andrews County, Texas. The Miocene Property consisted of 100% of the working interest (75% to 77% net revenue interest) in three producing leases. The Miocene Property was acquired for cash totaling $1,791,165. The Company incurred $98,984 of acquisition-related costs, which were recognized in general and administrative expense during the eight months ended December 31, 2011.

RING ENERGY, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The acquisition was recognized as a business combination whereby Stanford recorded the assets acquired and the liabilities assumed at their fair values as of August 17, 2011, which is the date the Company obtained control of the properties and was the acquisition date for financial reporting purposes. The estimated fair value of Miocene Property approximated the consideration paid, which the Company concluded approximated the fair value that would be paid by a typical market participant. The following table summarizes the fair values of the assets acquired and the liabilities assumed:


Assets Acquired
Accounts receivable	$	52,278
Proved developed and undeveloped oil and gas properties		1,810,662
Liabilities Assumed
Accounts payable		(32,181)
Asset retirement obligation		(39,594)
Total Identifiable Net Assets	$	1,791,165

Oil and natural gas sales and income from operations before general and administrative expense from the Miocene Property, for the four months ended December 31, 2011, were $217,959 and $60,313, respectively.

Fisher II Property – On December 1, 2011, the Company purchased proved developed and undeveloped oil and natural gas reserves (the “Fisher II Property”) located in the Permian Basin, Andrews County, Texas. The Fisher II Property acquired consisted of 100% of the working interest (75% net revenue interest) in one lease. The Fisher II Property was acquired for $1,747,760 of total consideration consisting of cash of $1,150,000, the transfer of 80,000 shares of Ring common stock, valued at $4.00 per share or $320,000, and the issuance of a put option relating to the Ring shares valued at $277,760, whereby the holder can put the Ring shares back to Stanford at $5.00 per share through December 1, 2012.

Due to the lack of an active market for the Ring shares, the fair value of the Ring shares transferred was determined based on the price at which Ring shares were being sold in a private placement active during the time period that this acquisition occurred. The value of the put option was determined using the Black-Scholes option pricing model based on the following assumptions: risk-free interest rate of 0.11%; expected life of 1.0 years; dividend yield of 0% and volatility of 198%, which was calculated on Ring stock historical prices. The Company incurred $6,898 of acquisition-related costs, which were recognized as general and administrative expense during the eight months ended December 31, 2011.

The acquisition of the Fisher II Property was recognized as a business combination. Stanford recorded the assets acquired and the liabilities assumed at their fair values. The estimated fair value of the Fisher II Property approximated the consideration paid, which the Company concluded approximated the fair value that would be paid by a typical market participant. The following table summarizes the fair values of the assets acquired and the liabilities assumed:


Proved developed and undeveloped oil and gas properties	$	1,915,152
Asset retirement obligation		(167,392)
Total Identifiable Net Assets	$	1,747,760

Oil and natural gas sales and loss from operations before general and administrative expense from the Fisher II Property for the one month ended December 31, 2011, were $4,465 and $(7,416), respectively.

Ring Energy, Inc. – On June 28, 2012, Ring Energy, Inc. (“Ring”) completed the acquisition of Stanford Energy, Inc. through the closing of a stock-for-stock exchange agreement dated May 3, 2012. As a result, Stanford became a wholly-owned subsidiary of Ring. As further described in Note 1, Stanford was determined to be the accounting acquirer. The acquisition of Ring was recognized as the issuance by Stanford of the 6,110,408 common shares of Ring that remained outstanding. The fair value of Ring’s net assets was more clearly determinable than the fair value of the common shares deemed issued; therefore, the common shares were valued at the fair value of the net assets acquired as follows:


Cash	$	10,887,561
Note payable to Ring cancelled		2,003,122
Prepaid expenses		26,942
Property and equipment		187,637
Accounts payable		(9,893)
Fair Value of Net Assets	$	13,095,369

RING ENERGY, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Pro Forma Results from Operations – The following unaudited pro forma information is presented to reflect the operations of the Company as if the acquisitions had been completed on January 1, 2012 and 2011, respectively:


		For The Three		For The Three		For The Nine		For The Nine
		Months Ended		Months Ended		Months Ended		Months Ended
		September 31, 2012		September 31, 2011		September 31, 2012		September 31, 2011

Oil and Natural Gas Revenues	$	374,739	$	315,018	$	1,045,264	$	872,774
Net Income (Loss)		(631,453)		(144,234)		(1,885,369)		(121,077)

Ogden Property – On September 28, 2012, the Company purchased proved developed and undeveloped oil and natural gas reserves (the “Ogden Property”) located in the Permian Basin, Andrews County, Texas. The Ogden Property consists of a 91.67% working interest, 68.75% net revenue interest in one lease covering 80 acres which included one existing well with production. The Ogden Property was acquired for $687,501 through the issuance of 152,778 shares of Ring common stock, valued at $4.50 per share. Due to the lack of an active market for the Ring shares, the fair value of the Ring shares transferred was determined based on the price at which Ring shares were being sold in a private placement active during the time period that this acquisition occurred.

The acquisition of the Ogden Property was recognized as a business combination. Ring recorded the assets acquired and the liabilities assumed at their fair values. The estimated fair value of the Ogden Property approximated the consideration paid, which the Company concluded approximated the fair value that would be paid by a typical market participant. The following table summarizes the fair values of the assets acquired and the liabilities assumed:


Proved developed and undeveloped oil and gas properties	$	687,501
Asset retirement obligation		(14,214)
Total Identifiable Net Assets	$	673,287

NOTE 4 – REVOLVING LINE OF CREDIT

In May 2011, the Company entered into a credit agreement with a bank that provides for a revolving line of credit of up to $10 million for borrowings and letters of credit. As of September 30, 2012, $9,950,000 was available to be drawn on the line of credit. The agreement includes a non-usage commitment fee of 0.20% per annum and covenants limiting other indebtedness, liens, transfer or sale of assets, distributions or dividends and merger or consolidation activity. The facility has an interest rate of the bank’s prime rate plus 0.75% with the total interest rate to be charged being no less than 4.00%. As of September 30, 2012 the interest rate being charged was 4.00%. The note matured on May 10, 2012 and was extended to May 10, 2013. Two of the Company’s stockholders are jointly and severally obligated for outstanding borrowings under the credit facility.

NOTE 5 – ASSET RETIREMENT OBLIGATION

The Company provides for the obligation to plug and abandon oil and gas wells at the dates properties are either acquired or the wells are drilled. The asset retirement obligation is adjusted each quarter for any liabilities incurred or settled during the period, accretion expense and any revisions made to the estimated cash flows. The asset retirement obligation relating to the predecessor carve-out financial statements was computed using an annual credit-adjusted risk-free discount rate of 4.28%. The asset retirement obligation incurred by Stanford upon each of the three acquisitions was computed using the annual credit-adjusted risk-free discount rate at the applicable date, which rates were from 6.55% to 7.62% per annum. Changes in the asset retirement obligation were as follows:


Balance, January 1, 2012	$	274,788
Liabilities incurred		14,214
Accretion expense		14,287
Balance, September 30, 2012	$	303,289

RING ENERGY, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 6 – EMPLOYEE STOCK OPTIONS

Compensation expense charged against income for share-based awards during the three and nine months ended September 30, 2012 was $261,856 and $707,090, respectively, with no comparable amounts for the three and nine months ended September 30, 2011, and is included in general and administrative expense in the accompanying financial statements.

In 2011, Stanford’s Board of Directors and stockholders approved and adopted a long-term incentive plan which allows for the issuance of up to 2,500,000 shares of common stock through the grant of qualified stock options, non-qualified stock options and restricted stock. As of September 30, 2012, there were 1,375,000 shares eligible for issuance under the plan. On December 1, 2011, the Company granted 1,125,000 non-qualified stock options exercisable at $2.00 per share. On July 1, 2012, the Company granted 75,000 non-qualified stock options exercisable at $4.50 per share. On July 1, 2012, the Company cancelled 125,000 non-qualified options exercisable at $2.00 per share. On August 15, 2012, the Company granted 50,000 non-qualified options exercisable at $4.50 per share. The stock options vest at the rate of 20% each year over five years beginning one year from the date granted and expire ten years from the date granted.

The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model and using certain assumptions. The expected volatility is based on the historical price volatility of the Dow Jones U.S. Oil and Gas Index. The Company used the simplified method for estimating the expected term for options granted in 2011. Under the simplified method, the expected term is equal to the midpoint between the vesting period and the contractual term of the stock option. The risk-free interest rate represents the U.S. Treasury bill rate for the expected life of the related stock options. The dividend yield represents the Company’s anticipated cash dividend over the expected life of the stock options. The following are the weighted-average assumptions used to determine the fair value of options granted during the eight months ended December 31, 2011 and nine months ended September 30, 2012:


	December 1, 2011	July 1, 2012	August 15, 2012

Risk free interest rate	0.97%	0.67%	0.80%
Expected life	6.5 years	6.5 years	6.5 years
Dividend yield	-	-	-
Volatility	32%	158%	153%

A summary of the stock option activity as of September 30, 2012, and changes during the nine months then ended is as follows:


			Weighted-
		Weighted-	Average
		Average	Remaining	Aggregate
		Exercise	Contractual	Intrinsic
	Shares	Price	Term	Value
Outstanding, December 31, 2011	1,125,000	$ 2.00
Granted	125,000	4.50
Forfeited	(125,000)	2.00
Outstanding, September 30, 2012	1,125,000	$ 2.28	9.2 Years	$ 3,346,875
Exercisable, September 30, 2012	-

The weighted-average grant-date fair value of options granted during 2012 was $4.29 per share. Share-based compensation expense for the nine months ended September 30, 2012 was $707,090. As of September 30, 2012, there was approximately $1,580,789 of unrecognized compensation cost related to stock options that is expected be recognized over a weighted-average period of 2.7 years. The aggregate intrinsic value was determined based on the $5.82 market value of the Ring Energy, Inc. common stock on September 28, 2012. No options were exercisable as of September 30, 2012.

RING ENERGY, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 7 – CONTINGENCIES AND COMMITMENTS

Standby Letters of Credit – A commercial bank has issued standby letters of credit on behalf of the Company to the state of Texas totaling $50,000 to allow the Company to do business there. The standby letters of credit are valid until cancelled or matured and are collateralized by the revolving credit facility with the bank. These letters of credit terms are extended for a term of one year at a time. The Company intends to renew the standby letters of credit for as long as the Company does business in the state of Texas. No amounts have been drawn under the standby letters of credit.

NOTE 8 – PUT OPTIONS

The Company granted put options on the Ring shares transferred in connection with the acquisitions of oil and natural gas properties in December 2011. In December 2011, the Company granted 80,000 options with terms allowing the property seller to require the Company to repurchase the Ring shares at $5.00 per share through December 1, 2012. At the date of issuance, the fair value of this liability was $277,760 and was capitalized as part of the acquisition cost. The put options are contingent consideration classified as liabilities under FASB ASC 305-30 and are recognized at the acquisition date fair value as part of the consideration transferred. They are remeasured to fair value at each reporting date until the contingency is resolved with the change in fair value being recognized in earnings. As of September 30, 2012, the fair value of the remaining liability was $130,104. The following table illustrates the assumptions used in the Black-Scholes option pricing model at September 30, 2012:


Risk free interest rate	0.10%
Expected life (years)	0.16
Dividend yield	-
Volatility	147%

NOTE 9 – FAIR VALUE MEASUREMENTS

Generally accepted accounting principles establish a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The Company’s fair value measurements are based on the observability of those inputs. The three levels of the fair value hierarchy are as follows:


	•		Level 1 — Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. The Company does not have any fair value balances classified as Level 1.

	•		Level 2 — Inputs other than quoted prices in active markets included in Level 1 that are either directly or indirectly observable. The Company’s put options are measured on a recurring basis using Level 2 inputs.

	•		Level 3 — Includes inputs that are not observable for which there is little, if any, market activity for the asset or liability being measured. The Company does not have any fair value balances classified as Level 3.

In valuing certain contracts, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. For disclosure purposes, assets and liabilities are classified in their entirety in the fair value hierarchy level based on the lowest level of input that is significant to the overall fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement within the fair value hierarchy levels.

The Company’s derivative put option liabilities are remeasured to fair value at each reporting date until the contingency is resolved. The fair value of the non-financial liabilities as of September 30, 2012 was $130,104 and was calculated using Level 2 inputs. See Note 8 above for more information about this liability and the inputs used for calculating fair value.

RING ENERGY, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 10 – SUBSEQUENT EVENTS

Subsequent to September 30, 2012, the Company sold 327,223 shares of common stock for gross proceeds of $1,472,504 in a private placement at $4.50 per common share. No selling commissions were paid.

Subsequent to September 30, 2012, the Company purchased proved developed and undeveloped oil and natural gas reserves located in the Permian Basin, Andrews County, Texas. The total purchase price was $1,990,000 consisting of a cash payment of $1,000,000 and the issuance of 220,000 shares of Ring Energy, Inc. common stock valued at $4.50 per share.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Management’s Discussion and Analysis of Financial Condition and Results of Operations analyzes the major elements of our balance sheets and statements of income. This section should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2011, and our interim unaudited financial statements and accompanying notes to these financial statements.

Stanford Energy, Inc., a Texas Corporation, was formed in 2007. There were no operations prior to acquisitions during 2011. During 2011 Stanford completed three acquisitions of properties with existing production, all with additional potential for development, as well as additional acquisition and leasing of undeveloped acreage. During the nine months ended September 30, 2012 Stanford continued leasing additional mineral interest in acreage in which it already owned an interest. On June 28, 2012, Stanford consummated a stock-for-stock exchange with Ring Energy, Inc. Stanford was determined to be the accounting acquirer in this transaction and therefore the historical financial statements presented are those of Stanford. During the nine months ended September 30, 2012 but prior to the consummation of the stock-for-stock exchange, Ring completed two acquisitions of undeveloped acreage that are offsetting the assets held by Stanford and which is complimentary.

Results of Operations – For the Three Months Ended September 30, 2012 and 2011

Oil and natural gas sales. For the three months ended September 30, 2012, oil and natural gas sales revenue increased $212,212 to $374,739, compared to $162,527 for the same period during 2011. Oil sales increased $218,291 and natural gas sales decreased $6,079. The increases were the result of higher production, which occurred primarily as a result of acquisitions made in the latter part of 2011. For the three months ended September 30, 2012, oil sales volume increased 2,515 barrels to 4,386 barrels, compared to1,871 barrels for the same period in 2011. The average realized per barrel oil price increased 2% from $83.22 for the three months ended September 30, 2011 to $85.28 for the three months ended September 30, 2012. For the three months ended September 30, 2012, gas sales volume decreased 725 thousand cubic feet (MCF) to 169 MCF, compared to 894 MCF for the same period in 2011. The average realized natural gas price per MCF decreased 41% from $7.65 for the three months ended September 30, 2011 to $4.50 for the three months ended September 30, 2012.

Oil and gas production costs. Our lease operating expenses (LOE) increased from $51,632 or $25.56 per barrel of oil equivalent (BOE) for the three months ended September 30, 2011 to $216,908 or $49.14 per BOE for the three months ended September 30, 2012. The increases were the result of additional acquisitions made between periods and work to get properties into proper working condition. This amount also includes $74,755 or $16.94 per BOE in salt water disposal charges that will be eliminated once our salt water disposal well is placed on line.

Production taxes. Production taxes as a percentage of oil and natural gas sales were 5% during the three months ended September 30, 2011 and remained steady at 5% for the three months ended September 30, 2012. These rates are expected to stay relatively steady unless we make acquisitions in other states with differing production tax rates or the state of Texas changes its production tax rate.

Depreciation, depletion and amortization. Our depreciation, depletion and amortization expense increased by $71,068 to $117,267 for the three months ended September 30, 2012, compared to $49,287 during the same period in 2011. The increase was the result of higher production volume partially offset by a decrease in the average depletion rate from $24.28 per BOE during the three months ended September 30, 2011 to $21.43 per BOE during the three months ended September 30, 2012. The decreased depletion rate was the result of additional acquisitions between periods.

General and administrative expenses. General and administrative expenses increased by $547,572 to $671,438 for the three months ended September 30, 2012, compared to $123,866 during the same period in 2011. The increase was primarily the result of an increase in stock-based compensation expense from $0 for the three months ended September 30, 2011 to $261,856 for the three months ended June 30, 2012 and contract staff compensation.

Interest income. Interest income increased by $2,248 to $2,248 for the three months ended September 30, 2012, compared to zero for the same period in 2011. The increase was due to a higher cash balance between periods.

Interest expense. Interest expense increased by $3,083 to $33,992 for the three months ended September 30, 2012, compared to the same period in 2011. The increase was due to a higher average outstanding balance between periods.

Net income/loss. For the three months ended September 30, 2012 there was a net loss of $631,453, as compared to net income of $126,876 for the three months ended September 30, 2011. The primary reason for this change is compensation expense.

Results of Operations – For the Nine Months Ended September 30, 2012 and 2011

Oil and natural gas sales. For the nine months ended September 30, 2012, oil and natural gas sales revenue increased $773,304 to $1,045,264 compared to $271,960 for the same period during 2011. Oil sales increased $767,622 and natural gas sales increased $5,682. The increases were the result of higher production, which occurred primarily as a result of acquisitions made during the latter part of 2011. For the nine months ended September 30, 2012, oil sales volume increased 8,670 barrels to 11,653 barrels, compared to 2,983 barrels for the same period in 2011. The average realized per barrel oil price decreased slightly from $88.87 for the nine months ended September 30, 2011 to $88.62 for the nine months ended September 30, 2012. For the nine months ended September 30, 2012, gas sales volume increased 2,425 thousand cubic feet (MCF) to 3,319 MCF, compared to 894 MCF for the same period in 2011. The average realized natural gas price per MCF decreased 51% from $7.65 for the nine months ended September 30, 2011 to $3.77 for the nine months ended September 30, 2012.

Oil and gas production costs. Our lease operating expenses (LOE) increased from $131,837 or $42.09 per barrel of oil equivalent (BOE) for the nine months ended September 30, 2011 compared to $592,163 or $48.51 per BOE for the nine months ended September 30, 2012. The increases were the result of additional acquisitions made between periods and work to get properties into proper working condition. This amount also includes $183,448 or $15.03 per BOE in salt water disposal charges that will be eliminated once our salt water disposal well is placed on line.

Production taxes. Production taxes as a percentage of oil and natural gas sales were 5% during the nine months ended September 30, 2011 and remained steady at 5% for the nine months ended September 30, 2012. Production taxes vary from state to state. Therefore, these taxes may vary in the future depending on the mix of production we generate from various states, as well as the possibility that any state may raise its production tax rate.

Depreciation, depletion and amortization. Our depreciation, depletion and amortization expense increased by $247,479 to $293,102 for the nine months ended September 30, 2012, compared to $53,722 for the same period in 2011. The increase was the result of higher production volume partially offset by a decrease in the average depletion rate from $24.28 per BOE during the nine months ended September 30, 2011 to $21.43 per BOE during the nine months ended September 30, 2012. The decreased depletion rate was the result of additional acquisitions between periods.

General and administrative expenses. General and administrative expenses increased by $1,673,215 to $1,825,937 for the nine months ended September 30, 2012, compared to $152,722 for the same period in 2011. The increase was primarily the result of an increase in stock-based compensation expense from $0 for the nine months ended September 30, 2011 to $707,090 for the nine months ended September 30, 2012 and contract staff compensation.

Interest income. Interest income increased by $2,248 to $2,248 for the nine months ended September 30, 2012, compared to zero for the same period in 2011. The increase was due to a higher cash balance between periods.

Interest expense. Interest expense increased by $182,175 to $221,838 for the nine months ended September 30, 2012, compared to $39,663 for the same period in 2011. The increase was due to a higher average outstanding balance between periods.

Net income/loss. For the nine months ended September 30, 2012 there was a net loss of $1,803,104, as compared to net income of $109,963 for the nine months ended September 30, 2011. The primary reason for this change is compensation expense.

Capital Resources and Liquidity

As shown in the financial statements for the nine months ended September 30, 2012, the Company had cash on hand of $9,846,250, compared to $11,372 as of December 31, 2011. The Company had net cash provided by operating activities for the nine months ended September 30, 2012 of $515,038, compared to $301,561 for the same period 2011. Other significant sources of cash inflow for the nine months ended September 30, 2012 include proceeds from issuance of common stock for cash of $11,545,983, proceeds from issuance of common stock to Ring Energy, Inc. shareholders in the stock-for-stock exchange transaction of $10,887,561 and borrowings from Ring Energy, Inc. prior to the closing of the stock-for-stock exchange transaction of $1,150,000. The only significant source of cash inflow for the nine months ended September 30, 2011 was proceeds from borrowings under the revolving line of credit for $4,053,428. The most significant cash outflows during the nine months ended September 30, 2012 and 2011 were capital expenditures of $5,019,276 and $4,152,930, respectively, and $9,244,428 payment on notes payable in 2012.

To the extent possible, we intend to acquire producing properties and/or developed undrilled properties rather than exploratory properties. We do not intend to limit our evaluation to any one state. We presently have no intention to evaluate off-shore properties or properties located outside of the United States of America.

The pursuit of and acquisition of additional oil and gas properties may again require substantially greater capital than we currently have available and obtaining additional capital would require that we enter into the sale of either short-term or long-term notes payable or the sale of our common stock. Furthermore, it may be necessary for us to retain outside consultants and others in our endeavors to locate desirable oil and gas properties. The cost to retain one or more consultants or a firm specializing in the purchase/sale of oil and gas properties will have an impact on our financial position and will impact our future cash flows.

The process of acquiring one or more additional oil and gas properties will impact our financial position and reduce our cash position. The types of costs that we may incur include travel cost relating to meeting with individuals instrumental in our acquisition of one or more oil and gas properties, obtaining petroleum engineer reports relative to the oil and gas properties that we are investigating, legal fees associated with such acquisition including title reports, and accounting fees relative to obtaining historical information regarding such oil and gas properties. Even though we may incur such costs, there is no assurance that we will ultimately be able to consummate a transaction resulting in our acquisition of an oil and/or gas property.

Off-balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements and it is not anticipated that the Company will enter into any off-balance sheet arrangements.

Disclosures About Market Risks

Like other natural resource producers, Ring faces certain unique market risks. The two most salient risk factors are the volatile prices of oil and gas and certain environmental concerns and obligations.

Oil and Gas Prices

Current competitive factors in the domestic oil and gas industry are unique. The actual price range of crude oil is largely established by major international producers. Pricing for natural gas is more regional. Because domestic demand for oil and gas exceeds supply, there is little risk that all current production will not be sold at relatively fixed prices. To this extent Ring does not see itself as directly competitive with other producers, nor is there any significant risk that the Company could not sell all production at current prices with a reasonable profit margin. The risk of domestic overproduction at current prices is not deemed significant. The primary competitive risks would come from falling international prices which could render current production uneconomical.

Secondarily, Ring is presently committed to use the services of the existing gatherers in its present areas of production. This gives to such gatherers certain short term relative monopolistic powers to set gathering and transportation costs, because obtaining the services of an alternative gathering company would require substantial additional costs since an alternative gatherer would be required to lay new pipeline and/or obtain new rights-of-way in the lease.

It is also significant that more favorable prices can usually be negotiated for larger quantities of oil and/or gas product, such that Ring views itself as having a price disadvantage to larger producers. Large producers also have a competitive advantage to the extent they can devote substantially more resources to acquiring prime leases and resources to better find and develop prospects.

Environmental

Oil and gas production is a highly regulated activity which is subject to significant environmental and conservation regulations both on a federal and state level. Historically, most of the environmental regulation of oil and gas production has been left to state regulatory boards or agencies in those jurisdictions where there is significant gas and oil production, with limited direct regulation by such federal agencies as the Environmental Protection Agency. However, while the Company believes this generally to be the case for its production activities in Texas it should be noted that there are various Environmental Protection Agency regulations which would govern significant spills, blow-outs, or uncontrolled emissions.

In Texas, specific oil and gas regulations exist related to the drilling, completion and operations of wells, as well as disposal of waste oil. There are also procedures incident to the plugging and abandonment of dry holes or other non-operational wells, all as governed by the Texas Railroad Commission, Oil and Gas Division

Compliance with these regulations may constitute a significant cost and effort for Ring. No specific accounting for environmental compliance has been maintained or projected by Ring to date. Ring does not presently know of any environmental demands, claims, or adverse actions, litigation or administrative proceedings in which it or the acquired properties are involved or subject to or arising out of its predecessor operations.

In the event of a breach of environmental regulations, these environmental regulatory agencies have a broad range of alternative or cumulative remedies to include: ordering a cleanup of any spills or waste material and restoration of the soil or water to conditions existing prior to the environmental violation; fines; or enjoining further drilling, completion or production activities. In certain egregious situations, the agencies may also pursue criminal remedies against the Company or its principals.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not required of smaller reporting company.

Item 4. Controls and Procedures

Evaluation of disclosure controls and procedures

Our management, with the participation of William R. Broaddrick, our principal executive officer and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based on that evaluation, Mr. Broaddrick concluded that our disclosure controls and procedures as of the end of the period covered by this report were effective in ensuring that information required to be disclosed by us in reports that we file or submit under the Exchange Act (i) is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and (ii) is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Changes in internal control over financial reporting

There has been no change in our internal control over financial reporting, as defined in Rules 13a-15(f) of the Exchange Act, during our most recent fiscal quarter ended September 30, 2012, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On September 1, 2012, the Company issued 50,000 options to its CEO, William R. Broaddrick, under the 2011 Long-Term Incentive Plan. The options vest 20% each year five years from the grant date and expire 20 years from the grant date. The exercise price of the options is $4.50. Mr. Broaddrick was an accredited investor at the time of the sale. The shares were sold without registration under the Securities Act by reason of the exemption from registration afforded by the provisions of Section 4(a)(5) and/or Section 4(a)(2) thereof, and Rule 506 promulgated thereunder, as a transaction by an issuer not involving any public offering. No selling commissions were paid in connection with the sale of the shares.

On September 28, 2012, the Company issued 152,778 shares of its common stock to four investors in connection with the purchase of certain oil and gas leases. The investors were accredited investors at the time of the sale. The shares were sold without registration under the Securities Act by reason of the exemption from registration afforded by the provisions of Section 4(a)(5) and/or Section 4(a)(2) thereof, and Rule 506 promulgated thereunder, as a transaction by an issuer not involving any public offering. No selling commissions were paid in connection with the sale of the shares.

Item 6. Exhibits

Exhibit Number

Description

31.1

Rule 13a-14(a) Certification

32.1

Section 1350 Certification

101.INS

XBRL Instance Document

101.SCH

XBRL Taxonomy Extension Schema Document

101.CAL

XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF

XBRL Taxonomy Extension Definition Linkbase Document

101.LAB

XBRL Taxonomy Extension Label Linkbase Document

101.PRE

XBRL Taxonomy Extension Presentation Linkbase Document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Ring Energy, Inc.

Date: November 14, 2012

By: /s/ William R. Broaddrick

William R. Broaddrick

(Principal Executive & Financial Officer)

EX-31.1 2 f10q093012_ex31z1.htm EXHIBIT 31.1 SECTION 302 CERTIFICATIONS Exhibit 31.1 Section 302 Certifications

CERTIFICATIONS

I, William Randy Broaddrick, certify that:

I have reviewed this Form 10-Q for the quarter ended September 30, 2012, of Ring Energy, Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 14, 2012

/s/ William Randy Broaddrick

William Randy Broaddrick, Interim CEO &

Interim CFO

(Principal Executive Officer &

Principal Financial Officer)

EX-32.1 3 f10q093012_ex32z1.htm EXHIBIT 32.1 SECTION 906 CERTIFICATIONS Exhibit 32.1 Section 906 Certifications

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Ring Energy, Inc. (the “Company”) on Form 10-Q for the three months ended September 30, 2012, as filed with the Securities and Exchange Commission (the “Report”), the undersigned principal executive officer and financial officer of the Company, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 14, 2012

/s/ William Randy Broaddrick

William Randy Broaddrick, Interim Chief Executive Officer &

Interim Chief Financial Officer

(Principal Executive Officer and Principal Financial Officer)

EX-101.INS 4 rnge-20120930.xml XBRL INSTANCE DOCUMENT 10-Q 2012-09-30 false RING ENERGY, INC. 0001384195 --12-31 13541011 Smaller Reporting Company Yes No No 2012 Q3

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12512798

6608566

-382478

-89376

12130320

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22228092

6742885

1595870

100321

100000

130104

276736

72500 0

1798474

477057

0 9244428

853122

303289

274788

303289

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12994

3440

26230974

204585

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20126329

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22228092

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0.001

75000000

12993778

3440000

12993778

3440000

Changes in Stanfords stockholders equity for the four months ended April 30, 2011, on a post-split basis, were as follows:   <div align="center"> <table width="605" style="WIDTH:453.85pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:2pt"> <td width="255" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:190.9pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="68" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:50.8pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="21" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:15.8pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="48" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:0.5in; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="21" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:15.8pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="75" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:56.4pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Additional </td> <td width="25" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:19pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.15pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Total </td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:2pt"> <td width="255" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:190.9pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="137" colspan="3" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:102.6pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  Common Stock </td> <td width="21" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:15.8pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="75" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:56.4pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Paid-in </td> <td width="25" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:19pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.15pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Stockholders' </td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:2pt"> <td width="255" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:190.9pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="68" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:50.8pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  Shares </td> <td width="69" colspan="2" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:51.8pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  Amount </td> <td width="21" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:15.8pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="75" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:56.4pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Capital </td> <td width="25" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:19pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="92" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.15pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Equity </td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:2pt"> <td width="255" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:190.9pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Balance, December 31, 2010</td> <td width="68" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:50.8pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 5,000,000</td> <td width="21" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:15.8pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $</td> <td width="48" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:0.5in; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 5,000</td> <td width="21" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:15.8pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $</td> <td width="75" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:56.4pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> (5,000)</td> <td width="25" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:19pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $</td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.15pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> -</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:2pt"> <td width="255" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:190.9pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Common stock issued for no consideration</td> <td width="68" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:50.8pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 1,250,000</td> <td width="21" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:15.8pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="48" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:0.5in; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 1,250</td> <td width="21" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:15.8pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="75" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:56.4pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> (1,250)</td> <td width="25" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:19pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.15pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> -</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:2pt"> <td width="255" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:190.9pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Cash paid in from shareholders without</td> <td width="68" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:50.8pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="21" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:15.8pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="48" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:0.5in; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="21" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:15.8pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="75" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:56.4pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="25" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:19pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.15pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:2pt"> <td width="255" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:190.9pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">   the issuance of additional shares</td> <td width="68" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:50.8pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> -</td> <td width="21" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:15.8pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="48" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:0.5in; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> -</td> <td width="21" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:15.8pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="75" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:56.4pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 206,000</td> <td width="25" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:19pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.15pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 206,000</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:2pt"> <td width="255" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:190.9pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Balance, April 30, 2011</td> <td width="68" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:50.8pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 6,250,000</td> <td width="21" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:15.8pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $</td> <td width="48" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:0.5in; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 6,250</td> <td width="21" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:15.8pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $</td> <td width="75" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:56.4pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 199,750</td> <td width="25" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:19pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $</td> <td width="92" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.15pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 206,000</td></tr></table></div> Stanfords cash flows during the four months ended April 30, 2011 were as follows:   <div align="center"> <table width="418" style="WIDTH:313.6pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:2pt"> <td width="308" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:231pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Cash Flows from Investing Activities</td> <td width="19" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="19" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="73" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:54.6pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:2pt"> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:4.75pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="302" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:226.25pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Payments to purchase oil and gas properties</td> <td width="19" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="19" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $</td> <td width="73" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:54.6pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> (176,000)</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:2pt"> <td width="308" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:231pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Cash Flows From Financing Activities</td> <td width="19" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="19" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="73" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:54.6pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:2pt"> <td width="6" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:4.75pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="302" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:226.25pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Capital contributions from shareholders</td> <td width="19" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="19" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="73" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:54.6pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 206,000</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:2pt"> <td width="308" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:231pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Net Increase in Cash</td> <td width="19" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="19" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="73" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:54.6pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 30,000</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:2pt"> <td width="308" colspan="2" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:231pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Cash at Beginning of Period</td> <td width="19" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="19" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="73" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:54.6pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> -</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:2pt"> <td width="308" colspan="2" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:231pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Cash at End of Period</td> <td width="19" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="19" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $</td> <td width="73" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:54.6pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 30,000</td></tr></table></div>

<div align="center"> <table width="763" style="WIDTH:7.95in; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="231" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:173pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="65" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="63" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:47pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="69" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:52pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="71" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:53.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="17" style="BORDER-RIGHT:windowtext 1.5pt solid; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="87" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:64.9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Predecessor</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="231" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:173pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="377" colspan="10" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:282.55pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Successor</td> <td width="17" style="BORDER-RIGHT:windowtext 1.5pt solid; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="87" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:64.9pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Carve-out</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="231" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:173pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="164" colspan="4" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:123.15pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> For The Three Months</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="90" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:67.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> For The Nine</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="91" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:68.5pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> For The Five</td> <td width="17" style="BORDER-RIGHT:windowtext 1.5pt solid; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="87" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:64.9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> For The Four</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="231" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:173pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="164" colspan="4" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:123.15pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Ended September 30,</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="90" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:67.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Months Ended</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="91" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:68.5pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Months Ended</td> <td width="17" style="BORDER-RIGHT:windowtext 1.5pt solid; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="87" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:64.9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Months Ended</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="231" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:173pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="65" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 2012</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="63" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:47pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 2011</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="90" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:67.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> September 30, 2012</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="91" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:68.5pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> September 30, 2011</td> <td width="17" style="BORDER-RIGHT:windowtext 1.5pt solid; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="87" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:64.9pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> April 30, 2011</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="231" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:173pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Net Income (Loss)</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="65" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> (631,453)</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="63" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:47pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 126,876</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="69" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:52pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> (1,803,104)</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="71" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:53.2pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 101,641</td> <td width="17" style="BORDER-RIGHT:windowtext 1.5pt solid; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="63" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:47.35pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 8,322</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="231" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:173pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Basic Weighted-Average Shares Outstanding</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="65" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 11,433,730</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="63" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:47pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 6,250,000</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="69" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:52pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 6,172,054</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="71" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:53.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 6,250,000</td> <td width="17" style="BORDER-RIGHT:windowtext 1.5pt solid; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="63" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:47.35pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 6,250,000</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="231" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:173pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Effect of dilutive securities:</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="65" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="63" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:47pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="69" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:52pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="71" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:53.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="17" style="BORDER-RIGHT:windowtext 1.5pt solid; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="63" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:47.35pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="231" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:173pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Stock options</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="65" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> -</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="63" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:47pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> -</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="69" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:52pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> -</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="71" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:53.2pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> -</td> <td width="17" style="BORDER-RIGHT:windowtext 1.5pt solid; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="63" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:47.35pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> -</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="231" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:173pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Diluted Weighted-Average Shares Outstanding</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="65" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 11,433,730</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="63" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:47pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 6,250,000</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="69" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:52pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 6,172,054</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="71" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:53.2pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 6,250,000</td> <td width="17" style="BORDER-RIGHT:windowtext 1.5pt solid; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="63" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:47.35pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 6,250,000</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="231" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:173pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Basic Earnings (Loss) per Share</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="65" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> (0.06)</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="63" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:47pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 0.02</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="69" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:52pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> (0.29)</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="71" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:53.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 0.02</td> <td width="17" style="BORDER-RIGHT:windowtext 1.5pt solid; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="63" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:47.35pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> -</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="231" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:173pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Diluted Earnings (Loss) per Share</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="65" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> (0.06)</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="63" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:47pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 0.02</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="69" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:52pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> (0.29)</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="71" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:53.2pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 0.02</td> <td width="17" style="BORDER-RIGHT:windowtext 1.5pt solid; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="63" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:47.35pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> -</td></tr></table></div>

The following table summarizes the assets acquired and the liabilities assumed:   <div align="center"> <table width="447" style="WIDTH:335pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:2pt"> <td width="348" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:261pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Proved developed and undeveloped oil and gas properties</td> <td width="19" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $</td> <td width="80" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 2,358,483</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:2pt"> <td width="348" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:261pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Asset retirement obligation</td> <td width="19" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="80" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> (62,255)</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:2pt"> <td width="348" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:261pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Total Identifiable Net Assets</td> <td width="19" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $</td> <td width="80" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 2,296,228</td></tr></table></div> The following table summarizes the fair values of the assets acquired and the liabilities assumed:   <div align="center"> <table width="457" style="WIDTH:343pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:2pt"> <td width="356" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:267pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Assets Acquired</td> <td width="21" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="80" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:2pt"> <td width="356" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:267pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">   Accounts receivable</td> <td width="21" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $</td> <td width="80" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 52,278</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:15.6pt"> <td width="356" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:267pt; PADDING-RIGHT:5.4pt; HEIGHT:15.6pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">   Proved developed and undeveloped oil and gas properties</td> <td width="21" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16pt; PADDING-RIGHT:5.4pt; HEIGHT:15.6pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="80" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60pt; PADDING-RIGHT:5.4pt; HEIGHT:15.6pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 1,810,662</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:2pt"> <td width="356" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:267pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Liabilities Assumed</td> <td width="21" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="80" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:2pt"> <td width="356" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:267pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">   Accounts payable</td> <td width="21" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="80" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> (32,181)</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:2pt"> <td width="356" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:267pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">   Asset retirement obligation</td> <td width="21" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="80" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> (39,594)</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:2pt"> <td width="356" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:267pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Total Identifiable Net Assets</td> <td width="21" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $</td> <td width="80" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 1,791,165</td></tr></table></div> The following table summarizes the fair values of the assets acquired and the liabilities assumed:   <div align="center"> <table width="441" style="MARGIN:auto auto auto 4.65pt; WIDTH:331pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:15pt"> <td width="349" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:262pt; PADDING-RIGHT:5.4pt; HEIGHT:15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Proved developed and undeveloped oil and gas properties</td> <td width="12" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:9pt; PADDING-RIGHT:5.4pt; HEIGHT:15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $</td> <td width="80" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60pt; PADDING-RIGHT:5.4pt; HEIGHT:15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 1,915,152</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:15pt"> <td width="349" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:262pt; PADDING-RIGHT:5.4pt; HEIGHT:15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Asset retirement obligation</td> <td width="12" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:9pt; PADDING-RIGHT:5.4pt; HEIGHT:15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="80" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60pt; PADDING-RIGHT:5.4pt; HEIGHT:15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> (167,392)</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:0.25in"> <td width="349" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:262pt; PADDING-RIGHT:5.4pt; HEIGHT:0.25in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Total Identifiable Net Assets</td> <td width="12" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:9pt; PADDING-RIGHT:5.4pt; HEIGHT:0.25in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $</td> <td width="80" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60pt; PADDING-RIGHT:5.4pt; HEIGHT:0.25in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 1,747,760</td></tr></table></div> The common shares were valued at the fair value of the net assets acquired as follows:   <div align="center"> <table width="441" style="WIDTH:330.5pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:2pt"> <td width="331" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:248pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">   Cash </td> <td width="23" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:17.5pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $</td> <td width="87" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:65pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 10,887,561</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:2pt"> <td width="331" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:248pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">   Note payable to Ring cancelled</td> <td width="23" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:17.5pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="87" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:65pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 2,003,122</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:2pt"> <td width="331" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:248pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">   Prepaid expenses</td> <td width="23" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:17.5pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="87" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:65pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 26,942</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:2pt"> <td width="331" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:248pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">   Property and equipment</td> <td width="23" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:17.5pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="87" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:65pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 187,637</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:2pt"> <td width="331" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:248pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">   Accounts payable</td> <td width="23" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:17.5pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="87" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:65pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> (9,893)</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:2pt"> <td width="331" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:248pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Fair value of net assets</td> <td width="23" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:17.5pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $</td> <td width="87" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:65pt; PADDING-RIGHT:5.4pt; HEIGHT:2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 13,095,369</td></tr></table></div> <div align="center"> <table width="681" style="MARGIN:auto auto auto 4.65pt; WIDTH:510.75pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="161" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:121pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="93" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> For The Three</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="92" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> For The Three</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="92" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> For The Nine</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="91" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:68.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> For The Nine</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="161" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:121pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="93" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Months Ended</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="92" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Months Ended</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="92" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Months Ended</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="91" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:68.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Months Ended</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="161" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:121pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="93" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.55pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> September 31, 2012</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="92" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.2pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> September 31, 2011</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="92" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> September 31, 2012</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="91" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:68.55pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> September 31, 2011</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="161" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:121pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="93" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="92" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="92" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="91" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:68.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="179" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:134.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Oil and Natural Gas Revenues</td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="93" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 374,739</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="92" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 315,018</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="92" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 1,045,264</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="91" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:68.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 872,774</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="161" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:121pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Net Income (Loss)</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="93" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.55pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> (631,453)</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="92" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.2pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> (144,234)</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="92" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> (1,885,369)</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="91" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:68.55pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> (121,077)</td></tr></table></div>

<div align="center"> <table width="272" style="WIDTH:204pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="185" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:139pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Balance, January 1, 2012</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="69" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:52pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 274,788</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="185" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:139pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Liabilities incurred</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="69" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:52pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 14,214</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="185" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:139pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Accretion expense</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="69" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:52pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 14,287</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="185" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:139pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Balance, September 30, 2012</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="69" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:52pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 303,289</td></tr></table></div>

<div align="center"> <table width="521" style="WIDTH:390.95pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="76" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:57pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="72" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.75in; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.95pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Weighted-</td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="79" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:59pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="76" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:57pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="72" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.75in; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Weighted-</td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.95pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Average</td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="79" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:59pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="76" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:57pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="72" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.75in; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Average</td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.95pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Remaining</td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="79" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:59pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Aggregate</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="76" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:57pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="72" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.75in; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Exercise</td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.95pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Contractual</td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="79" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:59pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Intrinsic</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="76" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:57pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="72" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.75in; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Shares</td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Price</td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.95pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Term</td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="79" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:59pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Value</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="204" colspan="3" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:153pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Outstanding, December 31, 2011</td> <td width="72" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.75in; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">   1,125,000 </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  $    2.00 </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.95pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="79" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:59pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Granted</td> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="76" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:57pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="72" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.75in; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">     125,000 </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">        4.50 </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.95pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="79" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:59pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Forfeited</td> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="76" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:57pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="72" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.75in; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">    (125,000)</td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">        2.00 </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.95pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="79" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:59pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="204" colspan="3" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:153pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Outstanding, September 30, 2012</td> <td width="72" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.75in; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">   1,125,000 </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  $    2.28 </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.95pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 9.2 Years</td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="79" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:59pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  $ 3,346,875 </td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="204" colspan="3" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:153pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Exercisable, September 30, 2012</td> <td width="72" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.75in; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">             -   </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.95pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="79" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:59pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr></table></div>

<div align="center"> <table width="519" style="WIDTH:389pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="161" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:121pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> December 1, 2011</td> <td width="19" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:14pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> July 1, 2012</td> <td width="19" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:14pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> August 15, 2012</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="161" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:121pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="19" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:14pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="19" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:14pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="161" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:121pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Risk free interest rate</td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 0.97%</td> <td width="19" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:14pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 0.67%</td> <td width="19" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:14pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 0.80%</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="161" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:121pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Expected life</td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 6.5 years</td> <td width="19" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:14pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 6.5 years</td> <td width="19" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:14pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 6.5 years</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="161" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:121pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Dividend yield</td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">                              -   </td> <td width="19" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:14pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">                              -   </td> <td width="19" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:14pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">                              -   </td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="161" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:121pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Volatility</td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 32%</td> <td width="19" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:14pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 158%</td> <td width="19" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:14pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 153%</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="161" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:121pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="19" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:14pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="19" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:14pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr></table></div>

<div align="center"> <table width="207" style="MARGIN:auto auto auto 4.65pt; WIDTH:155pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="161" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:121pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> Risk free interest rate</td> <td width="45" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:34pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> 0.10%</td></tr> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="161" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:121pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> Expected life (years)</td> <td width="45" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:34pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> 0.16</td></tr> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="161" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:121pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> Dividend yield</td> <td width="45" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:34pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">          -   </td></tr> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="161" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:121pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> Volatility</td> <td width="45" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:34pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> 147%</td></tr></table></div> 1376 3440000 450 1125000 2.00 6110408 793317 -176000 206000 30000 0 36 35 27 33 117267 49287 293102 54722 24.28 21.43 21.43 24.28 10501 31502 5 7 -631453 -1803104 101641 126876 8322 11433730 6172054 6250000 6250000 6250000 0 0 0 0 0 11433730 6172054 6250000 6250000 6250000 -0.06 -0.29 0.02 0.02 0.00 -0.06 -0.29 0.02 0.02 0.00 100 99.6 960 2296228 2183306 20000 2.00 40000 72922 5.00 0.11 0 0.5 207 2358483 -62255 2296228 166250 49116 0 1791165 0 98984 217959 60313 0 30673 52278 1810662 -32181 -39594 1791165 1747760 1150000 80000 4.00 320000 277760 5.00 0.11 0 1.0 198 1915152 -167392 1747760 6898 0 4465 7416 6110408 10887561 2003122 26942 187637 -9893 13095369 374739 1045264 315018 872774 -631453 -144234 -1885369 -121077 10000000 9950000 0.20 0.75 4.00 303289 274788 14287 261856 707090 2500000 1375000 1125000 2.00 20 97 6.5 0 0.32 4.29 2463620 2.7 5.82 50000 80000 5.00 277760 130104 0.10 0.16 0 147 130104 327223 1472504 4.50 1000000 220000 4.50

NOTE 1 BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES   Consolidated Financial Statements The accompanying consolidated financial statements have been prepared by the Company and are unaudited.  In the opinion of management, the accompanying unaudited financial statements contain all adjustments necessary for fair presentation, consisting of normal recurring adjustments, except as disclosed herein. The financial position and results of operations for the three and nine months ended September 30, 2012 are not necessarily indicative of the results to be expected for the full year ending December 31, 2012.   Organization and Nature of Operations Stanford Energy, Inc. (Stanford or the Company) is a Texas corporation that owns interests in oil and natural gas properties located in Texas. The Companys oil and natural gas sales, profitability and future growth are dependent upon prevailing and future prices for oil and natural gas and the successful acquisition, exploration and development of oil and natural gas properties. Oil and natural gas prices have historically been volatile and may be subject to wide fluctuations in the future. A substantial decline in oil and natural gas prices could have a material adverse effect on the Companys financial position, results of operations, cash flows and quantities of oil and natural gas reserves that may be economically produced.   Reorganization into Ring Energy, Inc. On June 28, 2012, Ring Energy, Inc. (Ring) completed the acquisition of Stanford Energy, Inc. through the closing of a stock-for-stock exchange agreement dated May 3, 2012.  As a result, Stanford became a wholly-owned subsidiary of Ring. At the closing, the Stanford shareholders exchanged their 1,376 shares of Stanford common stock for 3,440,000 shares of Ring common stock. In addition, Ring assumed and adopted Stanfords equity compensation plan and its outstanding options to purchase 450 shares of Stanford common stock, which represented the right to purchase 1,125,000 shares of Ring common stock at $2.00 per share. Prior to the closing, Ring had 6,110,408 shares of common stock outstanding, of which Stanford shareholders held 793,317 shares. As a result, Stanfords shareholders obtained control of Ring. In addition, Stanfords shareholders have the right to appoint to a majority of the members of the Ring board of directors and senior management of the combined company.   Since the Stanford shareholders obtained a controlling interest in Rings common stock and stock options and the right to control the board of directors and senior management, Stanford was determined to be the accounting acquirer and its historical financial statements have been adjusted to reflect its reorganization in a manner equivalent to a 2,500-for-1 stock split. The accompanying historical financial statements prior to the reorganization into Ring are Stanfords financial statements, adjusted to reflect the authorized capital and par value of Ring and to reflect the effects of the stock split for all periods presented.   Predecessor Carve-Out Financial Statements On May 1, 2011, Stanford acquired developed and undeveloped properties referred to as the Fisher I Property. The Fisher I Property represents Stanfords predecessor under Rule 405 of Regulation C of the Securities Act of 1933, as amended, as the Fisher I Property was Stanfords first interest in producing oil and natural gas properties and Stanfords own operations before the acquisition were insignificant relative to the operations acquired. In that regard, upon consummation of the acquisition, the historical financial statements of the Fisher I Property became the historical financial statements of the Company. The accompanying predecessor financial statements present the full carve-out financial position, the related revenues earned and costs and expenses incurred, and the cash flows of the predecessor owners relative to the Fisher I Property.   Subsequent to the acquisition, the successor financial statements present the financial position, operations and cash flows of the assets acquired, the liabilities assumed and operations of the Fisher I Property as well as those of other properties acquired subsequently and are reflected at their purchase-date fair values. Those fair values are reflected as the cost of the assets acquired and the carrying amounts of the liabilities assumed, and are the basis of the resulting operations of the successor.   Prior to the acquisition of the Fisher I Property, Stanford had little activity and was a development stage company. Its planned operations were to acquire, develop and operate oil and natural gas properties. Stanford had no revenue, expenses or income during the four months ended April 30, 2011. Changes in Stanfords stockholders equity for the four months ended April 30, 2011, on a post-split basis, were as follows:   <div align="center"> <table width="619" style="MARGIN:auto auto auto 4.65pt; WIDTH:6.45in; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="233" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:174.85pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:50pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="48" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.5in; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="74" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:55.75pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  Additional </td> <td width="18" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.7pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="84" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:63.35pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  Total </td></tr> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="233" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:174.85pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="151" colspan="4" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:113.1pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  Common Stock </td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="74" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:55.75pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  Paid-in </td> <td width="18" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.7pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="84" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:63.35pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> Stockholders' </td></tr> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="233" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:174.85pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:50pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  Shares </td> <td width="84" colspan="3" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:63.1pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  Amount </td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="74" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:55.75pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  Capital </td> <td width="18" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.7pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="84" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:63.35pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  Equity </td></tr> <tr style="HEIGHT:15.95pt; page-break-inside:avoid"> <td width="233" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:174.85pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.95pt; BACKGROUND-COLOR:transparent" valign="bottom"> Balance, December 31, 2010</td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:50pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.95pt; BACKGROUND-COLOR:transparent" valign="bottom"> 5,000,000</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.95pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.95pt; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="48" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.5in; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.95pt; BACKGROUND-COLOR:transparent" valign="bottom"> 5,000</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.95pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.95pt; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="74" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:55.75pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.95pt; BACKGROUND-COLOR:transparent" valign="bottom"> (5,000)</td> <td width="18" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.7pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.95pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.95pt; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="84" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:63.35pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.95pt; BACKGROUND-COLOR:transparent" valign="bottom"> -</td></tr> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="233" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:174.85pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> Common stock issued for no consideration</td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:50pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> 1,250,000</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="48" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.5in; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> 1,250</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="74" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:55.75pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> (1,250)</td> <td width="18" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.7pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="84" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:63.35pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> -</td></tr> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="233" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:174.85pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> Cash paid in from shareholders without</td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:50pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="48" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.5in; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="74" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:55.75pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="18" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.7pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="84" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:63.35pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="233" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:174.85pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">   the issuance of additional shares</td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:50pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> -</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="48" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.5in; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> -</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="74" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:55.75pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> 206,000</td> <td width="18" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.7pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="84" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:63.35pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> 206,000</td></tr> <tr style="HEIGHT:13.5pt; page-break-inside:avoid"> <td width="233" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:174.85pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:13.5pt; BACKGROUND-COLOR:transparent" valign="bottom"> Balance, April 30, 2011</td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:50pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:13.5pt; BACKGROUND-COLOR:transparent" valign="bottom"> 6,250,000</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:13.5pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:13.5pt; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="48" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.5in; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:13.5pt; BACKGROUND-COLOR:transparent" valign="bottom"> 6,250</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:13.5pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:13.5pt; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="74" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:55.75pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:13.5pt; BACKGROUND-COLOR:transparent" valign="bottom"> 199,750</td> <td width="18" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.7pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:13.5pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:13.5pt; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="84" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:63.35pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:13.5pt; BACKGROUND-COLOR:transparent" valign="bottom"> 206,000</td></tr></table></div>   Stanfords cash flows during the four months ended April 30, 2011 were as follows:   <div align="center"> <table width="418" style="MARGIN:auto auto auto 4.65pt; WIDTH:313.85pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="331" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:248.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> Cash Flows from Investing Activities</td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:50.1pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="314" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:235.4pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> Payments to purchase oil and gas properties</td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:50.1pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> (176,000)</td></tr> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="331" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:248.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> Cash Flows From Financing Activities</td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:50.1pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="314" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:235.4pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> Capital contributions from shareholders</td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:50.1pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> 206,000</td></tr> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="331" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:248.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> Net Increase in Cash</td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:50.1pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> 30,000</td></tr> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="331" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:248.45pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> Cash at Beginning of Period</td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:50.1pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> -</td></tr> <tr style="HEIGHT:15.95pt; page-break-inside:avoid"> <td width="331" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:248.45pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:15.95pt; BACKGROUND-COLOR:transparent" valign="bottom"> Cash at End of Period</td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:15.95pt; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:50.1pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:15.95pt; BACKGROUND-COLOR:transparent" valign="bottom"> 30,000</td></tr></table></div>   Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates. Changes in the future estimated oil and natural gas reserves or the estimated future cash flows attributable to the reserves that are utilized for impairment analysis could have a significant impact on the Companys future results of operations.   Fair Values of Financial Instruments The carrying amounts reported for the revolving line of credit approximates fair value because the underlying instruments are at interest rates which approximate current market rates.  The derivative put options are carried at fair value.   Consolidation The accompanying consolidated financial statements include the accounts, operations and cash flows of Stanford for all periods presented and the consolidated operations and cash flows of Ring from June 28, 2012. All significant intercompany balances and transactions have been eliminated in consolidation.   Concentration of Credit Risk and Major Customer The Company has cash in excess of federally insured limits at September 30, 2012.  During the nine months ended September 30, 2012, sales to three customers represented 36%, 35% and 27%, respectively, of oil and gas revenues.  At September 30, 2012, these customers made up 33%, 24% and 43%, respectively, of accounts receivable.   Oil and Gas Properties The Company uses the full cost method of accounting for oil and gas properties.  Under this method, all costs associated with acquisition, exploration, and development of oil and gas reserves are capitalized. Costs capitalized include acquisition costs, geological and geophysical expenditures, lease rentals on undeveloped properties and costs of drilling and equipping productive and non-productive wells. Drilling costs include directly related overhead costs.  Capitalized costs are categorized either as being subject to amortization or not subject to amortization.   All capitalized costs of oil and gas properties, including the estimated future costs to develop proved reserves and estimated future costs of abandonment and site restoration, are amortized on the unit-of-production method using estimates of proved reserves as determined by independent engineers. Investments in unproved properties and major development projects are not amortized until proved reserves associated with the projects can be determined. The Company evaluates oil and gas properties for impairment at least annually. Amortization expense for the three and nine months ended September 30, 2012 was $117,267 and $293,102, respectively, based on depletion at the rate of $21.43 per barrel of oil equivalent compared to $49,287 and $53,722  , respectively, for the three and nine months ended September 30, 2011, based on depletion at the rate of $24.28 per barrel of oil equivalent. These amounts include $10,501 and $31,502 of depreciation for the three and nine months ended September 30, 2012, respectively, with no depreciation for the three or nine months ended September 30, 2011.   In addition, capitalized costs are subject to a ceiling test which limits such costs to the estimated present value of future net revenues from proved reserves, discounted at a 10% interest rate, based on current economic and operating conditions, plus the lower of cost or fair market value of unproved properties. Consideration received from sales or transfers of oil and gas property is accounted for as a reduction of capitalized costs. Revenue is not recognized in connection with contractual services performed on properties in which the Company holds an ownership interest.   Office Equipment Office equipment is valued at historical cost adjusted for impairment loss less accumulated depreciation.  Historical costs include all direct costs associated with the acquisition of office equipment and placing it in service.  Depreciation is calculated using the straight-line method based upon an estimated useful life of 5 to 7 years.   Asset Retirement Obligation The Company records a liability in the period in which an asset retirement obligation (ARO) is incurred, in an amount equal to the discounted estimated fair value of the obligation that is capitalized.  Thereafter, this liability is accreted up to the final estimated retirement cost.  An ARO is a future expenditure related to the disposal or other retirement of certain assets. The Companys ARO relates to future plugging and abandonment expenses of its oil and natural gas properties and related facilities disposal.   Revenue Recognition The Company predominantly derives its revenues from the sale of produced oil and natural gas. Revenue is recorded in the month the product is delivered to the purchasers.  At the end of each month, the Company recognizes oil and natural gas sales based on estimates of the amount of production delivered to purchasers and the price to be received. Variances between the Companys estimated oil and natural gas sales and actual receipts are recorded in the month the payments are received.   Share-Based Employee Compensation The Company has outstanding stock option grants to directors and employees, which are described more fully in Note 6.  The Company recognizes the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the related compensation expense over the period during which an employee is required to provide service in exchange for the award, which is generally the vesting period.   Share-Based Compensation to Non-Employees The Company accounts for share-based compensation issued to non-employees as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable.  The measurement date for these issuances is the earlier of the date at which a commitment for performance by the recipient to earn the equity instruments is reached or the date at which the recipients performance is complete.   Recent Accounting Pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoptions of any such pronouncements are expected to cause a material impact on the Companys financial condition or the results of operations.   Basic and Diluted Earnings (Loss) per Share Basic earnings (loss) per share are computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period.  Diluted earnings (loss) per share reflects the potential dilution that could occur if all contracts to issue common stock were converted into common stock, except for those that are anti-dilutive.  The dilutive effect of stock options and other share-based compensation is calculated using the treasury method with an offset from expected proceeds upon exercise of the stock options and unrecognized compensation expense.

NOTE 2 EARNINGS (LOSS) PER SHARE INFORMATION   <div align="center"> <table width="763" style="WIDTH:7.95in; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="231" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:173pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="65" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="63" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:47pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="69" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:52pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="71" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:53.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="17" style="BORDER-RIGHT:windowtext 1.5pt solid; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="87" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:64.9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Predecessor</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="231" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:173pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="377" colspan="10" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:282.55pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Successor</td> <td width="17" style="BORDER-RIGHT:windowtext 1.5pt solid; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="87" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:64.9pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Carve-out</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="231" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:173pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="164" colspan="4" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:123.15pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> For The Three Months</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="90" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:67.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> For The Nine</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="91" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:68.5pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> For The Five</td> <td width="17" style="BORDER-RIGHT:windowtext 1.5pt solid; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="87" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:64.9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> For The Four</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="231" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:173pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="164" colspan="4" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:123.15pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Ended September 30,</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="90" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:67.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Months Ended</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="91" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:68.5pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Months Ended</td> <td width="17" style="BORDER-RIGHT:windowtext 1.5pt solid; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="87" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:64.9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Months Ended</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="231" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:173pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="65" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 2012</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="63" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:47pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 2011</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="90" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:67.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> September 30, 2012</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="91" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:68.5pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> September 30, 2011</td> <td width="17" style="BORDER-RIGHT:windowtext 1.5pt solid; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="87" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:64.9pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> April 30, 2011</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="231" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:173pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Net Income (Loss)</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="65" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> (631,453)</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="63" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:47pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 126,876</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="69" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:52pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> (1,803,104)</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="71" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:53.2pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 101,641</td> <td width="17" style="BORDER-RIGHT:windowtext 1.5pt solid; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="63" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:47.35pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 8,322</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="231" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:173pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Basic Weighted-Average Shares Outstanding</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="65" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 11,433,730</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="63" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:47pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 6,250,000</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="69" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:52pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 6,172,054</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="71" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:53.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 6,250,000</td> <td width="17" style="BORDER-RIGHT:windowtext 1.5pt solid; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="63" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:47.35pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 6,250,000</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="231" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:173pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Effect of dilutive securities:</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="65" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="63" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:47pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="69" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:52pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="71" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:53.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="17" style="BORDER-RIGHT:windowtext 1.5pt solid; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="63" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:47.35pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="231" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:173pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Stock options</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="65" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> -</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="63" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:47pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> -</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="69" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:52pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> -</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="71" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:53.2pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> -</td> <td width="17" style="BORDER-RIGHT:windowtext 1.5pt solid; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="63" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:47.35pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> -</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="231" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:173pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Diluted Weighted-Average Shares Outstanding</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="65" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 11,433,730</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="63" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:47pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 6,250,000</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="69" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:52pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 6,172,054</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="71" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:53.2pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 6,250,000</td> <td width="17" style="BORDER-RIGHT:windowtext 1.5pt solid; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="63" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:47.35pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 6,250,000</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="231" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:173pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Basic Earnings (Loss) per Share</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="65" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> (0.06)</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="63" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:47pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 0.02</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="69" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:52pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> (0.29)</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="71" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:53.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 0.02</td> <td width="17" style="BORDER-RIGHT:windowtext 1.5pt solid; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="63" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:47.35pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> -</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="231" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:173pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Diluted Earnings (Loss) per Share</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="65" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> (0.06)</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="63" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:47pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 0.02</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="69" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:52pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> (0.29)</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="71" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:53.2pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 0.02</td> <td width="17" style="BORDER-RIGHT:windowtext 1.5pt solid; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="63" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:47.35pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> -</td></tr></table></div>   Stock options to purchase 1,125,000 shares of common stock were excluded from the computation of diluted earnings (loss) per share during the three and nine months ended September 30, 2012 as their effect would have been anti-dilutive.  There were no stock options outstanding during the three or nine months ended September 30, 2011.

NOTE 3 ACQUISITIONS   Fisher I Property On May 23, 2011, Stanford purchased proved developed and undeveloped oil and natural gas reserves (the Fisher I Property) located in the Permian Basin, Andrews County, Texas. The Fisher I Property acquired consisted of 100% of the working interest (75% net revenue interest) in four producing leases, a 99.6% working interest (74.7% net revenue interest) in 640 undeveloped acres and a 92.0% working interest (69.0% net revenue interest) in 960 undeveloped acres. The Fisher I Property was acquired for $2,296,228 of total consideration consisting of cash of $2,183,306, the transfer of 20,000 shares of Ring Energy, Inc. (Ring) common stock, valued at $2.00 per share or $40,000, and the issuance of a put option relating to the Ring shares valued at $72,922, whereby the holders could put the Ring shares back to Stanford for $5.00 per share through November 24, 2011.   For purposes of acquisition accounting, the fair value of the Ring shares transferred was determined based on the price stockholders of the Company paid to purchase the shares in May 2011 (see Note 10) since there was not an active market for the Ring shares. The value of the put option was determined using the Black-Scholes option pricing model based on the following assumptions: risk-free interest rate of 0.11%; expected life of 0.5 years; dividend yield of 0% and volatility of 207%, which was calculated on Ring stock historical prices. Stanford incurred $30,673 of acquisition-related costs, which were recognized in general and administrative expense for the eight months ended December 31, 2011.   The acquisition qualified as a business combination and as such, Stanford recognized the assets acquired and the liabilities assumed at their fair values as of the May 23, 2011 acquisition date, which is the date the Company obtained control of the properties. Oil and natural gas sales receivable and production costs payable at May 23, 2011 were not material. The estimated fair value of these properties approximated the consideration paid, which the Company concluded approximated the fair value that would be paid by a typical market participant. As a result, neither goodwill nor a bargain purchase gain was recognized related to the acquisition. The following table summarizes the assets acquired and the liabilities assumed:   <div align="center"> <table width="465" style="WIDTH:349pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="359" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:269pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Proved developed and undeveloped oil and gas properties</td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="87" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:65pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 2,358,483</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="359" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:269pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Asset retirement obligation</td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="87" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:65pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> (62,255)</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="359" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:269pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Total Identifiable Net Assets</td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="87" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:65pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 2,296,228</td></tr></table></div>   Oil and natural gas sales and income from operations before general and administrative expense from the Fisher I Property, for the eight months ended December 31, 2011, were $166,250 and $49,116, respectively.   Miocene Property On August 17, 2011, Stanford purchased additional proved developed and undeveloped oil and natural gas reserves (the Miocene Property) located in the Permian Basin, Andrews County, Texas. The Miocene Property consisted of 100% of the working interest (75% to 77% net revenue interest) in three producing leases. The Miocene Property was acquired for cash totaling $1,791,165. The Company incurred $98,984 of acquisition-related costs, which were recognized in general and administrative expense during the eight months ended December 31, 2011.   The acquisition was recognized as a business combination whereby Stanford recorded the assets acquired and the liabilities assumed at their fair values as of August 17, 2011, which is the date the Company obtained control of the properties and was the acquisition date for financial reporting purposes. The estimated fair value of Miocene Property approximated the consideration paid, which the Company concluded approximated the fair value that would be paid by a typical market participant. The following table summarizes the fair values of the assets acquired and the liabilities assumed:   <div align="center"> <table width="465" style="WIDTH:349pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="359" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:269pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Assets Acquired</td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="87" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:65pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="359" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:269pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">   Accounts receivable</td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="87" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:65pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">         52,278 </td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="359" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:269pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">   Proved developed and undeveloped oil and gas properties</td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="87" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:65pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">      1,810,662 </td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="359" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:269pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Liabilities Assumed</td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="87" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:65pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="359" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:269pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">   Accounts payable</td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="87" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:65pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">         (32,181)</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="359" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:269pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">   Asset retirement obligation</td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="87" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:65pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">         (39,594)</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="359" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:269pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Total Identifiable Net Assets</td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  $</td> <td width="87" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:65pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">    1,791,165 </td></tr></table></div>   Oil and natural gas sales and income from operations before general and administrative expense from the Miocene Property, for the four months ended December 31, 2011, were $217,959 and $60,313, respectively.   Fisher II Property On December 1, 2011, the Company purchased proved developed and undeveloped oil and natural gas reserves (the Fisher II Property) located in the Permian Basin, Andrews County, Texas. The Fisher II Property acquired consisted of 100% of the working interest (75% net revenue interest) in one lease.  The Fisher II Property was acquired for $1,747,760 of total consideration consisting of cash of $1,150,000, the transfer of 80,000 shares of Ring common stock, valued at $4.00 per share or $320,000, and the issuance of a put option relating to the Ring shares valued at $277,760, whereby the holder can put the Ring shares back to Stanford at $5.00 per share through December 1, 2012.   Due to the lack of an active market for the Ring shares, the fair value of the Ring shares transferred was determined based on the price at which Ring shares were being sold in a private placement active during the time period that this acquisition occurred. The value of the put option was determined using the Black-Scholes option pricing model based on the following assumptions: risk-free interest rate of 0.11%; expected life of 1.0 years; dividend yield of 0% and volatility of 198%, which was calculated on Ring stock historical prices. The Company incurred $6,898 of acquisition-related costs, which were recognized as general and administrative expense during the eight months ended December 31, 2011.   The acquisition of the Fisher II Property was recognized as a business combination. Stanford recorded the assets acquired and the liabilities assumed at their fair values. The estimated fair value of the Fisher II Property approximated the consideration paid, which the Company concluded approximated the fair value that would be paid by a typical market participant. The following table summarizes the fair values of the assets acquired and the liabilities assumed:   <div align="center"> <table width="465" style="WIDTH:349pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="359" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:269pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Proved developed and undeveloped oil and gas properties</td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="87" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:65pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">    1,915,152 </td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="359" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:269pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Asset retirement obligation</td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="87" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:65pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">       (167,392)</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="359" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:269pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Total Identifiable Net Assets</td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $ </td> <td width="87" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:65pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">    1,747,760 </td></tr></table></div>   Oil and natural gas sales and loss from operations before general and administrative expense from the Fisher II Property for the one month ended December 31, 2011, were $4,465 and $(7,416), respectively.   Ring Energy, Inc. On June 28, 2012, Ring Energy, Inc. (Ring) completed the acquisition of Stanford Energy, Inc. through the closing of a stock-for-stock exchange agreement dated May 3, 2012.  As a result, Stanford became a wholly-owned subsidiary of Ring. As further described in Note 1, Stanford was determined to be the accounting acquirer. The acquisition of Ring was recognized as the issuance by Stanford of the 6,110,408 common shares of Ring that remained outstanding. The fair value of Rings net assets was more clearly determinable than the fair value of the common shares deemed issued; therefore, the common shares were valued at the fair value of the net assets acquired as follows:   <div align="center"> <table width="465" style="WIDTH:349pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="359" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:269pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">   Cash</td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="87" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:65pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  10,887,561 </td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="359" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:269pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">   Note payable to Ring cancelled</td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="87" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:65pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">      2,003,122 </td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="359" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:269pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">   Prepaid expenses</td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="87" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:65pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">          26,942 </td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="359" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:269pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">   Property and equipment</td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="87" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:65pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">         187,637 </td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="359" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:269pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">   Accounts payable</td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="87" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:65pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">           (9,893)</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="359" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:269pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Fair Value of Net Assets</td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  $</td> <td width="87" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:65pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">   13,095,369 </td></tr></table></div>   Pro Forma Results from Operations The following unaudited pro forma information is presented to reflect the operations of the Company as if the acquisitions had been completed on January 1, 2012 and 2011, respectively:   <div align="center"> <table width="681" style="MARGIN:auto auto auto 4.65pt; WIDTH:510.75pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="161" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:121pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="93" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> For The Three</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="92" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> For The Three</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="92" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> For The Nine</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="91" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:68.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> For The Nine</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="161" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:121pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="93" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Months Ended</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="92" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Months Ended</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="92" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Months Ended</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="91" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:68.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Months Ended</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="161" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:121pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="93" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.55pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> September 31, 2012</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="92" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.2pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> September 31, 2011</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="92" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> September 31, 2012</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="91" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:68.55pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> September 31, 2011</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="161" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:121pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="93" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="92" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="92" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="91" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:68.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="179" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:134.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Oil and Natural Gas Revenues</td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="93" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 374,739</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="92" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 315,018</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="92" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 1,045,264</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="91" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:68.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 872,774</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="161" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:121pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Net Income (Loss)</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="93" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.55pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> (631,453)</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="92" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.2pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> (144,234)</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="92" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:69.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> (1,885,369)</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="91" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:68.55pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> (121,077)</td></tr></table></div>   Ogden Property On September 28, 2012, the Company purchased proved developed and undeveloped oil and natural gas reserves (the Ogden Property) located in the Permian Basin, Andrews County, Texas. The Ogden Property consists of a 91.67% working interest, 68.75% net revenue interest in one lease covering 80 acres which included one existing well with production.  The Ogden Property was acquired for $687,501 through the issuance of 152,778 shares of Ring common stock, valued at $4.50 per share.  Due to the lack of an active market for the Ring shares, the fair value of the Ring shares transferred was determined based on the price at which Ring shares were being sold in a private placement active during the time period that this acquisition occurred.   The acquisition of the Ogden Property was recognized as a business combination. Ring recorded the assets acquired and the liabilities assumed at their fair values. The estimated fair value of the Ogden Property approximated the consideration paid, which the Company concluded approximated the fair value that would be paid by a typical market participant. The following table summarizes the fair values of the assets acquired and the liabilities assumed:   <div align="center"> <table width="436" style="WIDTH:327pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="343" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:257pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Proved developed and undeveloped oil and gas properties</td> <td width="15" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="79" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:59pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">     687,501 </td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="343" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:257pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Asset retirement obligation</td> <td width="15" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="79" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:59pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">       (14,214)</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="343" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:257pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Total Identifiable Net Assets</td> <td width="15" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> $ </td> <td width="79" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:59pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">     673,287 </td></tr></table></div>

NOTE 4 REVOLVING LINE OF CREDIT   In May 2011, the Company entered into a credit agreement with a bank that provides for a revolving line of credit of up to $10 million for borrowings and letters of credit. As of September 30, 2012, $9,950,000 was available to be drawn on the line of credit.  The agreement includes a non-usage commitment fee of 0.20% per annum and covenants limiting other indebtedness, liens, transfer or sale of assets, distributions or dividends and merger or consolidation activity.  The facility has an interest rate of the banks prime rate plus 0.75% with the total interest rate to be charged being no less than 4.00%.  As of September 30, 2012 the interest rate being charged was 4.00%. The note matured on May 10, 2012 and was extended to May 10, 2013. Two of the Companys stockholders are jointly and severally obligated for outstanding borrowings under the credit facility.

NOTE 6 EMPLOYEE STOCK OPTIONS   Compensation expense charged against income for share-based awards during the three and nine months ended September 30, 2012 was $261,856 and $707,090, respectively, with no comparable amounts for the three and nine months ended September 30, 2011, and is included in general and administrative expense in the accompanying financial statements.   In 2011, Stanfords Board of Directors and stockholders approved and adopted a long-term incentive plan which allows for the issuance of up to 2,500,000 shares of common stock through the grant of qualified stock options, non-qualified stock options and restricted stock. As of September 30, 2012, there were 1,375,000 shares eligible for issuance under the plan. On December 1, 2011, the Company granted 1,125,000 non-qualified stock options exercisable at $2.00 per share. On July 1, 2012, the Company granted 75,000 non-qualified stock options exercisable at $4.50 per share.  On July 1, 2012, the Company cancelled 125,000 non-qualified options exercisable at $2.00 per share.  On August 15, 2012, the Company granted 50,000 non-qualified options exercisable at $4.50 per share.  The stock options vest at the rate of 20% each year over five years beginning one year from the date granted and expire ten years from the date granted.   The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model and using certain assumptions. The expected volatility is based on the historical price volatility of the Dow Jones U.S. Oil and Gas Index. The Company used the simplified method for estimating the expected term for options granted in 2011. Under the simplified method, the expected term is equal to the midpoint between the vesting period and the contractual term of the stock option. The risk-free interest rate represents the U.S. Treasury bill rate for the expected life of the related stock options. The dividend yield represents the Companys anticipated cash dividend over the expected life of the stock options. The following are the weighted-average assumptions used to determine the fair value of options granted during the eight months ended December 31, 2011 and nine months ended September 30, 2012:   <div align="center"> <table width="519" style="WIDTH:389pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="161" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:121pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> December 1, 2011</td> <td width="19" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:14pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> July 1, 2012</td> <td width="19" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:14pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> August 15, 2012</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="161" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:121pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="19" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:14pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="19" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:14pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="161" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:121pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Risk free interest rate</td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 0.97%</td> <td width="19" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:14pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 0.67%</td> <td width="19" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:14pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 0.80%</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="161" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:121pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Expected life</td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 6.5 years</td> <td width="19" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:14pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 6.5 years</td> <td width="19" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:14pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 6.5 years</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="161" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:121pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Dividend yield</td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">                              -   </td> <td width="19" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:14pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">                              -   </td> <td width="19" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:14pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">                              -   </td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="161" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:121pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Volatility</td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 32%</td> <td width="19" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:14pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 158%</td> <td width="19" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:14pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 153%</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="161" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:121pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="19" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:14pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="19" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:14pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="107" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:80pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr></table></div>   A summary of the stock option activity as of September 30, 2012, and changes during the nine months then ended is as follows:   <div align="center"> <table width="521" style="WIDTH:390.95pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="76" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:57pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="72" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.75in; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.95pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Weighted-</td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="79" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:59pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="76" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:57pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="72" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.75in; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Weighted-</td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.95pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Average</td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="79" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:59pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="76" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:57pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="72" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.75in; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Average</td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.95pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Remaining</td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="79" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:59pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Aggregate</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="76" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:57pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="72" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.75in; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Exercise</td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.95pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Contractual</td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="79" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:59pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Intrinsic</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="76" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:57pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="72" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.75in; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Shares</td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Price</td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.95pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Term</td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="79" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:59pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Value</td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="204" colspan="3" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:153pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Outstanding, December 31, 2011</td> <td width="72" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.75in; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">   1,125,000 </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  $    2.00 </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.95pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="79" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:59pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Granted</td> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="76" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:57pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="72" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.75in; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">     125,000 </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">        4.50 </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.95pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="79" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:59pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Forfeited</td> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="76" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:57pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="72" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.75in; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">    (125,000)</td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">        2.00 </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.95pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="79" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:59pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="204" colspan="3" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:153pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Outstanding, September 30, 2012</td> <td width="72" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.75in; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">   1,125,000 </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  $    2.28 </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.95pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> 9.2 Years</td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="79" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:59pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  $ 3,346,875 </td></tr> <tr style="HEIGHT:0.15in; page-break-inside:avoid"> <td width="204" colspan="3" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:153pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom"> Exercisable, September 30, 2012</td> <td width="72" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.75in; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">             -   </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="64" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:48pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:49.95pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="79" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:59pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:0.15in; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr></table></div>   The weighted-average grant-date fair value of options granted during 2012 was $4.29 per share. Share-based compensation expense for the nine months ended September 30, 2012 was $707,090. As of September 30, 2012, there was approximately $1,580,789 of unrecognized compensation cost related to stock options that is expected be recognized over a weighted-average period of 2.7 years. The aggregate intrinsic value was determined based on the $5.82 market value of the Ring Energy, Inc. common stock on September 28, 2012.  No options were exercisable as of September 30, 2012.

NOTE 7 CONTINGENCIES AND COMMITMENTS   Standby Letters of Credit A commercial bank has issued standby letters of credit on behalf of the Company to the state of Texas totaling $50,000 to allow the Company to do business there.  The standby letters of credit are valid until cancelled or matured and are collateralized by the revolving credit facility with the bank.  These letters of credit terms are extended for a term of one year at a time.  The Company intends to renew the standby letters of credit for as long as the Company does business in the state of Texas. No amounts have been drawn under the standby letters of credit.

NOTE 8 PUT OPTIONS   The Company granted put options on the Ring shares transferred in connection with the acquisitions of oil and natural gas properties in December 2011.  In December 2011, the Company granted 80,000 options with terms allowing the property seller to require the Company to repurchase the Ring shares at $5.00 per share through December 1, 2012.  At the date of issuance, the fair value of this liability was $277,760 and was capitalized as part of the acquisition cost.  The put options are contingent consideration classified as liabilities under FASB ASC 305-30 and are recognized at the acquisition date fair value as part of the consideration transferred.  They are remeasured to fair value at each reporting date until the contingency is resolved with the change in fair value being recognized in earnings.  As of September 30, 2012, the fair value of the remaining liability was $130,104.  The following table illustrates the assumptions used in the Black-Scholes option pricing model at September 30, 2012:   <div align="center"> <table width="207" style="MARGIN:auto auto auto 4.65pt; WIDTH:155pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="161" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:121pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> Risk free interest rate</td> <td width="45" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:34pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> 0.10%</td></tr> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="161" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:121pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> Expected life (years)</td> <td width="45" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:34pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> 0.16</td></tr> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="161" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:121pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> Dividend yield</td> <td width="45" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:34pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">          -   </td></tr> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="161" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:121pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> Volatility</td> <td width="45" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:34pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> 147%</td></tr></table></div>

Consolidated Financial Statements The accompanying consolidated financial statements have been prepared by the Company and are unaudited.  In the opinion of management, the accompanying unaudited financial statements contain all adjustments necessary for fair presentation, consisting of normal recurring adjustments, except as disclosed herein. The financial position and results of operations for the three and nine months ended September 30, 2012 are not necessarily indicative of the results to be expected for the full year ending December 31, 2012.

Organization and Nature of Operations Stanford Energy, Inc. (Stanford or the Company) is a Texas corporation that owns interests in oil and natural gas properties located in Texas. The Companys oil and natural gas sales, profitability and future growth are dependent upon prevailing and future prices for oil and natural gas and the successful acquisition, exploration and development of oil and natural gas properties. Oil and natural gas prices have historically been volatile and may be subject to wide fluctuations in the future. A substantial decline in oil and natural gas prices could have a material adverse effect on the Companys financial position, results of operations, cash flows and quantities of oil and natural gas reserves that may be economically produced.

Reorganization into Ring Energy, Inc. On June 28, 2012, Ring Energy, Inc. (Ring) completed the acquisition of Stanford Energy, Inc. through the closing of a stock-for-stock exchange agreement dated May 3, 2012.  As a result, Stanford became a wholly-owned subsidiary of Ring. At the closing, the Stanford shareholders exchanged their 1,376 shares of Stanford common stock for 3,440,000 shares of Ring common stock. In addition, Ring assumed and adopted Stanfords equity compensation plan and its outstanding options to purchase 450 shares of Stanford common stock, which represented the right to purchase 1,125,000 shares of Ring common stock at $2.00 per share. Prior to the closing, Ring had 6,110,408 shares of common stock outstanding, of which Stanford shareholders held 793,317 shares. As a result, Stanfords shareholders obtained control of Ring. In addition, Stanfords shareholders have the right to appoint to a majority of the members of the Ring board of directors and senior management of the combined company.   Since the Stanford shareholders obtained a controlling interest in Rings common stock and stock options and the right to control the board of directors and senior management, Stanford was determined to be the accounting acquirer and its historical financial statements have been adjusted to reflect its reorganization in a manner equivalent to a 2,500-for-1 stock split. The accompanying historical financial statements prior to the reorganization into Ring are Stanfords financial statements, adjusted to reflect the authorized capital and par value of Ring and to reflect the effects of the stock split for all periods presented. Predecessor Carve-Out Financial Statements On May 1, 2011, Stanford acquired developed and undeveloped properties referred to as the Fisher I Property. The Fisher I Property represents Stanfords predecessor under Rule 405 of Regulation C of the Securities Act of 1933, as amended, as the Fisher I Property was Stanfords first interest in producing oil and natural gas properties and Stanfords own operations before the acquisition were insignificant relative to the operations acquired. In that regard, upon consummation of the acquisition, the historical financial statements of the Fisher I Property became the historical financial statements of the Company. The accompanying predecessor financial statements present the full carve-out financial position, the related revenues earned and costs and expenses incurred, and the cash flows of the predecessor owners relative to the Fisher I Property.   Subsequent to the acquisition, the successor financial statements present the financial position, operations and cash flows of the assets acquired, the liabilities assumed and operations of the Fisher I Property as well as those of other properties acquired subsequently and are reflected at their purchase-date fair values. Those fair values are reflected as the cost of the assets acquired and the carrying amounts of the liabilities assumed, and are the basis of the resulting operations of the successor.   Prior to the acquisition of the Fisher I Property, Stanford had little activity and was a development stage company. Its planned operations were to acquire, develop and operate oil and natural gas properties. Stanford had no revenue, expenses or income during the four months ended April 30, 2011. Changes in Stanfords stockholders equity for the four months ended April 30, 2011, on a post-split basis, were as follows:   <div align="center"> <table width="619" style="MARGIN:auto auto auto 4.65pt; WIDTH:6.45in; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="233" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:174.85pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:50pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="48" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.5in; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="74" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:55.75pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  Additional </td> <td width="18" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.7pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="84" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:63.35pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  Total </td></tr> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="233" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:174.85pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="151" colspan="4" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:113.1pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  Common Stock </td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="74" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:55.75pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  Paid-in </td> <td width="18" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.7pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="84" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:63.35pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> Stockholders' </td></tr> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="233" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:174.85pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:50pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  Shares </td> <td width="84" colspan="3" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:63.1pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  Amount </td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="74" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:55.75pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  Capital </td> <td width="18" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.7pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="84" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:63.35pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  Equity </td></tr> <tr style="HEIGHT:15.95pt; page-break-inside:avoid"> <td width="233" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:174.85pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.95pt; BACKGROUND-COLOR:transparent" valign="bottom"> Balance, December 31, 2010</td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:50pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.95pt; BACKGROUND-COLOR:transparent" valign="bottom"> 5,000,000</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.95pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.95pt; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="48" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.5in; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.95pt; BACKGROUND-COLOR:transparent" valign="bottom"> 5,000</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.95pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.95pt; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="74" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:55.75pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.95pt; BACKGROUND-COLOR:transparent" valign="bottom"> (5,000)</td> <td width="18" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.7pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.95pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.95pt; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="84" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:63.35pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.95pt; BACKGROUND-COLOR:transparent" valign="bottom"> -</td></tr> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="233" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:174.85pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> Common stock issued for no consideration</td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:50pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> 1,250,000</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="48" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.5in; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> 1,250</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="74" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:55.75pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> (1,250)</td> <td width="18" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.7pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="84" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:63.35pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> -</td></tr> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="233" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:174.85pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> Cash paid in from shareholders without</td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:50pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="48" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.5in; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="74" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:55.75pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="18" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.7pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="84" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:63.35pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="233" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:174.85pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">   the issuance of additional shares</td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:50pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> -</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="48" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.5in; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> -</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="74" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:55.75pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> 206,000</td> <td width="18" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.7pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="84" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:63.35pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> 206,000</td></tr> <tr style="HEIGHT:13.5pt; page-break-inside:avoid"> <td width="233" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:174.85pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:13.5pt; BACKGROUND-COLOR:transparent" valign="bottom"> Balance, April 30, 2011</td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:50pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:13.5pt; BACKGROUND-COLOR:transparent" valign="bottom"> 6,250,000</td> <td width="16" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:11.8pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:13.5pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:13.5pt; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="48" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.5in; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:13.5pt; BACKGROUND-COLOR:transparent" valign="bottom"> 6,250</td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:13.5pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:13.5pt; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="74" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:55.75pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:13.5pt; BACKGROUND-COLOR:transparent" valign="bottom"> 199,750</td> <td width="18" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.7pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:13.5pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:13.5pt; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="84" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:63.35pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:13.5pt; BACKGROUND-COLOR:transparent" valign="bottom"> 206,000</td></tr></table></div>   Stanfords cash flows during the four months ended April 30, 2011 were as follows:   <div align="center"> <table width="418" style="MARGIN:auto auto auto 4.65pt; WIDTH:313.85pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="331" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:248.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> Cash Flows from Investing Activities</td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:50.1pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="314" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:235.4pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> Payments to purchase oil and gas properties</td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:50.1pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> (176,000)</td></tr> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="331" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:248.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> Cash Flows From Financing Activities</td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:50.1pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td></tr> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:13.05pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="314" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:235.4pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> Capital contributions from shareholders</td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:50.1pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> 206,000</td></tr> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="331" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:248.45pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> Net Increase in Cash</td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:50.1pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> 30,000</td></tr> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="331" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:248.45pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> Cash at Beginning of Period</td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom">  </td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:50.1pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> -</td></tr> <tr style="HEIGHT:15.95pt; page-break-inside:avoid"> <td width="331" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:248.45pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:15.95pt; BACKGROUND-COLOR:transparent" valign="bottom"> Cash at End of Period</td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:15.95pt; BACKGROUND-COLOR:transparent" valign="bottom"> $</td> <td width="67" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:50.1pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:15.95pt; BACKGROUND-COLOR:transparent" valign="bottom"> 30,000</td></tr></table></div>

Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates. Changes in the future estimated oil and natural gas reserves or the estimated future cash flows attributable to the reserves that are utilized for impairment analysis could have a significant impact on the Companys future results of operations.

Consolidation The accompanying consolidated financial statements include the accounts, operations and cash flows of Stanford for all periods presented and the consolidated operations and cash flows of Ring from June 28, 2012. All significant intercompany balances and transactions have been eliminated in consolidation.

Concentration of Credit Risk and Major Customer The Company has cash in excess of federally insured limits at September 30, 2012.  During the nine months ended September 30, 2012, sales to three customers represented 36%, 35% and 27%, respectively, of oil and gas revenues.  At September 30, 2012, these customers made up 33%, 24% and 43%, respectively, of accounts receivable. Oil and Gas Properties The Company uses the full cost method of accounting for oil and gas properties.  Under this method, all costs associated with acquisition, exploration, and development of oil and gas reserves are capitalized. Costs capitalized include acquisition costs, geological and geophysical expenditures, lease rentals on undeveloped properties and costs of drilling and equipping productive and non-productive wells. Drilling costs include directly related overhead costs.  Capitalized costs are categorized either as being subject to amortization or not subject to amortization.   All capitalized costs of oil and gas properties, including the estimated future costs to develop proved reserves and estimated future costs of abandonment and site restoration, are amortized on the unit-of-production method using estimates of proved reserves as determined by independent engineers. Investments in unproved properties and major development projects are not amortized until proved reserves associated with the projects can be determined. The Company evaluates oil and gas properties for impairment at least annually. Amortization expense for the three and nine months ended September 30, 2012 was $117,267 and $293,102, respectively, based on depletion at the rate of $21.43 per barrel of oil equivalent compared to $49,287 and $53,722 respectively, for the three and nine months ended September 30, 2011, based on depletion at the rate of $24.28 per barrel of oil equivalent. These amounts include $10,501 and $31,502 of depreciation for the three and nine months ended September 30, 2012, respectively, with no depreciation for the three or nine months ended September 30, 2011.   In addition, capitalized costs are subject to a ceiling test which limits such costs to the estimated present value of future net revenues from proved reserves, discounted at a 10% interest rate, based on current economic and operating conditions, plus the lower of cost or fair market value of unproved properties. Consideration received from sales or transfers of oil and gas property is accounted for as a reduction of capitalized costs. Revenue is not recognized in connection with contractual services performed on properties in which the Company holds an ownership interest.

Asset Retirement Obligation The Company records a liability in the period in which an asset retirement obligation (ARO) is incurred, in an amount equal to the discounted estimated fair value of the obligation that is capitalized.  Thereafter, this liability is accreted up to the final estimated retirement cost.  An ARO is a future expenditure related to the disposal or other retirement of certain assets. The Companys ARO relates to future plugging and abandonment expenses of its oil and natural gas properties and related facilities disposal.

Revenue Recognition The Company predominantly derives its revenues from the sale of produced oil and natural gas. Revenue is recorded in the month the product is delivered to the purchasers.  At the end of each month, the Company recognizes oil and natural gas sales based on estimates of the amount of production delivered to purchasers and the price to be received. Variances between the Companys estimated oil and natural gas sales and actual receipts are recorded in the month the payments are received.

Share-Based Employee Compensation The Company has outstanding stock option grants to directors and employees, which are described more fully in Note 6.  The Company recognizes the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the related compensation expense over the period during which an employee is required to provide service in exchange for the award, which is generally the vesting period.

Recent Accounting Pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoptions of any such pronouncements are expected to cause a material impact on the Companys financial condition or the results of operations.

Basic and Diluted Earnings (Loss) per Share Basic earnings (loss) per share are computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period.  Diluted earnings (loss) per share reflects the potential dilution that could occur if all contracts to issue common stock were converted into common stock, except for those that are anti-dilutive.  The dilutive effect of stock options and other share-based compensation is calculated using the treasury method with an offset from expected proceeds upon exercise of the stock options and unrecognized compensation expense.

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Cash at Beginning of Period, Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation). Organization and Nature of Operations FAIR VALUE MEASUREMENTS {1} FAIR VALUE MEASUREMENTS Proceeds from borrowings from Ring Energy, Inc. Accounts payable {1} Accounts payable Capital distributions to shareholders Capital contributions from shareholders Oil and gas production costs The entire disclosure of notes payable. ASSETS Entity Current Reporting Status Amendment Flag Options granted Options granted Aggregate market intrinsic value The grant-date intrinsic value of options granted during the reporting period as calculated by applying the disclosed option pricing methodology. Oil and natural gas sales and income from operations before general and administrative expense from the Fisher I Property Oil and natural gas sales and income from operations before general and administrative expense from the Fisher I Property Common stock valued Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Diluted Weighted Average Shares Outstanding The weighted average number of shares or units and dilutive common stock or unit equivalents outstanding in the calculation of proforma diluted earnings per share (earnings per unit), which is commonly presented in initial public offerings based on the terms of the offering. Earnings Loss Per Share Information (Details) Percentage of sales to customers of oil and gas revenues Percentage of sales to customers of oil and gas revenues Common stock outstanding of Ring prior to the closing Common stock outstanding of Ring prior to the closing Share-Based Employee Compensation Oil and Gas Properties The entire disclosure for the oil and gas properties of the entity during the period. ACQUISITIONS EARNINGS (LOSS) PER SHARE INFORMATION Issuance of common stock to Ring Energy, Inc. shareholders Cash at End of Period The entire disclosure of notes payable. Accounts receivable {1} Accounts receivable Share-based compensation {1} Share-based compensation Statement, Equity Components [Axis] Net Other Income (Expense) Other Income (Expense) Total Costs and Operating Expenses Income Statement Abstract Common Stock shares authorized Common stock par value Oil and natural gas properties subject to amortization The amount of oil and natural gas properties subject to amortization as of the balance sheet date. Entity Central Index Key Entity Registrant Name Shares issued in property acquisition Proceeds from sale of common stock. Common stock closing price Common stock closing price Unrecognized compensatin cost related stock options Unrecognized compensatin cost related stock options Dividend yield. Dividend yield. Risk free interest rate. Risk free interest rate. Compensation expense charged against income for share based awards Compensation expense charged against income for share based wards Note payable to Ring cancelled Including the current and noncurrent portions, aggregate carrying amount of all types of notes payable, as of the balance sheet date, with initial maturities beyond one year or beyond the normal operating cycle, if longer. 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The carrying amount of a liability for an asset retirement obligation. An asset retirement obligation is a legal obligation associated with the disposal or retirement of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. Expected life,. ExpectedLife1 Total cosideration by Fisher I Property, Total cosideration by Fisher I Property, Acquisitions Fisher II Property (Details) Common stock par value, Face amount or stated value of additional series of common stock per share; generally not indicative of the fair market value per share. Recent Accounting Pronouncements The entire disclosure for the Recent Accounting Pronouncements of the entity during the period. Predecessor Carve-Out Financial Statements The entire disclosure for the Predecessor Carve Out Financial Statement of the entity during the period. 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Basic Weighted-Average Shares Outstanding Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Depreciation {1} Depreciation The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Net Increase in Cash, The increase (decrease) in cash, excluding cash equivalents, for an entity that has cash equivalents, but does not aggregate cash equivalents with cash on the balance sheet. For example, an entity that aggregates cash equivalents with investments discloses the balance of cash excluding cash equivalents on the balance sheet and the change in cash excluding cash equivalents on the statement of cash flows. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Number of common stock shares of Ring, right to purchase Number of common stock shares of Ring, right to purchase PUT OPTIONS (Tables) Summary of assets acquired and the liabilities assumed Tabular disclosure of Summary of fair value of assets acquired and the liabilities assumed of the entity during the period. Less: Elimination of note payable to Ring Energy, Inc. Net Cash Provided by (Used in) Financing Activities Payments to purchase oil and natural gas properties Net Cash Provided by (Used in) Operating Activities Interest expense Common Stock shares issued Revolving line of credit. The amount of Revolving line of credit as of the balance sheet date. Properties and Equipment Risk free interest rate, Risk free interest rate, Remaining fair value of liablility Remaining fair value of liablility Percentage of commitment fee Percentage of commitment fee Property and equipment Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. Proved developed and undeveloped oil and gas properties, Proved developed and undeveloped oil and gas properties, Oil and natural gas sales and income from operations before general and administrative expense from the Miocene Property Oil and natural gas sales and income from operations before general and administrative expense from the Miocene Property Acquisitions Fisher I Property (Details) Number of outstanding options to purchase Stanford common stock Number of outstanding options to purchase Stanford common stock Stock option activity and changes ASSET RETIREMENT OBLIGATION (Tables) Reorganization into Ring Energy, Inc The entire disclosure for the Predecessor Carve Out Financial Statement of the entity during the period. SUBSEQUENT EVENTS {1} SUBSEQUENT EVENTS SUBSEQUENT EVENTS EMPLOYEE STOCK OPTIONS Capital contributions from shareholders {1} Capital contributions from shareholders Purchase of office equipment Gain on derivative put options {1} Gain on derivative put options Depreciation, depletion and amortization {1} Depreciation, depletion and amortization Equity Component Additional paid-in capital Total Noncurrent Liabilities Accrued compensation Current Liabilities Fair value of liablility Repurchase price share of Ring Stock options exercise price Stock options exercise price Asset retirement obligation, The carrying amount of a liability for an asset retirement obligation. An asset retirement obligation is a legal obligation associated with the disposal or retirement of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. 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Fair value of non financial liabilities	$ 130,104

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Acquisitions Aseets Acquired And Liabilities Assumed (Details) (USD $)	Aug. 07, 2011
Assets Acquired
Accounts receivable,	$ 52,278
Proved developed and undeveloped oil and gas properties,	1,810,662
Liabilities Assumed
Accounts payable,	(32,181)
Asset retirement obligation,	(39,594)
Total Identifiable Net Assets,	$ 1,791,165

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Basis Of Presentation And Significant Accounting Policies Stanford Cash Flows (Details) (USD $)	3 Months Ended
	Apr. 30, 2011
Cash Flows from Investing Activities
Payments to purchase oil and gas properties,	$ (176,000)
Cash Flows From Financing Activities
Capital contributions from shareholders,	206,000
Net Increase in Cash,	30,000
Cash at Beginning of Period,	$ 0

- Definition

Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation).

+ References+ Details

XML 15 R42.htm IDEA: XBRL DOCUMENT

Employee Stock Options Compensation Weighted Average Assumptions (Details)	8 Months Ended
	Dec. 31, 2011
Risk free interest rate.	97
Expected life.	6.5
Dividend yield.	0
Volatility.	0.32

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Acquisitions Pro Forma Results From Operations (Details) (USD $)
3 Months Ended 9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2012

Sep. 30, 2011

Oil and Natural Gas Revenues $ 374,739 $ 315,018 $ 1,045,264 $ 872,774

Net Income (Loss)" $ (631,453) $ (144,234) $ (1,885,369) $ (121,077)

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Subsequent Events (Details) (USD $)

Sep. 30, 2012

Common stock shares sold 327,223

Proceeds from sale of common stock $ 1,472,504

Common stock private placement per share $ 4.50

Cash payment in property acquisition 1,000,000

Shares issued in property acquisition $ 220,000

Value per share $ 4.50

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ACQUISITIONS
9 Months Ended

Sep. 30, 2012

ACQUISITIONS

ACQUISITIONS
NOTE 3 – ACQUISITIONS

Fisher I Property – On May 23, 2011, Stanford purchased proved developed and undeveloped oil and natural gas reserves (the “Fisher I Property”) located in the Permian Basin, Andrews County, Texas. The Fisher I Property acquired consisted of 100% of the working interest (75% net revenue interest) in four producing leases, a 99.6% working interest (74.7% net revenue interest) in 640 undeveloped acres and a 92.0% working interest (69.0% net revenue interest) in 960 undeveloped acres. The Fisher I Property was acquired for $2,296,228 of total consideration consisting of cash of $2,183,306, the transfer of 20,000 shares of Ring Energy, Inc. (“Ring”) common stock, valued at $2.00 per share or $40,000, and the issuance of a put option relating to the Ring shares valued at $72,922, whereby the holders could put the Ring shares back to Stanford for $5.00 per share through November 24, 2011.

For purposes of acquisition accounting, the fair value of the Ring shares transferred was determined based on the price stockholders of the Company paid to purchase the shares in May 2011 (see Note 10) since there was not an active market for the Ring shares. The value of the put option was determined using the Black-Scholes option pricing model based on the following assumptions: risk-free interest rate of 0.11%; expected life of 0.5 years; dividend yield of 0% and volatility of 207%, which was calculated on Ring stock historical prices. Stanford incurred $30,673 of acquisition-related costs, which were recognized in general and administrative expense for the eight months ended December 31, 2011.

The acquisition qualified as a business combination and as such, Stanford recognized the assets acquired and the liabilities assumed at their fair values as of the May 23, 2011 acquisition date, which is the date the Company obtained control of the properties. Oil and natural gas sales receivable and production costs payable at May 23, 2011 were not material. The estimated fair value of these properties approximated the consideration paid, which the Company concluded approximated the fair value that would be paid by a typical market participant. As a result, neither goodwill nor a bargain purchase gain was recognized related to the acquisition. The following table summarizes the assets acquired and the liabilities assumed:

Proved developed and undeveloped oil and gas properties

$

2,358,483

Asset retirement obligation

(62,255)

Total Identifiable Net Assets

$

2,296,228

Oil and natural gas sales and income from operations before general and administrative expense from the Fisher I Property, for the eight months ended December 31, 2011, were $166,250 and $49,116, respectively.

Miocene Property – On August 17, 2011, Stanford purchased additional proved developed and undeveloped oil and natural gas reserves (the “Miocene Property”) located in the Permian Basin, Andrews County, Texas. The Miocene Property consisted of 100% of the working interest (75% to 77% net revenue interest) in three producing leases. The Miocene Property was acquired for cash totaling $1,791,165. The Company incurred $98,984 of acquisition-related costs, which were recognized in general and administrative expense during the eight months ended December 31, 2011.

The acquisition was recognized as a business combination whereby Stanford recorded the assets acquired and the liabilities assumed at their fair values as of August 17, 2011, which is the date the Company obtained control of the properties and was the acquisition date for financial reporting purposes. The estimated fair value of Miocene Property approximated the consideration paid, which the Company concluded approximated the fair value that would be paid by a typical market participant. The following table summarizes the fair values of the assets acquired and the liabilities assumed:

Assets Acquired

Accounts receivable

$

 52,278

Proved developed and undeveloped oil and gas properties

 1,810,662

Liabilities Assumed

Accounts payable

 (32,181)

Asset retirement obligation

 (39,594)

Total Identifiable Net Assets

$

 1,791,165

Oil and natural gas sales and income from operations before general and administrative expense from the Miocene Property, for the four months ended December 31, 2011, were $217,959 and $60,313, respectively.

Fisher II Property – On December 1, 2011, the Company purchased proved developed and undeveloped oil and natural gas reserves (the “Fisher II Property”) located in the Permian Basin, Andrews County, Texas. The Fisher II Property acquired consisted of 100% of the working interest (75% net revenue interest) in one lease. The Fisher II Property was acquired for $1,747,760 of total consideration consisting of cash of $1,150,000, the transfer of 80,000 shares of Ring common stock, valued at $4.00 per share or $320,000, and the issuance of a put option relating to the Ring shares valued at $277,760, whereby the holder can put the Ring shares back to Stanford at $5.00 per share through December 1, 2012.

Due to the lack of an active market for the Ring shares, the fair value of the Ring shares transferred was determined based on the price at which Ring shares were being sold in a private placement active during the time period that this acquisition occurred. The value of the put option was determined using the Black-Scholes option pricing model based on the following assumptions: risk-free interest rate of 0.11%; expected life of 1.0 years; dividend yield of 0% and volatility of 198%, which was calculated on Ring stock historical prices. The Company incurred $6,898 of acquisition-related costs, which were recognized as general and administrative expense during the eight months ended December 31, 2011.

The acquisition of the Fisher II Property was recognized as a business combination. Stanford recorded the assets acquired and the liabilities assumed at their fair values. The estimated fair value of the Fisher II Property approximated the consideration paid, which the Company concluded approximated the fair value that would be paid by a typical market participant. The following table summarizes the fair values of the assets acquired and the liabilities assumed:

Proved developed and undeveloped oil and gas properties

$

 1,915,152

Asset retirement obligation

 (167,392)

Total Identifiable Net Assets

$

 1,747,760

Oil and natural gas sales and loss from operations before general and administrative expense from the Fisher II Property for the one month ended December 31, 2011, were $4,465 and $(7,416), respectively.

Ring Energy, Inc. – On June 28, 2012, Ring Energy, Inc. (“Ring”) completed the acquisition of Stanford Energy, Inc. through the closing of a stock-for-stock exchange agreement dated May 3, 2012. As a result, Stanford became a wholly-owned subsidiary of Ring. As further described in Note 1, Stanford was determined to be the accounting acquirer. The acquisition of Ring was recognized as the issuance by Stanford of the 6,110,408 common shares of Ring that remained outstanding. The fair value of Ring’s net assets was more clearly determinable than the fair value of the common shares deemed issued; therefore, the common shares were valued at the fair value of the net assets acquired as follows:

Cash

$

10,887,561

Note payable to Ring cancelled

 2,003,122

Prepaid expenses

 26,942

Property and equipment

 187,637

Accounts payable

 (9,893)

Fair Value of Net Assets

$

13,095,369

Pro Forma Results from Operations – The following unaudited pro forma information is presented to reflect the operations of the Company as if the acquisitions had been completed on January 1, 2012 and 2011, respectively:

For The Three

For The Three

For The Nine

For The Nine

Months Ended

Months Ended

Months Ended

Months Ended

September 31, 2012

September 31, 2011

September 31, 2012

September 31, 2011

Oil and Natural Gas Revenues

$

374,739

$

315,018

$

1,045,264

$

872,774

Net Income (Loss)

(631,453)

(144,234)

(1,885,369)

(121,077)

Ogden Property – On September 28, 2012, the Company purchased proved developed and undeveloped oil and natural gas reserves (the “Ogden Property”) located in the Permian Basin, Andrews County, Texas. The Ogden Property consists of a 91.67% working interest, 68.75% net revenue interest in one lease covering 80 acres which included one existing well with production. The Ogden Property was acquired for $687,501 through the issuance of 152,778 shares of Ring common stock, valued at $4.50 per share. Due to the lack of an active market for the Ring shares, the fair value of the Ring shares transferred was determined based on the price at which Ring shares were being sold in a private placement active during the time period that this acquisition occurred.

The acquisition of the Ogden Property was recognized as a business combination. Ring recorded the assets acquired and the liabilities assumed at their fair values. The estimated fair value of the Ogden Property approximated the consideration paid, which the Company concluded approximated the fair value that would be paid by a typical market participant. The following table summarizes the fair values of the assets acquired and the liabilities assumed:

Proved developed and undeveloped oil and gas properties

$

 687,501

Asset retirement obligation

 (14,214)

Total Identifiable Net Assets

$

 673,287

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Employee Stock Options Fair Value (Details) (USD $)

Dec. 31, 2011

Stock Options price per share $ 4.29

Unrecognized compensation costs $ 2,463,620

Stock Options weighted average period 2.7

Aggregate market intrinsic value $ 5.82

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XML 22 R29.htm IDEA: XBRL DOCUMENT v2.4.0.6

Basis Of Presentation And Significant Accounting Policies Office Equipment (Details)

Sep. 30, 2012

Office Equipment Minimum Useful live 5

Office Equipment Maximum Useful live 7

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Basis Of Presentation And Significant Accounting Policies Oil and Gas Properties (Details) (USD $)
3 Months Ended 4 Months Ended 9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2012

Sep. 30, 2011

Amortization expenses $ 117,267 $ 49,287 $ 293,102 $ 54,722

Depletion at the rate per barrel 24.28 21.43 21.43 24.28

Depreciation $ 10,501 $ 31,502

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XML 24 R44.htm IDEA: XBRL DOCUMENT v2.4.0.6

Contingencies And Commitments (Details) (USD $)

Sep. 30, 2012

Standby letters of credit by a commercial bank $ 50,000

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Earnings Loss Per Share Information (Details) (USD $)
3 Months Ended 4 Months Ended 5 Months Ended 9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Apr. 30, 2011

Sep. 30, 2011

Sep. 30, 2012

Net Income Loss $ (631,453) $ 126,876 $ 8,322 $ 101,641 $ (1,803,104)

Basic Weighted-Average Shares Outstanding 11,433,730 6,250,000 6,250,000 6,250,000 6,172,054

Stock options 0 0 0 0 0

Diluted Weighted Average Shares Outstanding 11,433,730 6,250,000 6,250,000 6,250,000 6,172,054

Basic Earnings Loss per Share $ (0.06) $ 0.02 $ 0.00 $ 0.02 $ (0.29)

Diluted Earnings Loss per Share $ (0.06) $ 0.02 $ 0.00 $ 0.02 $ (0.29)

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Acquisitions Fisher I Property (Details) (USD $)

May 23, 2011

Percentage of property acquired by Fisher I Property of the working interest (75% net revenue) 100

Percentage of four producing leases of working interest (74.7% net revenue interest) 99.6

Area of undeveloped acres 960

Total cosideration by Fisher I Property $ 2,296,228

Cash consideration 2,183,306

Shares transferred 20,000

Common stock par value, $ 2.00

Common stock valued 40,000

The issuance of a put option relating to the Ring shares valued 72,922

Common stock price per share, $ 5.00

Risk free interest rate 0.11

Dividend yield 0

Expected life 0.5

Volatility 207

Proved developed and undeveloped oil and gas properties 2,358,483

Asset retirement obligation (62,255)

Total Identifiable Net Assets $ 2,296,228

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EARNINGS (LOSS) PER SHARE INFORMATION
9 Months Ended

Sep. 30, 2012

EARNINGS (LOSS) PER SHARE INFORMATION

EARNINGS (LOSS) PER SHARE INFORMATION
NOTE 2 – EARNINGS (LOSS) PER SHARE INFORMATION

Predecessor

Successor

Carve-out

For The Three Months

For The Nine

For The Five

For The Four

Ended September 30,

Months Ended

Months Ended

Months Ended

2012

2011

September 30, 2012

September 30, 2011

April 30, 2011

Net Income (Loss)

$

(631,453)

$

126,876

$

(1,803,104)

$

101,641

$

8,322

Basic Weighted-Average Shares Outstanding

11,433,730

6,250,000

6,172,054

6,250,000

6,250,000

Effect of dilutive securities:

Stock options

-

-

-

-

-

Diluted Weighted-Average Shares Outstanding

11,433,730

6,250,000

6,172,054

6,250,000

6,250,000

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$

(0.06)

$

0.02

$

(0.29)

$

0.02

$

-

Diluted Earnings (Loss) per Share

$

(0.06)

$

0.02

$

(0.29)

$

0.02

$

-

Stock options to purchase 1,125,000 shares of common stock were excluded from the computation of diluted earnings (loss) per share during the three and nine months ended September 30, 2012 as their effect would have been anti-dilutive. There were no stock options outstanding during the three or nine months ended September 30, 2011.

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Acquisitions Oil And Gas Sales Income (Details) (USD $)
8 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Oil and natural gas sales and income from operations before general and administrative expense from the Fisher I Property $ 166,250 $ 49,116

Cash consideration for acquisition Miocene Property 0 1,791,165

Acquisiton related costs Miocene Property 0 98,984

Oil and natural gas sales and income from operations before general and administrative expense from the Miocene Property 217,959 60,313

Acquisition realted costs Fisher I Property $ 0 $ 30,673

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Employee Stock Options Compensation Expenses (Details) (USD $)
3 Months Ended 9 Months Ended

Sep. 30, 2012

Sep. 30, 2012

Compensation expense charged against income for share based awards $ 261,856 $ 707,090

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CONSOLIDATED BALANCE SHEETS (USD $)

Sep. 30, 2012

Dec. 31, 2011

Current Assets

Cash $ 9,846,250 $ 11,372

Accounts receivable 130,816 91,022

Prepaid expenses and retainers 120,706 121,301

Total Current Assets 10,097,772 223,695

Properties and Equipment

Oil and natural gas properties subject to amortization 12,318,591 6,597,433

Office equipment 194,207 11,133

Total Properties and Equipment 12,512,798 6,608,566

Accumulated depreciation, depletion and amortization (382,478) (89,376)

Net Properties and Equipment 12,130,320 6,519,190

Total Assets 22,228,092 6,742,885

Current Liabilities

Accounts payable 1,595,870 100,321

Accrued compensation 0 100,000

Accrued Payable To Investors 72,500 0

Derivative put option 130,104 276,736

Total Current Liabilities 1,798,474 477,057

Noncurrent Liabilities

Revolving line of credit. 0 9,244,428

Note payable to Ring Energy, Inc. 0 853,122

Asset retirement obligations 303,289 274,788

Total Noncurrent Liabilities 303,289 10,372,338

Stockholders Equity (Deficit)

Common stock - $0.001 par value; 75,000,000 shares authorized 12,993,788 and 3,440,000 shares outstanding, respectively 12,994 3,440

Additional paid-in capital 26,230,974 204,585

Accumulated deficit (6,117,639) (4,314,535)

Total Stockholders Equity (Deficit) 20,126,329 (4,106,510)

Total Liabilities and Stockholders Equity (Deficit) $ 22,228,092 $ 6,742,885

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-Section 02

-Paragraph 19

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-Paragraph 1

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-Paragraph 1

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
4 Months Ended 5 Months Ended 9 Months Ended

Apr. 30, 2011

Sep. 30, 2011

Sep. 30, 2012

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Accounts receivable 4,677 (103,638) (39,794)

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Accounts payable 6,907 277,425 1,558,156

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Payments to develop oil and natural gas properties 0 (257,271) (4,711,752)

Purchase of office equipment 0 0 (179,078)

Net Cash Used in Investing Activities 0 (4,152,930) (5,014,880)

Proceeds from borrowings from Ring Energy, Inc. 0 0 1,150,000

Proceeds from borrowings under revolving line of credit 0 4,053,428 0

Proceeds from issuance of common stock 0 0 11,545,983

Ring Energy, Inc. shareholders 0 0 10,887,561

Capital contributions from shareholders 0 50,000 0

Capital distributions to owners (26,416) (150,000) 0

Net Cash Provided by (Used in) Financing Activities (26,416) 3,953,428 14,339,116

Net Increase (Decrease) in Cash 0 75,643 9,834,878

Cash at Beginning of Period 11,372

Cash paid for interest 0 8,754 93,471

Oil and natural gas properties acquired 0 4,110,430 825,765

Asset retirement obligations assumed 0 (101,849) (14,214)

Payments with Ring Energy, Inc. shares 0 (40,000) (687,501)

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Issuance of common stock to Ring Energy, Inc. shareholders 0 0 13,095,369

Accounts payable assumed 0 0 9,893

Less: Elimination of note payable to Ring Energy, Inc. 0 0 (2,003,122)

Less: Prepaid expenses acquired 0 0 (26,942)

Less: Property and equipment acquired 0 0 (187,637)

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Acquisitions Fisher II Property Costs (Details) (USD $)
8 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Acquisition related costs Fisher II Property $ 6,898 $ 0

Oil and natural gas sales and loss from operations before general and administrative expense from the Fisher II Property $ 4,465 $ 7,416

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EMPLOYEE STOCK OPTIONS (Tables)
9 Months Ended

Sep. 30, 2012

EMPLOYEE STOCK OPTIONS (Tables)

Fair Value of options weighted average assumptions

December 1, 2011

July 1, 2012

August 15, 2012

Risk free interest rate

0.97%

0.67%

0.80%

Expected life

6.5 years

6.5 years

6.5 years

Dividend yield

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 -

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158%

153%

Stock option activity and changes

Weighted-

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Exercise

Contractual

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Shares

Price

Term

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 4.50

Forfeited

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Acquisitions Ring Energy Inc (Details) (USD $)

Jun. 28, 2011

Issuance of common stock shares 6,110,408

Cash" $ 10,887,561

Note payable to Ring cancelled 2,003,122

Prepaid expenses 26,942

Property and equipment 187,637

Accounts payable" (9,893)

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Basis Of Presentation And Significant Accounting Policies Reorganization into Ring Energy Inc (Details) (USD $)

Jun. 28, 2012

Number of shares exchanged by Stanford Shareholders of Stanford common stock 1,376

Number of shares exchanged by Stanford Shareholders of Ring common stock 3,440,000

Number of outstanding options to purchase Stanford common stock 450

Number of common stock shares of Ring, right to purchase 1,125,000

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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended

Sep. 30, 2012

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
NOTE 1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Consolidated Financial Statements – The accompanying consolidated financial statements have been prepared by the Company and are unaudited. In the opinion of management, the accompanying unaudited financial statements contain all adjustments necessary for fair presentation, consisting of normal recurring adjustments, except as disclosed herein. The financial position and results of operations for the three and nine months ended September 30, 2012 are not necessarily indicative of the results to be expected for the full year ending December 31, 2012.

Organization and Nature of Operations –Stanford Energy, Inc. (“Stanford” or the “Company”) is a Texas corporation that owns interests in oil and natural gas properties located in Texas. The Company’s oil and natural gas sales, profitability and future growth are dependent upon prevailing and future prices for oil and natural gas and the successful acquisition, exploration and development of oil and natural gas properties. Oil and natural gas prices have historically been volatile and may be subject to wide fluctuations in the future. A substantial decline in oil and natural gas prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows and quantities of oil and natural gas reserves that may be economically produced.

Reorganization into Ring Energy, Inc. – On June 28, 2012, Ring Energy, Inc. (“Ring”) completed the acquisition of Stanford Energy, Inc. through the closing of a stock-for-stock exchange agreement dated May 3, 2012. As a result, Stanford became a wholly-owned subsidiary of Ring. At the closing, the Stanford shareholders exchanged their 1,376 shares of Stanford common stock for 3,440,000 shares of Ring common stock. In addition, Ring assumed and adopted Stanford’s equity compensation plan and its outstanding options to purchase 450 shares of Stanford common stock, which represented the right to purchase 1,125,000 shares of Ring common stock at $2.00 per share. Prior to the closing, Ring had 6,110,408 shares of common stock outstanding, of which Stanford shareholders held 793,317 shares. As a result, Stanford’s shareholders obtained control of Ring. In addition, Stanford’s shareholders have the right to appoint to a majority of the members of the Ring board of directors and senior management of the combined company.

Since the Stanford shareholders obtained a controlling interest in Ring’s common stock and stock options and the right to control the board of directors and senior management, Stanford was determined to be the accounting acquirer and its historical financial statements have been adjusted to reflect its reorganization in a manner equivalent to a 2,500-for-1 stock split. The accompanying historical financial statements prior to the reorganization into Ring are Stanford’s financial statements, adjusted to reflect the authorized capital and par value of Ring and to reflect the effects of the stock split for all periods presented.

Predecessor Carve-Out Financial Statements – On May 1, 2011, Stanford acquired developed and undeveloped properties referred to as the Fisher I Property. The Fisher I Property represents Stanford’s predecessor under Rule 405 of Regulation C of the Securities Act of 1933, as amended, as the Fisher I Property was Stanford’s first interest in producing oil and natural gas properties and Stanford’s own operations before the acquisition were insignificant relative to the operations acquired. In that regard, upon consummation of the acquisition, the historical financial statements of the Fisher I Property became the historical financial statements of the Company. The accompanying predecessor financial statements present the full carve-out financial position, the related revenues earned and costs and expenses incurred, and the cash flows of the predecessor owners relative to the Fisher I Property.

Subsequent to the acquisition, the successor financial statements present the financial position, operations and cash flows of the assets acquired, the liabilities assumed and operations of the Fisher I Property as well as those of other properties acquired subsequently and are reflected at their purchase-date fair values. Those fair values are reflected as the cost of the assets acquired and the carrying amounts of the liabilities assumed, and are the basis of the resulting operations of the successor.

Prior to the acquisition of the Fisher I Property, Stanford had little activity and was a development stage company. Its planned operations were to acquire, develop and operate oil and natural gas properties. Stanford had no revenue, expenses or income during the four months ended April 30, 2011. Changes in Stanford’s stockholders’ equity for the four months ended April 30, 2011, on a post-split basis, were as follows:

Additional

Total

Common Stock

Paid-in

Stockholders'

Shares

Amount

Capital

Equity

Balance, December 31, 2010

5,000,000

$

5,000

$

(5,000)

$

-

Common stock issued for no consideration

1,250,000

1,250

(1,250)

-

Cash paid in from shareholders without

the issuance of additional shares

-

-

206,000

206,000

Balance, April 30, 2011

6,250,000

$

6,250

$

199,750

$

206,000

Stanford’s cash flows during the four months ended April 30, 2011 were as follows:

Cash Flows from Investing Activities

Payments to purchase oil and gas properties

$

(176,000)

Cash Flows From Financing Activities

Capital contributions from shareholders

206,000

Net Increase in Cash

30,000

Cash at Beginning of Period

-

Cash at End of Period

$

30,000

Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Changes in the future estimated oil and natural gas reserves or the estimated future cash flows attributable to the reserves that are utilized for impairment analysis could have a significant impact on the Company’s future results of operations.

Fair Values of Financial Instruments – The carrying amounts reported for the revolving line of credit approximates fair value because the underlying instruments are at interest rates which approximate current market rates. The derivative put options are carried at fair value.

Consolidation – The accompanying consolidated financial statements include the accounts, operations and cash flows of Stanford for all periods presented and the consolidated operations and cash flows of Ring from June 28, 2012. All significant intercompany balances and transactions have been eliminated in consolidation.

Concentration of Credit Risk and Major Customer – The Company has cash in excess of federally insured limits at September 30, 2012. During the nine months ended September 30, 2012, sales to three customers represented 36%, 35% and 27%, respectively, of oil and gas revenues. At September 30, 2012, these customers made up 33%, 24% and 43%, respectively, of accounts receivable.

Oil and Gas Properties – The Company uses the full cost method of accounting for oil and gas properties. Under this method, all costs associated with acquisition, exploration, and development of oil and gas reserves are capitalized. Costs capitalized include acquisition costs, geological and geophysical expenditures, lease rentals on undeveloped properties and costs of drilling and equipping productive and non-productive wells. Drilling costs include directly related overhead costs. Capitalized costs are categorized either as being subject to amortization or not subject to amortization.

All capitalized costs of oil and gas properties, including the estimated future costs to develop proved reserves and estimated future costs of abandonment and site restoration, are amortized on the unit-of-production method using estimates of proved reserves as determined by independent engineers. Investments in unproved properties and major development projects are not amortized until proved reserves associated with the projects can be determined. The Company evaluates oil and gas properties for impairment at least annually. Amortization expense for the three and nine months ended September 30, 2012 was $117,267 and $293,102, respectively, based on depletion at the rate of $21.43 per barrel of oil equivalent compared to $49,287 and $53,722 , respectively, for the three and nine months ended September 30, 2011, based on depletion at the rate of $24.28 per barrel of oil equivalent. These amounts include $10,501 and $31,502 of depreciation for the three and nine months ended September 30, 2012, respectively, with no depreciation for the three or nine months ended September 30, 2011.

In addition, capitalized costs are subject to a ceiling test which limits such costs to the estimated present value of future net revenues from proved reserves, discounted at a 10% interest rate, based on current economic and operating conditions, plus the lower of cost or fair market value of unproved properties. Consideration received from sales or transfers of oil and gas property is accounted for as a reduction of capitalized costs. Revenue is not recognized in connection with contractual services performed on properties in which the Company holds an ownership interest.

Office Equipment – Office equipment is valued at historical cost adjusted for impairment loss less accumulated depreciation. Historical costs include all direct costs associated with the acquisition of office equipment and placing it in service. Depreciation is calculated using the straight-line method based upon an estimated useful life of 5 to 7 years.

Asset Retirement Obligation – The Company records a liability in the period in which an asset retirement obligation (“ARO”) is incurred, in an amount equal to the discounted estimated fair value of the obligation that is capitalized. Thereafter, this liability is accreted up to the final estimated retirement cost. An ARO is a future expenditure related to the disposal or other retirement of certain assets. The Company’s ARO relates to future plugging and abandonment expenses of its oil and natural gas properties and related facilities disposal.

Revenue Recognition – The Company predominantly derives its revenues from the sale of produced oil and natural gas. Revenue is recorded in the month the product is delivered to the purchasers. At the end of each month, the Company recognizes oil and natural gas sales based on estimates of the amount of production delivered to purchasers and the price to be received. Variances between the Company’s estimated oil and natural gas sales and actual receipts are recorded in the month the payments are received.

Share-Based Employee Compensation – The Company has outstanding stock option grants to directors and employees, which are described more fully in Note 6. The Company recognizes the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the related compensation expense over the period during which an employee is required to provide service in exchange for the award, which is generally the vesting period.

Share-Based Compensation to Non-Employees – The Company accounts for share-based compensation issued to non-employees as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The measurement date for these issuances is the earlier of the date at which a commitment for performance by the recipient to earn the equity instruments is reached or the date at which the recipient’s performance is complete.

Recent Accounting Pronouncements – The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoptions of any such pronouncements are expected to cause a material impact on the Company’s financial condition or the results of operations.

Basic and Diluted Earnings (Loss) per Share – Basic earnings (loss) per share are computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if all contracts to issue common stock were converted into common stock, except for those that are anti-dilutive. The dilutive effect of stock options and other share-based compensation is calculated using the treasury method with an offset from expected proceeds upon exercise of the stock options and unrecognized compensation expense.

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CONSOLIDATED BALANCE SHEETS PARENTHETICALS (USD $)

Sep. 30, 2012

Dec. 31, 2011

Common stock par value $ 0.001 $ 0.001

Common Stock shares authorized 75,000,000 75,000,000

Common Stock shares issued 12,993,778 3,440,000

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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
9 Months Ended

Sep. 30, 2012

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)

Consolidated Financial Statements
Consolidated Financial Statements – The accompanying consolidated financial statements have been prepared by the Company and are unaudited. In the opinion of management, the accompanying unaudited financial statements contain all adjustments necessary for fair presentation, consisting of normal recurring adjustments, except as disclosed herein. The financial position and results of operations for the three and nine months ended September 30, 2012 are not necessarily indicative of the results to be expected for the full year ending December 31, 2012.

Organization and Nature of Operations
Organization and Nature of Operations –Stanford Energy, Inc. (“Stanford” or the “Company”) is a Texas corporation that owns interests in oil and natural gas properties located in Texas. The Company’s oil and natural gas sales, profitability and future growth are dependent upon prevailing and future prices for oil and natural gas and the successful acquisition, exploration and development of oil and natural gas properties. Oil and natural gas prices have historically been volatile and may be subject to wide fluctuations in the future. A substantial decline in oil and natural gas prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows and quantities of oil and natural gas reserves that may be economically produced.

Reorganization into Ring Energy, Inc
Reorganization into Ring Energy, Inc. – On June 28, 2012, Ring Energy, Inc. (“Ring”) completed the acquisition of Stanford Energy, Inc. through the closing of a stock-for-stock exchange agreement dated May 3, 2012. As a result, Stanford became a wholly-owned subsidiary of Ring. At the closing, the Stanford shareholders exchanged their 1,376 shares of Stanford common stock for 3,440,000 shares of Ring common stock. In addition, Ring assumed and adopted Stanford’s equity compensation plan and its outstanding options to purchase 450 shares of Stanford common stock, which represented the right to purchase 1,125,000 shares of Ring common stock at $2.00 per share. Prior to the closing, Ring had 6,110,408 shares of common stock outstanding, of which Stanford shareholders held 793,317 shares. As a result, Stanford’s shareholders obtained control of Ring. In addition, Stanford’s shareholders have the right to appoint to a majority of the members of the Ring board of directors and senior management of the combined company.

Since the Stanford shareholders obtained a controlling interest in Ring’s common stock and stock options and the right to control the board of directors and senior management, Stanford was determined to be the accounting acquirer and its historical financial statements have been adjusted to reflect its reorganization in a manner equivalent to a 2,500-for-1 stock split. The accompanying historical financial statements prior to the reorganization into Ring are Stanford’s financial statements, adjusted to reflect the authorized capital and par value of Ring and to reflect the effects of the stock split for all periods presented.

Predecessor Carve-Out Financial Statements
Predecessor Carve-Out Financial Statements – On May 1, 2011, Stanford acquired developed and undeveloped properties referred to as the Fisher I Property. The Fisher I Property represents Stanford’s predecessor under Rule 405 of Regulation C of the Securities Act of 1933, as amended, as the Fisher I Property was Stanford’s first interest in producing oil and natural gas properties and Stanford’s own operations before the acquisition were insignificant relative to the operations acquired. In that regard, upon consummation of the acquisition, the historical financial statements of the Fisher I Property became the historical financial statements of the Company. The accompanying predecessor financial statements present the full carve-out financial position, the related revenues earned and costs and expenses incurred, and the cash flows of the predecessor owners relative to the Fisher I Property.

Subsequent to the acquisition, the successor financial statements present the financial position, operations and cash flows of the assets acquired, the liabilities assumed and operations of the Fisher I Property as well as those of other properties acquired subsequently and are reflected at their purchase-date fair values. Those fair values are reflected as the cost of the assets acquired and the carrying amounts of the liabilities assumed, and are the basis of the resulting operations of the successor.

Prior to the acquisition of the Fisher I Property, Stanford had little activity and was a development stage company. Its planned operations were to acquire, develop and operate oil and natural gas properties. Stanford had no revenue, expenses or income during the four months ended April 30, 2011. Changes in Stanford’s stockholders’ equity for the four months ended April 30, 2011, on a post-split basis, were as follows:

Additional

Total

Common Stock

Paid-in

Stockholders'

Shares

Amount

Capital

Equity

Balance, December 31, 2010

5,000,000

$

5,000

$

(5,000)

$

-

Common stock issued for no consideration

1,250,000

1,250

(1,250)

-

Cash paid in from shareholders without

the issuance of additional shares

-

-

206,000

206,000

Balance, April 30, 2011

6,250,000

$

6,250

$

199,750

$

206,000

Stanford’s cash flows during the four months ended April 30, 2011 were as follows:

Cash Flows from Investing Activities

Payments to purchase oil and gas properties

$

(176,000)

Cash Flows From Financing Activities

Capital contributions from shareholders

206,000

Net Increase in Cash

30,000

Cash at Beginning of Period

-

Cash at End of Period

$

30,000

Use of Estimates
Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Changes in the future estimated oil and natural gas reserves or the estimated future cash flows attributable to the reserves that are utilized for impairment analysis could have a significant impact on the Company’s future results of operations.

Fair Values of Financial Instruments
Fair Values of Financial Instruments – The carrying amounts reported for the revolving line of credit approximates fair value because the underlying instruments are at interest rates which approximate current market rates. The derivative put options are carried at fair value.

Consolidation
Consolidation – The accompanying consolidated financial statements include the accounts, operations and cash flows of Stanford for all periods presented and the consolidated operations and cash flows of Ring from June 28, 2012. All significant intercompany balances and transactions have been eliminated in consolidation.

Concentration of Credit Risk and Major Customer
Concentration of Credit Risk and Major Customer – The Company has cash in excess of federally insured limits at September 30, 2012. During the nine months ended September 30, 2012, sales to three customers represented 36%, 35% and 27%, respectively, of oil and gas revenues. At September 30, 2012, these customers made up 33%, 24% and 43%, respectively, of accounts receivable.

Oil and Gas Properties
Oil and Gas Properties – The Company uses the full cost method of accounting for oil and gas properties. Under this method, all costs associated with acquisition, exploration, and development of oil and gas reserves are capitalized. Costs capitalized include acquisition costs, geological and geophysical expenditures, lease rentals on undeveloped properties and costs of drilling and equipping productive and non-productive wells. Drilling costs include directly related overhead costs. Capitalized costs are categorized either as being subject to amortization or not subject to amortization.

All capitalized costs of oil and gas properties, including the estimated future costs to develop proved reserves and estimated future costs of abandonment and site restoration, are amortized on the unit-of-production method using estimates of proved reserves as determined by independent engineers. Investments in unproved properties and major development projects are not amortized until proved reserves associated with the projects can be determined. The Company evaluates oil and gas properties for impairment at least annually. Amortization expense for the three and nine months ended September 30, 2012 was $117,267 and $293,102, respectively, based on depletion at the rate of $21.43 per barrel of oil equivalent compared to $49,287 and $53,722 respectively, for the three and nine months ended September 30, 2011, based on depletion at the rate of $24.28 per barrel of oil equivalent. These amounts include $10,501 and $31,502 of depreciation for the three and nine months ended September 30, 2012, respectively, with no depreciation for the three or nine months ended September 30, 2011.

In addition, capitalized costs are subject to a ceiling test which limits such costs to the estimated present value of future net revenues from proved reserves, discounted at a 10% interest rate, based on current economic and operating conditions, plus the lower of cost or fair market value of unproved properties. Consideration received from sales or transfers of oil and gas property is accounted for as a reduction of capitalized costs. Revenue is not recognized in connection with contractual services performed on properties in which the Company holds an ownership interest.

Office Equipment
Office Equipment – Office equipment is valued at historical cost adjusted for impairment loss less accumulated depreciation. Historical costs include all direct costs associated with the acquisition of office equipment and placing it in service. Depreciation is calculated using the straight-line method based upon an estimated useful life of 5 to 7 years.

Asset Retirement Obligation
Asset Retirement Obligation – The Company records a liability in the period in which an asset retirement obligation (“ARO”) is incurred, in an amount equal to the discounted estimated fair value of the obligation that is capitalized. Thereafter, this liability is accreted up to the final estimated retirement cost. An ARO is a future expenditure related to the disposal or other retirement of certain assets. The Company’s ARO relates to future plugging and abandonment expenses of its oil and natural gas properties and related facilities disposal.

Revenue Recognition
Revenue Recognition – The Company predominantly derives its revenues from the sale of produced oil and natural gas. Revenue is recorded in the month the product is delivered to the purchasers. At the end of each month, the Company recognizes oil and natural gas sales based on estimates of the amount of production delivered to purchasers and the price to be received. Variances between the Company’s estimated oil and natural gas sales and actual receipts are recorded in the month the payments are received.

Share-Based Employee Compensation
Share-Based Employee Compensation – The Company has outstanding stock option grants to directors and employees, which are described more fully in Note 6. The Company recognizes the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the related compensation expense over the period during which an employee is required to provide service in exchange for the award, which is generally the vesting period.

Recent Accounting Pronouncements
Recent Accounting Pronouncements – The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoptions of any such pronouncements are expected to cause a material impact on the Company’s financial condition or the results of operations.

Basic and Diluted Earnings (Loss) per Share
Basic and Diluted Earnings (Loss) per Share – Basic earnings (loss) per share are computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if all contracts to issue common stock were converted into common stock, except for those that are anti-dilutive. The dilutive effect of stock options and other share-based compensation is calculated using the treasury method with an offset from expected proceeds upon exercise of the stock options and unrecognized compensation expense.

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Payments to purchase oil and gas properties

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Sep. 30, 2011

Apr. 30, 2011

Sep. 30, 2011

Sep. 30, 2012

Oil and Gas Revenues $ 374,739 $ 162,527 $ 96,956 $ 175,004 $ 1,045,264

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EMPLOYEE STOCK OPTIONS
9 Months Ended

Sep. 30, 2012

EMPLOYEE STOCK OPTIONS

EMPLOYEE STOCK OPTIONS
NOTE 6 – EMPLOYEE STOCK OPTIONS

Compensation expense charged against income for share-based awards during the three and nine months ended September 30, 2012 was $261,856 and $707,090, respectively, with no comparable amounts for the three and nine months ended September 30, 2011, and is included in general and administrative expense in the accompanying financial statements.

In 2011, Stanford’s Board of Directors and stockholders approved and adopted a long-term incentive plan which allows for the issuance of up to 2,500,000 shares of common stock through the grant of qualified stock options, non-qualified stock options and restricted stock. As of September 30, 2012, there were 1,375,000 shares eligible for issuance under the plan. On December 1, 2011, the Company granted 1,125,000 non-qualified stock options exercisable at $2.00 per share. On July 1, 2012, the Company granted 75,000 non-qualified stock options exercisable at $4.50 per share. On July 1, 2012, the Company cancelled 125,000 non-qualified options exercisable at $2.00 per share. On August 15, 2012, the Company granted 50,000 non-qualified options exercisable at $4.50 per share. The stock options vest at the rate of 20% each year over five years beginning one year from the date granted and expire ten years from the date granted.

The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model and using certain assumptions. The expected volatility is based on the historical price volatility of the Dow Jones U.S. Oil and Gas Index. The Company used the simplified method for estimating the expected term for options granted in 2011. Under the simplified method, the expected term is equal to the midpoint between the vesting period and the contractual term of the stock option. The risk-free interest rate represents the U.S. Treasury bill rate for the expected life of the related stock options. The dividend yield represents the Company’s anticipated cash dividend over the expected life of the stock options. The following are the weighted-average assumptions used to determine the fair value of options granted during the eight months ended December 31, 2011 and nine months ended September 30, 2012:

December 1, 2011

July 1, 2012

August 15, 2012

Risk free interest rate

0.97%

0.67%

0.80%

Expected life

6.5 years

6.5 years

6.5 years

Dividend yield

 -

 -

 -

Volatility

32%

158%

153%

A summary of the stock option activity as of September 30, 2012, and changes during the nine months then ended is as follows:

Weighted-

Weighted-

Average

Average

Remaining

Aggregate

Exercise

Contractual

Intrinsic

Shares

Price

Term

Value

Outstanding, December 31, 2011

1,125,000

$ 2.00

Granted

 125,000

 4.50

Forfeited

 (125,000)

 2.00

Outstanding, September 30, 2012

1,125,000

$ 2.28

9.2 Years

$ 3,346,875

Exercisable, September 30, 2012

 -

The weighted-average grant-date fair value of options granted during 2012 was $4.29 per share. Share-based compensation expense for the nine months ended September 30, 2012 was $707,090. As of September 30, 2012, there was approximately $1,580,789 of unrecognized compensation cost related to stock options that is expected be recognized over a weighted-average period of 2.7 years. The aggregate intrinsic value was determined based on the $5.82 market value of the Ring Energy, Inc. common stock on September 28, 2012. No options were exercisable as of September 30, 2012.

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ASSET RETIREMENT OBLIGATION
9 Months Ended

Sep. 30, 2012

ASSET RETIREMENT OBLIGATION

ASSET RETIREMENT OBLIGATION
NOTE 5 – ASSET RETIREMENT OBLIGATION

The Company provides for the obligation to plug and abandon oil and gas wells at the dates properties are either acquired or the wells are drilled. The asset retirement obligation is adjusted each quarter for any liabilities incurred or settled during the period, accretion expense and any revisions made to the estimated cash flows. The asset retirement obligation relating to the predecessor carve-out financial statements was computed using an annual credit-adjusted risk-free discount rate of 4.28%. The asset retirement obligation incurred by Stanford upon each of the three acquisitions was computed using the annual credit-adjusted risk-free discount rate at the applicable date, which rates were from 6.55% to 7.62% per annum. Changes in the asset retirement obligation were as follows:

Balance, January 1, 2012

$

274,788

Liabilities incurred

14,214

Accretion expense

14,287

Balance, September 30, 2012

$

303,289

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PUT OPTIONS (Tables)
9 Months Ended

Sep. 30, 2012

PUT OPTIONS (Tables)

Assumptions used in Black-Scholes option pricing model

Risk free interest rate

0.10%

Expected life (years)

0.16

Dividend yield

 -

Volatility

147%

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EARNINGS (LOSS) PER SHARE INFORMATION (Tables)
9 Months Ended

Sep. 30, 2012

EARNINGS (LOSS) PER SHARE INFORMATION (Tables)

Earnings (Loss) Per Share Information

Predecessor

Successor

Carve-out

For The Three Months

For The Nine

For The Five

For The Four

Ended September 30,

Months Ended

Months Ended

Months Ended

2012

2011

September 30, 2012

September 30, 2011

April 30, 2011

Net Income (Loss)

$

(631,453)

$

126,876

$

(1,803,104)

$

101,641

$

8,322

Basic Weighted-Average Shares Outstanding

11,433,730

6,250,000

6,172,054

6,250,000

6,250,000

Effect of dilutive securities:

Stock options

-

-

-

-

-

Diluted Weighted-Average Shares Outstanding

11,433,730

6,250,000

6,172,054

6,250,000

6,250,000

Basic Earnings (Loss) per Share

$

(0.06)

$

0.02

$

(0.29)

$

0.02

$

-

Diluted Earnings (Loss) per Share

$

(0.06)

$

0.02

$

(0.29)

$

0.02

$

-

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FAIR VALUE MEASUREMENTS
9 Months Ended

Sep. 30, 2012

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS
NOTE 9 – FAIR VALUE MEASUREMENTS

Generally accepted accounting principles establish a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The Company’s fair value measurements are based on the observability of those inputs. The three levels of the fair value hierarchy are as follows:

Level 1 — Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. The Company does not have any fair value balances classified as Level 1.

Level 2 — Inputs other than quoted prices in active markets included in Level 1 that are either directly or indirectly observable. The Company’s put options are measured on a recurring basis using Level 2 inputs.

Level 3 — Includes inputs that are not observable for which there is little, if any, market activity for the asset or liability being measured. The Company does not have any fair value balances classified as Level 3.

In valuing certain contracts, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. For disclosure purposes, assets and liabilities are classified in their entirety in the fair value hierarchy level based on the lowest level of input that is significant to the overall fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement within the fair value hierarchy levels.

The Company’s derivative put option liabilities are remeasured to fair value at each reporting date until the contingency is resolved. The fair value of the non-financial liabilities as of September 30, 2012 was $130,104 and was calculated using Level 2 inputs. See Note 8 above for more information about this liability and the inputs used for calculating fair value.

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CONTINGENCIES AND COMMITMENTS
9 Months Ended

Sep. 30, 2012

CONTINGENCIES AND COMMITMENTS

CONTINGENCIES AND COMMITMENTS
NOTE 7 – CONTINGENCIES AND COMMITMENTS

Standby Letters of Credit – A commercial bank has issued standby letters of credit on behalf of the Company to the state of Texas totaling $50,000 to allow the Company to do business there. The standby letters of credit are valid until cancelled or matured and are collateralized by the revolving credit facility with the bank. These letters of credit terms are extended for a term of one year at a time. The Company intends to renew the standby letters of credit for as long as the Company does business in the state of Texas. No amounts have been drawn under the standby letters of credit.

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PUT OPTIONS
9 Months Ended

Sep. 30, 2012

PUT OPTIONS

PUT OPTIONS
NOTE 8 – PUT OPTIONS

The Company granted put options on the Ring shares transferred in connection with the acquisitions of oil and natural gas properties in December 2011. In December 2011, the Company granted 80,000 options with terms allowing the property seller to require the Company to repurchase the Ring shares at $5.00 per share through December 1, 2012. At the date of issuance, the fair value of this liability was $277,760 and was capitalized as part of the acquisition cost. The put options are contingent consideration classified as liabilities under FASB ASC 305-30 and are recognized at the acquisition date fair value as part of the consideration transferred. They are remeasured to fair value at each reporting date until the contingency is resolved with the change in fair value being recognized in earnings. As of September 30, 2012, the fair value of the remaining liability was $130,104. The following table illustrates the assumptions used in the Black-Scholes option pricing model at September 30, 2012:

Risk free interest rate

0.10%

Expected life (years)

0.16

Dividend yield

 -

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147%

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SUBSEQUENT EVENTS
9 Months Ended

Sep. 30, 2012

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS
NOTE 10 – SUBSEQUENT EVENTS

Subsequent to September 30, 2012, the Company sold 327,223 shares of common stock for gross proceeds of $1,472,504 in a private placement at $4.50 per common share. No selling commissions were paid.

Subsequent to September 30, 2012, the Company purchased proved developed and undeveloped oil and natural gas reserves located in the Permian Basin, Andrews County, Texas. The total purchase price was $1,990,000 consisting of a cash payment of $1,000,000 and the issuance of 220,000 shares of Ring Energy, Inc. common stock valued at $4.50 per share.

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Acquisitions Fisher II Property (Details) (USD $)

Dec. 01, 2011

Total cosideration by Fisher I Property, $ 1,747,760

Cash consideration, 1,150,000

Shares transferred, 80,000

Common stock par value ( per share ) $ 4.00

Common stock valued,. 320,000

The issuance of a put option relating to the Ring shares valued,. 277,760

Put option excercise price $ 5.00

Risk free interest rate,. 0.11

Dividend yield,.. 0

Expected life,. 1.0

Volatility,. 198

Proved developed and undeveloped oil and gas properties,. 1,915,152

Asset retirement obligation,. (167,392)

Total Identifiable Net Assets,. $ 1,747,760

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ASSET RETIREMENT OBLIGATION (Tables)
9 Months Ended

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ASSET RETIREMENT OBLIGATION (Tables)

Changes in Asset Retirement Obligations

Balance, January 1, 2012

$

274,788

Liabilities incurred

14,214

Accretion expense

14,287

Balance, September 30, 2012

$

303,289

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Basis Of Presentation And Significant Accounting Policies Percentage Of Customers (Details)
9 Months Ended

Sep. 30, 2012

Percentage of sales to customers of oil and gas revenues 36

Percentage of sales to customers of oil and gas revenues, 35

Percentage of sales to customers of oil and gas revenues. 27

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Employee Stock Options Compensation Stanfords Board Of Directors (Details) (USD $)

Dec. 31, 2011

Issuance of shares common stock 2,500,000

Shares eligible for issuance 1,375,000

Non qualified stock options granted 1,125,000

Stock options exercise price $ 2.00

Stock options vesting rate 20

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CONSOLIDATED STATEMENT OF STOCKHOLDERS& EQUITY (DEFICIT) (USD $)

Common Stock Shares

Common Stock Amount

Additional Paid-In Capital

Accumulated Deficit

Stockholders' Equity (Deficit)

Balance at May. 01, 2011

Capital contributions from shareholders of available-for-sale securities 0 0 40,000 0 40,000

Capital contributions from shareholders 0 0 50,000 0 50,000

Capital distributions to shareholders 0 0 (150,000) 0 (150,000)

Net loss $ 0 $ 0 $ 0 $ 101,641 $ 101,641

Balance at Sep. 30, 2011 6,250,000 6,250 139,750 101,641 247,641

Balance at Dec. 31, 2011 3,440,000 3,440 204,585 (4,314,535) (4,106,510)

Net loss $ 0 $ 0 $ 0 $ (1,803,104) $ (1,803,104)

Share-based compensation 0 0 707,090 0 707,090

Common stock issued to purchase Ring Energy, Inc. 6,579,808 6,580 13,088,789 0 13,095,369

Common stock issued for cash 2,821,202 2,821 11,543,162 0 11,545,983

Common stock issued in property acquisition 152,778 153 687,348 0 687,501

Balance at Sep. 30, 2012 12,993,788 12,994 26,230,974 (6,117,639) 20,126,329

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REVOLVING LINE OF CREDIT
9 Months Ended

Sep. 30, 2012

REVOLVING LINE OF CREDIT

REVOLVING LINE OF CREDIT
NOTE 4 – REVOLVING LINE OF CREDIT

In May 2011, the Company entered into a credit agreement with a bank that provides for a revolving line of credit of up to $10 million for borrowings and letters of credit. As of September 30, 2012, $9,950,000 was available to be drawn on the line of credit. The agreement includes a non-usage commitment fee of 0.20% per annum and covenants limiting other indebtedness, liens, transfer or sale of assets, distributions or dividends and merger or consolidation activity. The facility has an interest rate of the bank’s prime rate plus 0.75% with the total interest rate to be charged being no less than 4.00%. As of September 30, 2012 the interest rate being charged was 4.00%. The note matured on May 10, 2012 and was extended to May 10, 2013. Two of the Company’s stockholders are jointly and severally obligated for outstanding borrowings under the credit facility.

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Basis Of Presentation And Significant Accounting Policies Accounts Receivable (Details)

Sep. 30, 2012

Percentage of customers accounts receivable 33

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Revolving Line Of Credit (Details) (USD $)

Sep. 30, 2012

Line Of Credit $ 10,000,000

Available line of credit $ 9,950,000

Percentage of commitment fee 0.20

Interest rate ( plus banks prime rate ) 0.75

Minimum interest rate 4.00

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ACQUISITIONS (Tables)
9 Months Ended

Sep. 30, 2012

ACQUISITIONS (Tables)

Summary of assets acquired and the liabilities assumed
The following table summarizes the assets acquired and the liabilities assumed:

Proved developed and undeveloped oil and gas properties

$

2,358,483

Asset retirement obligation

(62,255)

Total Identifiable Net Assets

$

2,296,228

Summary of Fair Value of assets acquired and the liabilities assumed
The following table summarizes the fair values of the assets acquired and the liabilities assumed:

Assets Acquired

Accounts receivable

$

52,278

Proved developed and undeveloped oil and gas properties

1,810,662

Liabilities Assumed

Accounts payable

(32,181)

Asset retirement obligation

(39,594)

Total Identifiable Net Assets

$

1,791,165

Summary of Fair Value of assets acquired and the liabilities assumed Fisher II
The following table summarizes the fair values of the assets acquired and the liabilities assumed:

Proved developed and undeveloped oil and gas properties

$

1,915,152

Asset retirement obligation

(167,392)

Total Identifiable Net Assets

$

1,747,760

Fair Value of the Net Assets Acquired
The common shares were valued at the fair value of the net assets acquired as follows:

Cash

$

10,887,561

Note payable to Ring cancelled

2,003,122

Prepaid expenses

26,942

Property and equipment

187,637

Accounts payable

(9,893)

Fair value of net assets

$

13,095,369

Pro Forma Results from Operations

For The Three

For The Three

For The Nine

For The Nine

Months Ended

Months Ended

Months Ended

Months Ended

September 31, 2012

September 31, 2011

September 31, 2012

September 31, 2011

Oil and Natural Gas Revenues

$

374,739

$

315,018

$

1,045,264

$

872,774

Net Income (Loss)

(631,453)

(144,234)

(1,885,369)

(121,077)

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Acquisitions Pro Forma Results From Operations (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Oil and Natural Gas Revenues	$ 374,739	$ 315,018	$ 1,045,264	$ 872,774
Net Income (Loss)"	$ (631,453)	$ (144,234)	$ (1,885,369)	$ (121,077)

Subsequent Events (Details) (USD $)	Sep. 30, 2012
Common stock shares sold	327,223
Proceeds from sale of common stock	$ 1,472,504
Common stock private placement per share	$ 4.50
Cash payment in property acquisition	1,000,000
Shares issued in property acquisition	$ 220,000
Value per share	$ 4.50

Employee Stock Options Fair Value (Details) (USD $)	Dec. 31, 2011
Stock Options price per share	$ 4.29
Unrecognized compensation costs	$ 2,463,620
Stock Options weighted average period	2.7
Aggregate market intrinsic value	$ 5.82

Basis Of Presentation And Significant Accounting Policies Office Equipment (Details)	Sep. 30, 2012
Office Equipment Minimum Useful live	5
Office Equipment Maximum Useful live	7

Earnings Loss Per Share Information (Details) (USD $)	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
Earnings Loss Per Share Information (Details) (USD $)	Sep. 30, 2012	Sep. 30, 2011	Apr. 30, 2011	Sep. 30, 2011	Sep. 30, 2012
Net Income Loss	$ (631,453)	$ 126,876	$ 8,322	$ 101,641	$ (1,803,104)
Basic Weighted-Average Shares Outstanding	11,433,730	6,250,000	6,250,000	6,250,000	6,172,054
Stock options	0	0	0	0	0
Diluted Weighted Average Shares Outstanding	11,433,730	6,250,000	6,250,000	6,250,000	6,172,054
Basic Earnings Loss per Share	$ (0.06)	$ 0.02	$ 0.00	$ 0.02	$ (0.29)
Diluted Earnings Loss per Share	$ (0.06)	$ 0.02	$ 0.00	$ 0.02	$ (0.29)

Acquisitions Fisher I Property (Details) (USD $)	May 23, 2011
Percentage of property acquired by Fisher I Property of the working interest (75% net revenue)	100
Percentage of four producing leases of working interest (74.7% net revenue interest)	99.6
Area of undeveloped acres	960
Total cosideration by Fisher I Property	$ 2,296,228
Cash consideration	2,183,306
Shares transferred	20,000
Common stock par value,	$ 2.00
Common stock valued	40,000
The issuance of a put option relating to the Ring shares valued	72,922
Common stock price per share,	$ 5.00
Risk free interest rate	0.11
Dividend yield	0
Expected life	0.5
Volatility	207
Proved developed and undeveloped oil and gas properties	2,358,483
Asset retirement obligation	(62,255)
Total Identifiable Net Assets	$ 2,296,228

Acquisitions Oil And Gas Sales Income (Details) (USD $)	8 Months Ended
Acquisitions Oil And Gas Sales Income (Details) (USD $)	Dec. 31, 2011	Dec. 31, 2010
Oil and natural gas sales and income from operations before general and administrative expense from the Fisher I Property	$ 166,250	$ 49,116
Cash consideration for acquisition Miocene Property	0	1,791,165
Acquisiton related costs Miocene Property	0	98,984
Oil and natural gas sales and income from operations before general and administrative expense from the Miocene Property	217,959	60,313
Acquisition realted costs Fisher I Property	$ 0	$ 30,673

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2012	Dec. 31, 2011
Current Assets
Cash	$ 9,846,250	$ 11,372
Accounts receivable	130,816	91,022
Prepaid expenses and retainers	120,706	121,301
Total Current Assets	10,097,772	223,695
Properties and Equipment
Oil and natural gas properties subject to amortization	12,318,591	6,597,433
Office equipment	194,207	11,133
Total Properties and Equipment	12,512,798	6,608,566
Accumulated depreciation, depletion and amortization	(382,478)	(89,376)
Net Properties and Equipment	12,130,320	6,519,190
Total Assets	22,228,092	6,742,885
Current Liabilities
Accounts payable	1,595,870	100,321
Accrued compensation	0	100,000
Accrued Payable To Investors	72,500	0
Derivative put option	130,104	276,736
Total Current Liabilities	1,798,474	477,057
Noncurrent Liabilities
Revolving line of credit.	0	9,244,428
Note payable to Ring Energy, Inc.	0	853,122
Asset retirement obligations	303,289	274,788
Total Noncurrent Liabilities	303,289	10,372,338
Stockholders Equity (Deficit)
Common stock - $0.001 par value; 75,000,000 shares authorized 12,993,788 and 3,440,000 shares outstanding, respectively	12,994	3,440
Additional paid-in capital	26,230,974	204,585
Accumulated deficit	(6,117,639)	(4,314,535)
Total Stockholders Equity (Deficit)	20,126,329	(4,106,510)
Total Liabilities and Stockholders Equity (Deficit)	$ 22,228,092	$ 6,742,885

Put Options (Details) (USD $)	Sep. 30, 2012
Options granted	80,000
Repurchase price share of Ring	$ 5.00
Fair value of liablility	$ 277,760
Remaining fair value of liablility	$ 130,104
Risk free interest rate,	0.10
Expected life (years)	0.16
Dividend yields	0
Volatilitys	147

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	4 Months Ended	5 Months Ended	9 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Apr. 30, 2011	Sep. 30, 2011	Sep. 30, 2012
Net income (loss)	$ 8,322	$ 101,641	$ (1,803,104)
Depreciation, depletion and amortization	2,778	50,944	293,102
Accretion expense	3,732	2,456	14,287
Share-based compensation	0	0	707,090
Gain on derivative put options	0	(34,880)	(146,632)
Accounts receivable	4,677	(103,638)	(39,794)
Prepaid expenses	0	(18,803)	27,537
Accounts payable	6,907	277,425	1,558,156
Accrued compensation	0	0	(100,000)
Net Cash Provided by (Used in) Operating Activities	26,416	275,145	510,642
Payments to purchase oil and natural gas properties	0	(3,895,659)	(124,050)
Payments to develop oil and natural gas properties	0	(257,271)	(4,711,752)
Purchase of office equipment	0	0	(179,078)
Net Cash Used in Investing Activities	0	(4,152,930)	(5,014,880)
Proceeds from borrowings from Ring Energy, Inc.	0	0	1,150,000
Proceeds from borrowings under revolving line of credit	0	4,053,428	0
Proceeds from issuance of common stock	0	0	11,545,983
Ring Energy, Inc. shareholders	0	0	10,887,561
Capital contributions from shareholders	0	50,000	0
Capital distributions to owners	(26,416)	(150,000)	0
Net Cash Provided by (Used in) Financing Activities	(26,416)	3,953,428	14,339,116
Net Increase (Decrease) in Cash	0	75,643	9,834,878
Cash at Beginning of Period			11,372
Cash paid for interest	0	8,754	93,471
Oil and natural gas properties acquired	0	4,110,430	825,765
Asset retirement obligations assumed	0	(101,849)	(14,214)
Payments with Ring Energy, Inc. shares	0	(40,000)	(687,501)
Derivative put option incurred	0	(72,922)	0
Cash payments for oil and natural gas properties acquired	0	3,895,659	124,050
Issuance of common stock to Ring Energy, Inc. shareholders	0	0	13,095,369
Accounts payable assumed	0	0	9,893
Less: Elimination of note payable to Ring Energy, Inc.	0	0	(2,003,122)
Less: Prepaid expenses acquired	0	0	(26,942)
Less: Property and equipment acquired	0	0	(187,637)
Capital contribution of Ring Energy, Inc. common stock	$ 0	$ 40,000	$ 0

Acquisitions Fisher II Property Costs (Details) (USD $)	8 Months Ended
Acquisitions Fisher II Property Costs (Details) (USD $)	Dec. 31, 2011	Dec. 31, 2010
Acquisition related costs Fisher II Property	$ 6,898	$ 0
Oil and natural gas sales and loss from operations before general and administrative expense from the Fisher II Property	$ 4,465	$ 7,416

Acquisitions Ring Energy Inc (Details) (USD $)	Jun. 28, 2011
Issuance of common stock shares	6,110,408
Cash"	$ 10,887,561
Note payable to Ring cancelled	2,003,122
Prepaid expenses	26,942
Property and equipment	187,637
Accounts payable"	(9,893)
Fair value of net assets	$ 13,095,369

Basis Of Presentation And Significant Accounting Policies Reorganization into Ring Energy Inc (Details) (USD $)	Jun. 28, 2012
Number of shares exchanged by Stanford Shareholders of Stanford common stock	1,376
Number of shares exchanged by Stanford Shareholders of Ring common stock	3,440,000
Number of outstanding options to purchase Stanford common stock	450
Number of common stock shares of Ring, right to purchase	1,125,000
Common stock price per share	$ 2.00
Common stock outstanding of Ring prior to the closing	6,110,408
Common stock outstanding by the Stanford of Ring prior to the closing	793,317

CONSOLIDATED BALANCE SHEETS PARENTHETICALS (USD $)	Sep. 30, 2012	Dec. 31, 2011
Common stock par value	$ 0.001	$ 0.001
Common Stock shares authorized	75,000,000	75,000,000
Common Stock shares issued	12,993,778	3,440,000
Common stock shares outstanding	12,993,778	3,440,000

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2012	Nov. 05, 2012
Document and Entity Information
Entity Registrant Name	RING ENERGY, INC.
Document Type	10-Q
Document Period End Date	Sep. 30, 2012
Amendment Flag	false
Entity Central Index Key	0001384195
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		13,541,011
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q3

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	Sep. 30, 2012	Sep. 30, 2011	Apr. 30, 2011	Sep. 30, 2011	Sep. 30, 2012
Oil and Gas Revenues	$ 374,739	$ 162,527	$ 96,956	$ 175,004	$ 1,045,264
Oil and gas production costs	216,908	51,632	71,656	60,181	592,163
Oil and gas production taxes	17,296	7,702	4,468	8,277	49,921
Depreciation, depletion and amortization	117,267	49,287	2,778	50,944	293,102
Accretion expense	4,763	1,675	3,732	2,456	14,287
General and administrative expense	671,438	123,866	6,000	146,722	1,825,937
Total Costs and Operating Expenses	1,027,672	234,162	88,634	268,580	2,775,410
Gain on derivative put options	53,224	29,420	0	34,880	146,632
Non-refundable transaction fee	0	200,000	0	200,000	0
Interest income	2,248	0	0	0	2,248
Interest expense	(33,992)	(30,909)	0	(39,663)	(221,838)
Net Other Income (Expense)	21,480	198,511	0	195,217	(72,958)
Net Income (Loss)	$ (631,453)	$ 126,876	$ 8,322	$ 101,641	$ (1,803,104)
Basic Earnings (Loss) per Share	$ (0.06)	$ 0.02	$ 0	$ 0.02	$ (0.29)
Diluted Earnings (Loss) per Share	$ (0.06)	$ 0.02	$ 0	$ 0.02	$ (0.29)

Acquisitions Fisher II Property (Details) (USD $)	Dec. 01, 2011
Total cosideration by Fisher I Property,	$ 1,747,760
Cash consideration,	1,150,000
Shares transferred,	80,000
Common stock par value ( per share )	$ 4.00
Common stock valued,.	320,000
The issuance of a put option relating to the Ring shares valued,.	277,760
Put option excercise price	$ 5.00
Risk free interest rate,.	0.11
Dividend yield,..	0
Expected life,.	1.0
Volatility,.	198
Proved developed and undeveloped oil and gas properties,.	1,915,152
Asset retirement obligation,.	(167,392)
Total Identifiable Net Assets,.	$ 1,747,760

Basis Of Presentation And Significant Accounting Policies Percentage Of Customers (Details)	9 Months Ended
	Sep. 30, 2012
Percentage of sales to customers of oil and gas revenues	36
Percentage of sales to customers of oil and gas revenues,	35
Percentage of sales to customers of oil and gas revenues.	27

Employee Stock Options Compensation Stanfords Board Of Directors (Details) (USD $)	Dec. 31, 2011
Issuance of shares common stock	2,500,000
Shares eligible for issuance	1,375,000
Non qualified stock options granted	1,125,000
Stock options exercise price	$ 2.00
Stock options vesting rate	20

CONSOLIDATED STATEMENT OF STOCKHOLDERS& EQUITY (DEFICIT) (USD $)	Common Stock Shares	Common Stock Amount	Additional Paid-In Capital	Accumulated Deficit	Stockholders' Equity (Deficit)
Balance at May. 01, 2011
Capital contributions from shareholders of available-for-sale securities	0	0	40,000	0	40,000
Capital contributions from shareholders	0	0	50,000	0	50,000
Capital distributions to shareholders	0	0	(150,000)	0	(150,000)
Net loss	$ 0	$ 0	$ 0	$ 101,641	$ 101,641
Balance at Sep. 30, 2011	6,250,000	6,250	139,750	101,641	247,641
Balance at Dec. 31, 2011	3,440,000	3,440	204,585	(4,314,535)	(4,106,510)
Net loss	$ 0	$ 0	$ 0	$ (1,803,104)	$ (1,803,104)
Share-based compensation	0	0	707,090	0	707,090
Common stock issued to purchase Ring Energy, Inc.	6,579,808	6,580	13,088,789	0	13,095,369
Common stock issued for cash	2,821,202	2,821	11,543,162	0	11,545,983
Common stock issued in property acquisition	152,778	153	687,348	0	687,501
Balance at Sep. 30, 2012	12,993,788	12,994	26,230,974	(6,117,639)	20,126,329

Revolving Line Of Credit (Details) (USD $)	Sep. 30, 2012
Line Of Credit	$ 10,000,000
Available line of credit	$ 9,950,000
Percentage of commitment fee	0.20
Interest rate ( plus banks prime rate )	0.75
Minimum interest rate	4.00