Re:
|
Permian Basin Royalty Trust | |
Form 10-K for Fiscal Year Ended December 31, 2009 | ||
Filed March 1, 2010 | ||
Forms 10-Q for Fiscal Quarters Ended March 31, 2010, June 30, 2010, and September 30, 2010 | ||
Filed May 6, 2010, August 4, 2010, and November 5, 2010 | ||
File No. 001-08033 |
1. | Please provide the disclosure required by Items 1205 and 1206 of Regulation S-K for the Texas Royalty Properties or tell us why such disclosure is not required. | ||
Response: The Trust is a passive entity that holds net overriding royalty interests in certain producing oil and gas properties, but does not operate any of the properties. The information called for by Items 1205 and 1206, such as numbers of wells and present activities on the properties is not typically provided to holders of net overriding royalty |
interests, as stated on page 9 of the Trusts Form 10-K. While Burlington Resources Oil & Gas Company, LP (BROG), as the successor to the sponsor company that created the Trust provides information regarding the numbers of wells and present activities for the Waddell Ranch Properties, BROG is not the operator of the Texas Royalty Properties, and the operators of the Texas Royalty Properties do not provide information to the Trust of the type called for by Items 1205 and 1206. Consequently, the Trust is unable to disclose such information for the Texas Royalty Properties. | |||
2. | Please provide the disclosure required by Item 1208(b) of Regulation S-K for both the Waddell Ranch and Texas Royalty Properties or tell us why such disclosure is not required. | ||
Response: Similar to the response to comment 1 above, the Trust is not provided with information regarding undeveloped acreage for the Texas Royalty Properties, as such information is typically not provided to holders of net overriding royalty interests. As a result, we are unable to disclose such information for the Texas Royalty Properties. There was no undeveloped acreage on the Waddell Ranch Properties as of December 31, 2009. We propose to clarify in future filings that there is no undeveloped acreage on the Waddell Ranch Properties. | |||
Exhibit 99.1 and Exhibit 99.2 | |||
3. | Please ask Cawley, Gillespie & Associates, Inc., your independent third-party engineer, to revise its reports to comply with the following items under Item 1202(a)(8) of Regulation S-K. In this regard, we note that the report references an appendix, but no such appendix was filed. |
| The date on which the reports were completed. | ||
| The proportion of your total reserves covered by the report filed as Exhibit 99.2. | ||
| A description of the assumptions, data, methods, and procedures used in connection with the preparation of the reports, and a statement that such assumptions, data, methods, and procedures are appropriate for the purpose served by the reports. | ||
| A discussion of primary economic assumptions, including, without limitation, the benchmark prices of oil and gas at December 31, 2009. | ||
| A discussion of the possible effects of regulation on your ability to recover the reserves. | ||
| A statement that the engineer has used all methods and procedures it considered necessary under the circumstances to prepare the report. | ||
| A brief summary of the conclusions reached with respect to the reserves estimates. |
Also, please enhance the disclosure in the Exhibit 99.1 and 99.2 reports to clarify the methodology used for calculating the prices. For example, the reference at page 2 of Exhibit 99.1 to December 31, 2009 oil and gas prices does not appear to comply with Rule 4-10(a)(22) of Regulation S-X. | |||
Response: Attached as Exhibit A to this letter is a revised report prepared by Cawley, Gillespie & Associates, Inc. which addresses your comments above. We would propose to request Cawley, Gillespie & Associates, Inc. to use this form of letter with respect to future Trust filings. |
4. | Please include a discussion of your liquidity and capital resources. Please provide us a draft of your proposed disclosure in your response letter. This comment also applies to your quarterly reports on Form 10-Q for the quarters ended June 30, and September 30, 2010. | ||
Response: Liquidity and capital resources did not change for the quarters ended March 31, June 30 or September 30, 2010 from the Trusts discussion of liquidity and capital resources in its Form 10-K which read: | |||
Liquidity and Capital Resources | |||
As stipulated in the Trust Agreement, the Trust is intended to be passive in nature and the Trustee does not have any control over or any responsibility relating to the operation of the Underlying Properties. The Trustee has powers to collect and distribute proceeds received by the Trust and pay Trust liabilities and expenses and its actions have been limited to those activities. The Trust is a passive entity and other than the Trusts ability to periodically borrow money as necessary to pay expenses, liabilities and obligations of the Trust that cannot be paid out of cash held by the Trust, the Trust is prohibited from engaging in borrowing transactions. As a result, other than such borrowings, if any, the Trust has no source of liquidity or capital resources other than the Royalties. | |||
As set forth in the discussion above, the Trustees ability to undertake any actions which would result in a change to liquidity or capital resources is extremely limited, however, to the extent there is any material change in liquidity or capital resources during any fiscal quarter, the Trust will report such change in its quarterly reports on Form 10-Q. | |||
The Trustee acknowledges that: |
| The Trustee is responsible for the adequacy and accuracy of the disclosure in the filing; | ||
| Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and | ||
| The Trustee may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. |
Sincerely, |
||||
/s/ AMY R. CURTIS | ||||
Amy R. Curtis | ||||
Re: | Evaluation Summary Permian Basin Royalty Trust Interests Proved Reserves As of December 31, 2009 |
Texas Royalty | Waddell Ranch Properties | |||||||||||||||||||||||
Properties | Proved | |||||||||||||||||||||||
Proved | Proved | Developed | ||||||||||||||||||||||
Total | Developed | Developed | Non- | Proved | ||||||||||||||||||||
Proved | Producing | Producing | Producing | Undeveloped | ||||||||||||||||||||
Net Reserves |
||||||||||||||||||||||||
Oil/Condensate |
- Mbbl | 5,495 | 3,146 | 2,209 | 74 | 66 | ||||||||||||||||||
Gas |
- MMcf | 18,402 | 5,237 | 12,902 | 81 | 182 | ||||||||||||||||||
Revenue |
||||||||||||||||||||||||
Oil/Condensate |
- M$ | 305,458 | 174,232 | 123,426 | 4,139 | 3,661 | ||||||||||||||||||
Gas |
- M$ | 91,949 | 32,837 | 57,930 | 365 | 817 | ||||||||||||||||||
Severance Taxes |
- M$ | 18,597 | 9,333 | 8,864 | 195 | 205 | ||||||||||||||||||
Ad Valorem Taxes |
- M$ | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Operating Expenses |
- M$ | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Operating Income
(BFIT) |
- M$ | 378,811 | 197,736 | 172,492 | 4,309 | 4,274 | ||||||||||||||||||
Discounted at 10.0% |
- M$ | 211,207 | 94,949 | 112,301 | 1,863 | 2,094 |
P0!,\``/@`&9]0=,
M]P<1\$UBD$1$\$TO$`$.`"^"8`(4N(+!0@1)QEI;8`%4``$A,0`9D&T)D$EP
M8`0KJ`7AQH!V^!1T$`%R,@@`@'&3XX=_4`%Q(`@T<"S`5#!_@""B9`='(%L+
M<#WG5`AC8``\,`9`($H5'H%`'/!`!0=2'A2",@P`%G&A,
M,&6*@C`%!@`C!@`!?O>(,=4&F,`J)M`%%>!T(;`&,;`#B.`':I`B@S`!#@`#
M)D"*8X2(IU:,@R`$:3`G\!%/U+$`,!)%)8"+V)8[^.,!"0`&JO@H`)(8$"
M*OD'4'`7@N`'=P.0>Q`#.?0'/\0$N%-P'P`YN/('#4`%_G(W4V"(`$D(1[`#
M8'`$=/`'/O`'19`#T74&?N<`I>$&=S.5@X"(VZ:/G\`"1W``%0"(7?F'+T%C
MM@A,>.``;5`'^7(I>[```@"1'R`&LN/_3AEGE/0Q`!V0`1:`?X-0`QQP`#"P
M+"*Y!$#0!*6(DG>P,((`! I'NH(@!:$Q6U;0;S&``*W[NLCK:PK@`Q,P`1SP!FZ@FAG`
M`KD+!\,Z`C))-?A3!^&&`WZ0`UBP< 1@'C0'0`0)
MH`!%3I9*HR``@`8"$`4^8`/#^`(G<`(#T089$@3'T@4*YP$*DFUX$'=A'NAD
M,N9F0`5GG@.C@X$,U\8`$=8">$T`:6DP/.-P'SE@!6``%2B@$5P.=OS01I
MHP1/X"4'X`1J``$.L`>FCNKX1P0^X``>+0A*D`-:``/U)`!E0#6!*`8&(`8F
MF'KU
MJV`]J+-Z\(0B]"",.7W!&[;``<$Q88&):((`EO#!(D`@`!^4*UU1(=4_'"`.
M;/$!']B'PL&V+ZP/')X_\(@*/901L9"=_T4!T"*`+G3!`5NCP=::9YTV7"(1
M>O"``Z8VRP6TX`^A'2TJ!F"=`5B4#!%`SL!B&]E"8<`1Q+/@#0P`2KR@8"J(
MT\,-B#&!(W1!"CVP"PPBX`-X8$(`8EB`"*[!'"*$\@DEB*@ZDM"/VGI77+$H
M`MZ\"T@,I,%R'$C#'^(CTCO\(`-;&FXH,GB!$S$A<_B)A`Q\`!`!=$5/H5@+
M%/:7`XN2%[$4>.PJA/#9`Y\1`VB(`0BVH-X;_`L#44A$$>S`E/420R+AB,09
MOA")%B@,$P!^3B00T(4#.KB@]E"``M9R`2HZ07!_`,%1$N&$'?RA#SQHL!,8
M:Y
(B8J+C(V.CY"#:W=]E71^<'YJ?GYN?I&@ MH8-^E7)I:6QJIYQKG**OH6AH:6A%?6NV?9^)?:=#<9VPPL.P?6A];;O$R\S- MSL_0T=+3B9II9DY;%A9;*B=IRM2B:!D'#"S;6TM"`YWAXJ)%G`X++&!A*'Y% MBJ09-B)P^L`;"`G-B"44!!)7%2P$$)71$9^%#CA M<`2&`A13MCC0]>XC(F-0IFBY<0))C#?[>/D!8`%!,I<._82P(`&HT:-(DQZ% M,^#*EA-J6+9)PL!8IS1C?J@YUL`Y0(8T?8:0`-A'1ES6)0P9&V#APNL5`]#X M(>>Q4*46%F:,H3-*C8$@)R`<\[-"P@,7=MRP(;5Z0A(4/W2I"9BZQ(8'03Q( M:?,#AX%!;&(G$(YF#9OJ"4BP9KW!01T#GN&`PPK&L"'"`Q.0D8DB$5A`0A\Y M))`"&FZLT ('"1;4,`0I_<@PR`D<5-$''`UL`<`?NO2A1@O*H2+(`P$<3 M,^`@1QPH+'%0%"NTD0(-,RSA104.H)&"%C8,@08#'"B*Q0B&O`%''32$84`K M?WQ2@@&N%)*&`EL@8,$#?ZT!``LV1`F.'!5PT04-$OBQQAH*Z,#"$F%P@(1T MX_%*01-+<*'%%B2@@0,+!8S2QPI@0``'&FQD$(,6*BS!`0LJ8$`B6`P($* M36CA0AIJD*!"K$[(T1(A# +" M##>\4!P%<*``*6C`IT;_&]OU(8(%'-117WU7:&$`J@B 3PP!!L#,`''PID$`$?&2:RQ@<._O3&KH0D8`$*MC!@P1>Z6*B& M$ECH4:H?4ZB0@0,3I'"*!CY`2$`':=C!@1$#3+#%`FDXH,(%:12Q@P4N#"%& M#(<@@P''&_1Q2087M%`J(6A4P<,R#!QB!I7,#'$$S<<$`:(M#`@!P"P.!' M&@-$*4(&`[RP10$KK('P6H8,7%*42Q[@]<9#'*&GL;T2*_#Z"0@1D6$)!& M"C',T<8%3 "$YP_(!R#1:=AA05>?+%&A0P4H$L;1(010P=HZ(&` M_Q*I.6S^^>@/LP:^ %XBFF`!!U3F#VX0SB?\@`,'\6L"%IC8<(S1@R5` MH51]^,`25)&!#&Q.`Q;P0!\RL(D.<(!_:-#`#+9F`B*T0@%$H=@A.D`$"W"! M`>UH`PKVL(4/@$H0V_E##DQP`CHH80MD<(-`^E`#"P!@#>#0&`=LT(&K]*$" M6+"#?2K!`PM08`AI6$`8/""<5$#!`6T8`A5:,(HTT(`&6!C#<-"`,CIL;`-: M9$,K2NA"70BG!5L0P"W\L+A$U`L9'=A&`620C!L4(/]N8"K,&V"3AC)V*7VH M3*4J"=$'/ 9`0K`8(([O$4-(,""&N;&`@6HP0<,B(\:5*`#5J*!#U.P M@A5BD(&WO(`;!'B#'YB#B#6@XP>#J,2UI@,#!W$"A$P@A!]*>(!"7`$,&R!` M`Q3`KQ3,P(WA\4,=2-*+$7`!#77P`A&FR1L*6($!2=!-`S@RA"*L@`+:P-4= M*E8(.`0A.5K@@`46(!PYE4`+/?D!&NB`!M')\AC4>D`FAG,8+-A`3EB`VR$R MX(,K2.(&-/#`%AH@34)LS`5_J.0X9V"%#?!`!'Z8`Q.PX,8.9."4A6@0"00! M!0NTZ5]^8,`4A),%,+1CE5C_S6I6_0"L`2BB#Q'@0`6\X$7&-8@`;:"!"?2` M`BTXP$)](*8XU=`$&HR@`(H1Q!M6`"M:5#(1(+``4$>1`@808`AKZ"8)OFF! M<(Z"G.+\P!9&T`4?E&!S;Y`!$BR0!1G(DP-<`,('YMB'#NB3$S*P@`]&``(E M&,(-/MB"+X!`@PJ,H"=U*`Z<^%6`%J#``RB@`AA^8)\U9.`+6;!``3(@BR'< M(`Q;F$`:R+`%"61`BZ'R`Q*HT+8;,K00+'6I(!S`!194X%PNM"G= XL,^)T&T->C#3X.#`!PYD8%-4^$`?%$"#)HRAIH)( M!@2PX`$XIJ%!?4M#&^8P$1A*MP]%2`,`:,"!`8QA"Q68#DNR\$DIU/8G2/Y# M&5JZ"PG0H`<]L,$6;K`X5]S4#\"@9`^:$!4FUT[J"!7(\+S\H]1-2L,`! M.@"$,$E55TM0@0,\`4L)O[+!P`XV/-8@@&_)@!9P'4(.VO\'@QEXM@]*F($! M5-.++F:A2ME0P"CXH`&NI.``=,W"+0@)CC<,P0M9V`4ITK`&+Z'*!V:YKJ,L MT`5VBR&&=.@#.'7A`'9>8`EEA,(`VJ$!+\RA/BUL81O2<``L:"`->CB;A7;1 M`1]40!Y`%$!E)J?@G-H@AC,D`P# "$%RIAA'W3P`=A8E`-3H.%6W@`A M$T2A""A+#0'X>P`?<"``:E!%*9=@NS[X@`4B:(4U;"'C*Q@C`QI0`CA2`*M* M0,8/AXS/*-,PZA;)00UZ6'@;,E`'+5R`*^TNA!^JP-]*Z*&"?9""#C@[!6-0 MP`)"V@X;])SO6>A7V(`/O#-F\5#_$\@`6S,D@A'2D($L'(%?;H#!%HR0&DJ" MR0(04'46-CR();A,V5Z00094@(2C&@`!S>P#%$S0A6RV@01D>` P`,=T`92T`1&<`<=(`$K8`ALP'8`D!JQEEM]<`"W50"DL`*` ME``O6`(O,"8KD`._)GA #(`-;0(8^0`-(,`02T(=.P`5;H`-R&`!M)@>"$`<. ML`54("*L!&X$4%==D`4L,%DH\`9N\%`8,$-*8`%+``(L4&@98`+4`P):P`4E M,`#SXP-4H"<=P`#OA0`^H`)`E5HMH`J[$`!;``);\0#)`0)-\!2GD'8S)`#S M8P)9T`4SP`$Q$".EP@90$`460`:5L#EHL#=3,``;,%E$0`4LL/\":*"*2J`_ M"%`):\@Q5%``80!B,Z0:-U"*!9`%J$@$:``#:@4A(``"L\`N/&8#=;!W:+`! M%H`!"I,&=)`"J,@%(*`G0X`"HU,#5+`$8Z`&N;<`AI`&']<`QW!O):".#C`% M!@9J(D`%O\AH-$`%\J(#)O!W7AB3,KD(E6!H#--A#FD9`D&0`4I7 M'`4DESF0C<*1``P0`WJ0!A`0`A40`3F0"5(P`4``!!(`&7T@30K0`!50,D,@ M"0+1`3=9`2&P`?61-AM`'1/@`:Y0!#;S#8OQ!6[)!NZS`B>`EPRP6'XP!D=` MF%KQ!@,0!C5P"`2`/)Q@!TF06Y04&R[@";KP!@`0`CD9!#_`"6:0#S,YG_3) M",Y)7].QA0OA"2_``/Q@#&JP.&3I#,/1!BSQ#+HR"\RAG]6P;N[S"<@@0:.P M=W`0*H`!1F[!H,(0H9P`!QGP`;D1"C;V!VC0!D]4GRB:HH!!81K*$'X'$I04 M10BZ0=(@8<(0_P=_0`=%X`9_,*#O(!!@=`R`(1`C6J.L=#T#*@RNT*(JVJ2" MYPI:5*00T0O8M0BZ\A;10`J\-J.78*&O,$U/-&&+(4ZA8@R(X`IQP%!,*@I+ M:J%H\`:P0$G2(J5.6J=V>J=XFJ=ZNJ=\VJ=^^J>`&JB".JB$6JB&BDI7-T(" M(0M%<`!Q0*2DT"*#I"N 3@PFQD09Q MH#"'FJS**GA;`0Y1H0DL40G)\(+R@C%M,`N
OJC$<6H18L;&L%%NQ"R8%"*`#%5`!7R`#1J`# MXR,"";``%:`!"(``:7`"&ML"SA,;&[``0E`!..`'/T`!%R`!>K8"+Z`#(7`! M96&S"3``1O`$Z*Q:Y@9,'END``%L`47,``(8`LL0`4O0`"5 M4`%4T`H(D"LY0#>!04@E``8QH!8I2`$:P`&[Y@ ,,&1<``4?#!4X!8`G`#*Z`!6Z`!:Z0VNM(&,#T$ M'\!'V=S3/NT,=?"0Q@FN2L`!'^`#+H`&4B#3!#`+^4L$$LE,*6`#4T`!/O`` M;J`&6[P\$E`$+OP!-@"<.(`L5'`&/9,],N`#),`#J7)D@E`$24`#-O`!1A!W M8$,$3F`$!W``$3`%A:(#4U`$&>`%%R`$'_`:K\+_!R"P`!W@*I!8`%UP@^Y\ M!;<'`4[P!'>P`%M0!4-R!@?P`R-P`?:Q`DR$`G`D!$A0`5,``3_=VJ[]"FP0 M`#E@07#R`X8V!A2@`,%1'SN``S^P'6@P`#D0`"DP)DR@ M`.0R)ET!`S"P4!<]`!W`3CF@`.$Q"C1+`CL`!;:P!IAQ;(&VW8QG!_K2!WJ0 M`"(`#A8R`#CP.;!1!PH@`R5`(&XP`,)="W4P<$,@`P/@`#63`WKF`"BG2#DP MVQ:2!F(``QV0FZ\]X13."-GX%GX#KW(R"T=UK;ZV&%,B*89!"F`$:&MPK:3< M(ES!7&@PJBGH%B@R(RR1_P9?=PJ!9J!6\1H&*G,+1PIL4`9'):ZJ<"W(0`N: ML"NI"J&5`$>[,J;[XG>J,`?-5.%47N58ZJ4Y!0ZA"B?*,'%;%*4ON$7Y*AP6 M0I:L\`=OH`9I>J"L*DY*QUZ,8Z'\L@MOD%YB2B9P,@JP]!8;9N3#L:!6Y]U7 M 6&?NB(GNB*ONB,WNB._NB0'NF2/NF47NF6?NF8GNF:ONF _NF@ M'NJB/NJD7NH?$1#34IJ<``5VH`EZ`,F"(`6Z%2JYF:T$/DDI+`>S5NMJ,03Y M%1L=H`>ML'>< XE/ MFZ`&[1[A4>'L-Q@'S"4G8T*^!?56J;'7*,,)\D!R[1`8,G>#+43@BX/M'=#N M:I$!'="CRSY\%6IC![!L;-`&4$`+V><&4G!PV-Y">J"!+20:$J8'+=\'V$T* M_;8YLRX.BY&AQ]8*`#])"C"0E1%TC:0+=Q``3L]XDC('0Z"W-&0+`ZX+4'`[ M])6;K?"P;D">CC0XH%8S.(-SV&X'<)3P\J(+!S`$'<#_H^(=X>P2=`5EA&D@ M`T`YF8PG\E#0A'"D%NS=%4HRYYM3A'Y@!^^9!D,`]7*:;T1P`2"P`VOP!! QX9:6\`4QAG:74F M4R%/=E$J`QXC=F8S"PLG*RU<>@DV4!@U+#Y\.'""1@(!6ZSX.<`FPXL6/"AH M(O*H@IH06FK0")"A`8
8'B5XD.5#U\&?`!Q@,2%`PDX M3`AP80&-$!CD"''RHJ8<-&L,V+""A@27+13ZZ.`01H&?-FC:@-DPY A79M7_808"- "A*'=EEITOJ"&"%D-X`8$1%(2@Q! -# S!9%01``P1$P6`RD%8J M$C"#&$3``H(:U!J"X`0P5&![":@/>I+``BXT8`AL<,$6&A"$-B"P`2'(`'K2 MX]($-0U/#!E0` MA`&8@`0]<($?!K``` M.:`"`]A@@#&DX0MTX58:.AL""O@!`^X0P0+,,=58`F!-7:T""^ZIAS?$00UR M`,$+TM`["`#'5QPFF4R5R7I&$'8RAI$:@0A`M$8`!;2(`)#A!!-,B``QHX M@`^6\(,VB``+"=A!!TK@`0<4BQ97($*6UN`!&8Q!!=O*%8)L>`,+5*$-:\@! M%CP0`#*D`0,YN`$';$"C`/@@`G$8@AG`8+>EV26+$CC`!KS@K02 !`"4!`@CF0!IL=",`7/`"&"6RV"RN0PA8(,``$!/F=;U"#"]0` MA`N@P0Q;R"8@`ONL8@<)D$,7&."'&OP$!T?(`!,NASS- MU<'-%*A`!^0D!X::0`!-($&?,0"!.I#!`4BHDA_BT`7$`"ED3".-J0`!]$ M000_J`'V.K"&/Z0A!A_0`P)FL($=3&$#"!"`$E@@!JN:@`K"H+,3"B#_@104 MP`8B4,$$U+"#`G3!"1;)(Q=\@`$U5``+3D""'*J`A`'DD02LR$`(6."#&[1A M`$TP`0@FL)0AJ"!P;L"F#T"`@2&L00<4@`,56L1,)T0A"RMX0PI&@`40&&`( M*`"#$"P3@QD\00UM>`$8"O"!`6P0#2=8`A*N)@0L5,$/*6C!"F[(990MA013 MZ(8=@E"`*%#K`P7@@1_,ML$:[``*#UC`4C90=" 8039WDNF@-.!&F`!!D[(A>IM@(0#_P!`"TZ@@@CF8`85?.`-?6C= M$):Y@`*,X'B2!0,?6*\`)'"!G`;0^E@%,(-M","&(7:"!NKZ`BIH8`@G"$,8 MO"`%M97=['-`W!1P``4-C`"6!E`!$A*`A@H@P0B:)`5H@`)8,`(@("4GP`6O MMP.6%`0SX`5$D`9PP04HD`:!IP$B4`85,`,HH`!.(``PP`4@8`<1T`)C8`=- M0`8=T#M#T`)\@`)FT0 (`(!X`4^X`1! MD`<:H`(%(`09D`$+P`(2<"D^``"LX`%.<`5[X`!](`) T`$WO(2:"`%^.$'0R`%=2!" M:'``=<$&EB$';0`3;$!<#+$&!W`KI`&4-"$U<@5,)(&=C!6 M4L".S48C9D,B^30,PS`$6I8&;C`$=J`&;%`$9N,'B1"0@``USQ6P[`76O`;7J@!QV0`0U!B8;8 M17T02YG0 9C=KX"O=8(R83C'RS!C?(CG40CH&&"D66 M!D6P/2*T`OD1DY'8`7<@-7)0!,A3#+?R!@>P!GM1"[70!C3B09OH09GP#98$ M(R*4`7509&I@-B*$"FU`C4,0!V:9!J842VNUECGE9%6P?,LT!#^@26NE!K"B M2>CA+9[H+:(XD[>4!FDP!^&8E@^)!C!I<^`'$_@!!WU0!#D%(]N3!YC9D9YH M&=!C-C5"(UJS!FRP%0W99&K@!LQ$DA>S%$LQ=VX0_TL11`OY@09P8!=R8!<& M`R-N8#8@62-O\`V;<8^7MSYYV)!]T`%F@08@9AD@A@H*Y8E;P09OL!5_,!H. MI(?,]!);88_I691=)HLP@3RWM)Z&V'J6P4:>:'IH@$NH`)*8"6!: DZ0>ZR4S>N10ULHP2F*#I:!>V25Q=U3-+ MX5DUDD7H@9DQ:3!>%$ND61=;$IMW&9NQM`;'M#V7B$(F$TT@=RH#8.A$SP MB2BT^0;W,7=9Y&8\&D' 1`L3B1X2,HHW61=] M\`9X@`IK``>UT(3(LQ3(4_^;:]F?R(,??4`'D6F6E$B5?5F-_4F-;+"#EN$B MQW27:A"(*:JFH@:6346FF&E#9@,.=%<$MR)"A/(&K,`& ?Y`'$71`]+D]:3J/3$*7 ML?(&=C`'L30$`"9"59D!0 =%K9D!=P`% :!)?CB-L((&T6DR X!CM(E9?"CQ)RFQ%"7"YRC28CBICY#1QI0Y@)!5.JEM2H!EK&($/; MF.9X'J87*V-5(W_0;JO@A&;H!Q)@`MJC`0V0!A[@?!B`!Q0@!#,P`DH`!2_` M`B@P`! <@@2#-`,,D"D>8$.M M(`%3$'E=0`(H$`914`"<]S`0@``!T$I)X#6>R``%X`0$L$QIH`(
P!<_'CGXP!5KP`]Q"<3E@`(HX M(6*P``.@`"S@`3]0Q(SZ-AGN1`G@O``6.`"DB`8##0D7Z``"00`E:P`CS@`0N0?'FG`S(0!@.@`B)P`@:0 M!1K@0&M``%6``W$6!60P`R,33":0!E/0``OP`W?PGS;2`%N`_RQY5`5L,`$W M@'4S``V69`>7C`HBP`%Z$$X3,$EANT/TZ0?7(P)^@`
"&T@>TO`!H4``]P"0@\`%H`,]38,&D&0%3 M$`=T=`"%6`9+D`# MH\$`-$!<(>!002`` \4:+%`#?;`/`&`#(6"0NSP" MA*@!+F`"5=#_!Q"P/R<7`@V0`D4``0P`,P2@`9_2!RSPWVC0`$XP`&NPN2WP M-]],!7=YYRX/"W[0:,)P`060`P?``A$@!X`1`EB0`OA1!07050Z$!MXQ!D#` M`4=P!P$@T".$9W90&,>^CC1@9QGPS`E0`A2]!C*0`D[K!!CPXQP@`"0``6\@ M`%>`!0\@CRU0"2I@>AY@`$8``D4[YRU@W3I\`K.M!NF3!A)`8E-0`C*P`#&P M]3H`TR$P`GVN!B.S7140`SC7!S``9"]?U9XH`RKP`'JPU1BP!':P`@40`GTP M*V/P`WN0`2D``'0V`1D@!5F0%6N0`%O`!)+E`\A#`3(P!2P@`$7P_P,BP&WH M,00D4R-JX`55(`+K%/E+$`->5!X]$`9?(` /09Z<&4B0`5FP`4P$`(:X`$@,`11<`-4D`"H M`&(Q``@\'0@@3%`-(#5".6I5$3P-&6D)2S=I:Q--.`<\&W9&-GT=5"5J?7YK M*$L;0V@$+`\+"@`:"E1)&2I"EAHT$##3+6))ARA<@#-!XN M!-&QHPX4)#I6T('RH<83#0+B[%B0PP`+%!EBA.B3ILV:`Q5LY&`CQ4F%!@PZ M5/"`P I.B9@*&"@;TU*C_\.$`BBP()`''`A0LP@8;].2@0`8*!#"$'VJ48$8&W=E! M@DNH#)!">'\$$,`/0\B0@Q]#I.!1#0>DX0<=:PP00'AI_.!A"FBL<(`?*PQ` ME`)_#""#'7Z,`8,#?K"A40YRG**&&`/XX<<`63VIP(9?R>#DE7[($$`*?LCA MH0-_]&'&B'[\(((4\&0!+U MAY-KC$&"`Z=((<.",M1!QP\*A.<&GS^L(*(!5_S@!QJHJ+'E'"1N.48=&>C8 M0:.G9N"`B$^2H,`QF_ZAP(-.*D`&@I#*<,!/9K3A1X,O^@EA``H@FH*F_TY" M$$":`]CQ1IO01IN8'HM"L6B::I@!009.FI-``''\`<<."0P1IAHRR,"M/1#` M8,6-:00@`QGORO!'!@%DX.D!=BBP0A\KX%`"&\O\ MX48'*W#Z9`9Q^)$&&2;V<8`91"KXXJ"#VC&DBE+`,``=7\&P1AH'B,&(,<:@ MT0>"Q@SJI$8DV].'&TZZ08>*=K;Q!Z=L='``/1F<8O$?:\`Q:!_=26OUU5AG MK?76^.SL-<^HL.%''2L;> G1]QJG$[A)R:DD81FJ/Q1N5L MW&Y/[:<;J;/8Q6=4M>S01R^]SGX`+>TRQB#N,RKKVI/Q)6'2$R;-A!LC];EN M4!\KS3?W@<8#&BP0@!0H8,"$&C! S`"$W8P1H X`49G.`"-^R`"23@!0]( M\96PE-X`"A"!++P'!#KH@QZ04`,60&F!-;@`$J``@P;,X`1OH``%OG`0VK4A M!`@`PP`R$`$:,*(*2H#`&D@@!">D(9;@#*?=TF`$!'3A!3O@@04&A0(*\.$$ M H*_@#6\_(/`!"LQ@`&BX@A(0E(8`JN$#'-B-`YZ@ MA<",P00]4(`%2D"#!&"``WOX"6#0\`$G;"$$:-C"!D!0@C3$P`E5%*^$P[NI M$TS`9B78PJ`\I80I9``+SKU`!1:0A3ZD0`0L0*,1/J"&'("!`PE8`7\6`(4- MO&`+*0""";9PA0PX005;@$&W^D`$,61A61M@@0'0@`$:3*$!BEK!$!I``R<\ MH0,04,$9Y#`$`-A``6O(00[:L((EB*`(#EA"%6(Z@0+T(`0=8,$&1K"#"=L9 MO"3HP@:F,(0AF/4-:X@!`B#_Y(`<'$`$(=C`!QR0A.H&H0]@(($72N``)DCA M!U-80@%V,``!U'<((*A"%P8@!0I0@8-W3C52_9""&72`'@FP0!W\$`$K7"`& M3T(O`71P`2,,@`@&^(`D%C""#K!!S+U)`1=*X88&+$!O)*"!)0)``3`@J@AH M*,(&(@"!N##@`2@8`@$>D`3%GJZ,TDA`&T20A`><:@--JAS#J+*,!'`[#4,( MP@D0)0,,B.")J@XX./VP[3&LP0SM=HD+N)21/\@A`@^8)AF.X(&F?0$#8M"= M/1PP@20D04<;2((`?A(!`*AA`$%(@@$$SO)7LJ&J3OJ!"QX061)@0`!2\!/, M)G"#_SK4@0$Q0)(,'O``&N!P]X59>M((?-"B`&+H!""H+P@``4P0WR;,,0 M,C`$S68%07"07)@TVX '@#1K48`KQZ?WRTLO>S];@ MOC4401*\$5;?6=?UVF5@\JT[WC&*8;B#<'T(O*''08K$!C7`829^R(`;Z$X' M.BR#:IH56Q]^[YLV?!X-RZ"\V$VQ]MKYYA@ON]WS_3`\FF']9442//6'A_GN M_X/M-#M0D2BO]>BK85"7D$/UAV^,F1BN>&RXQ-*R[3XU^==6O0R.0?]+MN MB0T5D@-PWC>`^G`SXL<^12`YV:,\1X-M(^WA!ZAD,-*C)Y!H`"`@``$%)3/X!U,B``C``#0S`'G```-S$$4@,T/W`#"9"#!C`!ZN(`+M!#];`,,H<;:#`$Y')Z0T`&Q2!S M)(!W!+B%]J!1'B``&*%U)I=[(H`":I`".U`$]U`"!)`9:<`$8S0$`B``+K`" MRL-J&U`":+`#$B``.*`'`H`"&_`%:[,#)[`#:B`"2P@`13`&!"`"[F,`!+"! M7$B`:2`#7X@"!]!G!M`D:]`!*"#_`T-P+SZ#`P(@`6;0!W-0)PRSA%`@+&I@ M!QZ@`&Y``BF(!S\1``((>1X@`2M00QL@`@)E`"YP3PX@`1ZP.9P2!#,P0E0S M!EP0`I<0``6`!%7P`$MS!VBP`$K@:R)P`2I@`'W0`#V`!8\V-&W``Q6@!1N0 M`TWA301P`6$@`:=0!')P&4V``6E0!14``WU@!1\P`M30`D%P`7M3B018!$@` M62[0'03``7H`,QLP22,``=]D#PA5`!E0!2#0`VD``2#0`DLP!N'R!P[0!!N@ M`2OP`A\``@O`4U<0!B3`@"^@`5J0`2%0``40!6K`C32P`BG0`LZ&D%O8!R6@ M`A/P`BF0_Q5@0`%9,0`C0`55T`"84P$M,`44``$5L`7TL`$7(&=^\@8Y4``N M,`!J4``U4`5I<`/^=`#WT`83T`5*4$@Z$`$SH``"H`01@="`(&X"0JX@%: M$`$GP'@3,`5-,!1H@`(TH`%V`' L%)Y=`%*\(8D``!$,'LF"08C@"()H`=$ M0`(K``!:J08($B8B8`0F@`8`L`,8H&XP``%A\`,[<%%'M9O=E_\&4L`%,2!= M&G4%-"`#5)-A>R`P]I`&WGD&`5`',&`!:/(%+F`")-`X#T`%%T`"4%``'U`% M:_`#*U:"M/,"5%`#-K`#(/``'```*,`'-C`-7.`"-7`#[0,:88``#^`-9R`$ M6P``])`"%U4'F@-[&T`!)U4$*.`%D*@&*%!$*?`!+9`#;V`%%?`#&4`&&D`# M'3`$#(`%#3`&2M`"9LFB/Y`&'%`!+``#:<``MID!"_`!8$"/]-E];:`$7``> MH!$%61`&'=`&N;`%)^`'=V`/>A`%4\`"-M,#%T`U54&F59`%#_`#.FD"&04# M"V`*:'`!T.`"2-``:;`#/;`%#F$&"T#_(1L9`6A``B/`!4C0IMU7!$-@`G,$ M,QIP8^2Q!D.P!";P!9B3!A)`$7T@`Q90.U(0!"I0`V^PI2MP`5U0`#J@!DE` M`5@`I9C5!W:@`4A`!IL!`E<@!2RY!2(@`2U@`ED@!TT@`2%P`Q:3!BB`!6-0 M,0E`!&908+V!`#&@IRH2!Z[`!"U`!FU@F2)`H%R``0#P`S P`D2``2NP`58P!'E&`1+@!UC@`E-`!GU``5VP!J*4`R-``+J)JBRW M!AKP`6N`)A00!!ZP!0(@!_\3`F$0;WX0`%<@`S-`(DIP`9H3!$*@!F]``@2P M`]6E`(5PE@#0_S0>$%-HX(B0.`$#L`4.H`87L`%Q8@1(\)L8``0$``(D>WEI MH` ``)#8`1`@`(@D`$C>@$X M\#/T<`,(X`&J&`10.P&T`0!!T`%!\`(.0#M]\`((,'(.@`$U8`5MX&P+L*>X M@Y,UL``"(`,UP`,ET`?Q&`$=()X0\@054`%)<`=6(`03<(D4$`+0L`'!,`?/ M\K4MQP;RT`$M0@'?0@%/P$0>(`45\+). 5*$'%""I5D`"4L!Y-4,!"``#;]`!$:`Y4H``(S8&`T`!X*&]>><'9F`$ M!J$&+M``:W`"1.`!8]``?7`#/)`&Z9,&(A`!3:>P%S")&[``#-!U9^<`(?`" MS5(#+R`"!&,$U'MV4)`##9!:4(`"5?`#:!``/$`$7P`:1/`"$((EJ$`]&>$D M#'@*!F@,PL?$_V<,U= ;0GQ[%2 M@7FLQ83\Q&@#@.G[QVN#.&A3DJ-\R[B MF!!C0`!`78;K P`(%@`$9X`)+$`4+\`,:+`0=(`$CH`9CX`4+D`(K\`%"P`-] M(`9<4)N82XIE_=F@K @ M 3=X&\X3FZ`P<:PQL(0BK<\7>:TP>GA]SN_=Z7_"+% C1O(U^3=X7TS(?S!1Q0/%Y9,F5PPV?V,ZH'/?>@7?HAP(`#L_ ` end
3
MA M!D6PBBN@!"Q0_P`X,``.-`@+4&W6U&PYP`8>H`94D),:8`$.``$'``$AT(P> M<`()]`)/P`%(@#=/X``?<`3T4`(/T`5,X`,A8`"]V0A.E`-,(`070#2+\`;5 M-@)BH`%*``)H,!8%T`1T,`%>@'AKL`4F($^Z,Y\Z,Z5?0`*`2A=%L`9A-1`^ ML0`%$(Q`(`5KH`92$`4C8%B0@P$8T`-KD(T#8`20XQ1F@$X2\51JH`%TP%XY MT`($,`,M(`-"D`0VD`1"0`!Q(051:01'H&UYPP8;,PA9``(MT(++H@`N$``) M`2IW`$!8`!KM<^J3H" M)M`%4&";47`#Q22;:J`<*;`%[>@F#J`%YC9>4&`#*L`"*7``&@`!Q34#L)<# M!6!!**H&UE<.,W!V+A8)PO$&*#`#,U`!B16)48!X4"`?L]`&-V`"Z_D("I`` M>Y``)``OD:@.+\`#*Q!:4]$&<;"TBG`*J7-]?Z``%C`&M@(!"_`%`Z`&%Y`" M8_``GC0Q0*`!T_(I+U`7BT!Q:O0(R+2M=M=,0_D)0ZL(.S"Q7:!_6I(.QE5F M9WFWE#`&&J4"1&`#/<"6X&,&73``8OH'&%/_`D-;!0R5J&L*N`'U!W7`!,:8 MLJ_P`$XPFSO+M]N`!%>P!6RP!6'IN9*@`#Y0!$5P`NQD"2&P=4!@LWJG!39P M1+:`N;'@!R*&6J:;#F<@!@4@%+TK4$N+NX,`!PA`!%O@!!B@G00`!3ZP=MZ` M`G,*N<.[#'*`@-<;#`D`!&@0%F``+5^P2>V@NT(@O=N;OL-[!Q=`EG^P!',Q M&7#@`.:AOO;;NQN`!D4`/DF`#O?[OP#L$6*P`FRY`!YP6P&
I7P1S