Ralph E. Davis Associates, Inc. and its employees are involved in numerous activities throughout the year, from participation in conferences and seminars, presentations to client companies and preparing articles for publication on a variety of industry issues.

The following details some of those current activities that may be of interest:

ALLEN BARRON interviewed for articles in Financier Worldwide magazine.

Allen C. Barron, President of Ralph E. Davis Associates, Inc. has been interviewed several times as one of the industry experts for Financier Worldwide magazine. The first occasion was for a Special Report in the September 2005 issue. The article, entitled “Market Forces in the Energy & Utilities Sector” canvassed experts in the areas of energy asset evaluations, global financial structuring, mergers and acquisitions and finance.

The Special Report addressed the conflicts resulting from the increase in global energy prices, the after effects of the burst in the utilities sector bubble and ever changing financial and environmental regulations. Barron's comments targeted risk management and the drive for companies to increase their measure of control in the projects they manage, driven in part by the increase in the worldwide merger and acquisition activity.

Allen Barron has subsequently been interviewed by and written articles for the Financier Worldwide magazine as follows:

09 2005: “Market Forces in the Energy & Utilities Sector”

11 2006: “The Oil, Gas and Energy Sector - Refueling the Energy Sector”

12 2009: “The Oil, Gas and Energy Sector – Outlook for the Energy Sector”

05 2010: “Consolidation and Expansion in the Global Oil and Gas Sector”

01 2011: “M&A Outlook for the Petroleum Energy Sector”

09 2011: “Mergers and Acquisitions in the Energy & Utilities Sector”

Allen Barron participated in the Society of Petroleum Evaluation Engineers Annual Meeting in June 2008 as a participant in the panel presentation and discussion on “Application of Reserve Definitions to Resource Plays”. His presentation was on the tight gas sand plays of the Western United States.

Mr. Barron also participated in the May 2009 Platts 4th Annual Shale Developer Conference with a presentation entitled “Current Economic Considerations In The Shale Plays”. The presentation discussed the various shale plays that have been active throughout the U.S. and the impact of current oil and gas prices on the various economic measures driving industry involvement.

In September 2011 Mr. Barron presented a discussion on ‘Reserves, Resources and Fair Market Value” to the American Society of Appraisers’ 2001 Energy Seminar.

Allen L. Kelley, C.P.G., Vice President, Geologist, is a member of the U.S. Potential Gas Committee and is past Vice President of the Eastern Region and past Chairman of the Gulf Coast and Atlantic Committees and has serves on the Board of Directors. He currently serves on the Editorial Committee of the PGC.

VARIOUS ACQUISITION ANALYSES

During the past few years the company has been involved in performing engineering and geological review and analysis of several acquisition packages being pursued by client companies. Included among the various packages were producing fields and undrilled potential onshore Alaska in the Cook Inlet area, an assortment of properties ranging from active waterfloods and steamfloods of heavy oil reservoirs in California to production in the Rocky Mountains and Texas to the Eastern U.S. Included in this $1 Billion plus group of assets were both convention production and several unconventional shale projects encompassing thousands of producing wells and undrilled locations.

An Additional evaluation on behalf of a client company was a $500 Million plus asset package of tight gas sand properties in Texas. In all the acquisition evaluations Davis provided a complete review and analysis of the existing production as well as the undrilled potential. Risk assessment of the potential in terms of capital requirements, production profiles and probability of success were all considered in developing a bid value.

RESOURCE POTENTIAL ASSESSMENT

The Davis geologic staff continues to assess the resource potential of several unconventional tight gas sand plays in the Western United States and oil plays in the Permian Basin. Davis’s clients have requested a complete 3P analysis plus an assessment of each particular resource area beyond the usual possible reserve potential, in order to conceptualize the hydrocarbon resources in place, the potential for recovery, the magnitude of capital required to develop the resource, and the timing of development with resulting economic indicators of each area of interest. One study encompassed hundreds of thousands of leasehold acres from the Piceance, Paradox, Unita and Columbia River Basins of the Western U.S.

Davis has also completed a study of the recovery potential associated with downspacing the drilling density within an existing coalbed methane producing field. Individual well data from hundreds of existing wells are being reviewed to determine the drainage patterns of these wells and whether vertical and/or horizontal wells can be drilled to more effectively produce the hydrocarbons remaining within the coal intervals.

The Davis firm has recently analyzed client company holdings in the major shale plays of the U.S., including the Barnett, Woodford, Haynesville Bossier, Fayetteville, Eagleford, Eaglebine, Devonian, Marcellus, Utica, Antrium and Balken shales. Analyses of producing properties and undeveloped acreage holdings have been reported in both annual report filings as well as development studies of specific acreage holdings.

The firm also evaluated the resource potential underlying several hundred thousand acres in New York and Western Pennsylvania held by a client company. Particular attention was paid to the potential wet and/or dry gas potential in both the Marcellus and Utica shale groups that would be encountered. The client company had acquired approximately 2000 producing wells and was interested in putting together a development program to fully exploit the shale potential being targeted throughout the area.

INTERNATIONAL RESERVE STUDIES

Annual year end evaluations and filings with regulatory agencies including the U.S. Securities and Exchange Commission and several foreign stock exchanges, required the Davis firm to evaluate producing properties for foreign companies operating in China, Kazakhstan, Pakistan and India. Additional year end analyses were performed for public and private companies operating in numerous concession blocks in Argentina, Columbia, Ecuador, Peru and Guatemala. Several of the client companies are listed on public exchanges in the United States, Canada and England.

Updated November 2010

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