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JAMES P. GRAHAM, serves as President and Chairman of the Board of Palo Petroleum, Inc.  After graduating with honors from the University of Texas at Austin with a B.B.A. in Petroleum Land Management and Finance, Mr. Graham received a M.B.A. from Southern Methodist University in 1970. While attending school he worked for Hunt Oil Company as a landman. 
 
Following graduation from SMU, Mr. Graham joined Continental Oil Company’s (Conoco) land department in Oklahoma City. In 1971, he went to Cenard Oil & Gas Co. in Dallas as Assistant Manager of Land and Contracts. Advancing to Manager of Land and Contracts and Assistant Secretary of Cenard and its subsidiaries, Nafco Oil and Gas, Murphy Oil Company of Oklahoma, Inc. and Elliot Coal Company, Mr. Graham’s main responsibilities were the coordination of exploration activities and assisting in the acquisition of producing properties. When Cenard was sold to Gulf Oil Corporation in 1975, Mr. Graham went into private consulting, and supervised the acquisition, drilling and completion of oil and gas exploration ventures for his clients.
 
In 1976, Mr. Graham and Mr. Lonnie R. Holotik formed Palo Petroleum, Inc. Mr. Graham has also been Managing Partner of Graham-Lawrence Petroleum, a joint venture with John Lawrence, the former Chairman of the Board of Dresser Industries. As Managing Partner, Mr. Graham supervised the actual operations on 108 partnership wells in seven drilling partnerships. Mr. Graham also serves as President of Dallas Natural Gas Company, an oil and gas investment company. The majority stockholder of Dallas Natural Gas was Louis F. Davis, former Vice-Chairman of Atlantic-Richfield (Arco). In 1982, Mr. Graham, along with First Boston and others, was one of the founding stockholders of Snyder Oil Company Holdings, Inc. (now Snyder Oil Corp. – SOCO:NYSE).
 
Mr. Graham is a current or past member of the Dallas Association of Petroleum Landmen, the American Association of Petroleum Landmen, the Texas Independent Producers and Royalty Owners Association, Dallas Chamber of Commerce, the Texas Mid-Continent Oil & Gas Association, the Independent Petroleum Association of America, the West Center Texas Oil & Gas Association, the Rocky Mountain Oil & Gas Association, North Dallas Chamber of Commerce, the Advisory Board of Christian Concern Foundation, Advisory Board of the Art of Family Living, past President of the North Dallas Chamber of Commerce Soccer Association, Council of Regents-Jesuit College Preparatory School, Cornell University-Member of Charter Society, Football Society and Quadrangle Club and is a past director and past chairman of the Energy Committee of Union Bank and Trust of Dallas. Mr. Graham has qualified for Certified Professional Landman status (No. 368). Mr. Graham served on the Trinity Park Citizen’s Advisory Committee which developed the blueprint for what will eventually be one of the nation’s largest city parks, and served as the initial Chairman of the Board of the Friends of Trinity Park. In addition, Mr. Graham is a former director of Grand Bank – Woodall Rogers in Dallas (now Compass Bank, N.A.).
 
In 1986, Mr. Graham led the effort to keep the Dallas Sidekicks professional indoor soccer team in Dallas. The success of the effort was evidenced when the Sidekicks won the MISL World Championship in June 1987; Dallas’ first professional sports championship in over a decade. He served as President of the organization and was on the Board of Directors of the Major Indoor Soccer League (MISL). In September of 1987, Mr. Graham became an official of the City of Dallas when he was appointed as a Director of the Dallas Park and Recreation Board. The seven member Board oversaw an annual budget of approximately $50 million. Mr. Graham served as Chairman of the Park Board’s Administration/Finance Committee. In 1988, the Dallas City Council appointed Mr. Graham as the City’s sole negotiator in the renegotiation of a multi-million dollar contract with entertainment giant MCA, Inc. Mr. Graham’s successful efforts resulted in many millions of dollars of increased revenues to the City of Dallas. In November of 1989, Mr. Graham was elected President of the Dallas Park and Recreation Board and served in that position until early 1992. In 1987, the City of Dallas asked Mr. Graham to serve as Chairman of Dallas’ World Cup 1994 Bid Committee. Dallas was awarded six games, and was selected as the site for the International Broadcast Center and operational headquarters for the world’s largest single sporting event. Mr. Graham and Mr. Lamar Hunt served as Co-Chairmen of the World Cup Dallas Host Committee. The event generated over $300 million of economic impact to the Dallas community. Mr. Graham was elected into the Texas Soccer Hall of Fame in 1994. Mr. Graham was on the Board of Directors of the Dallas 2012 Olympic Bid Committee. Mr. Graham was elected to the Board of Directors of Mountain States Legal Foundation (www.mountainstateslegal.org) in 2004. In 2007, Mr. Graham became a member of the Chancellor’s Council of The University of Texas System as well as a member of the University of Texas Littlefield Society. In 2009 Mr. Graham was once again appointed by the Mayor of Dallas to lead the campaign to bring World Cup soccer back to the United States and Dallas in 2018 or 2022.  In addition to his duties at Palo, Mr. Graham serves as Chairman of the Board of Schick Shadel Hospital in Seattle, Washington (www.schickshadel.com).
 
 
PAT SNYDER is Vice President of Land and Contracts for Palo. Ms. Snyder was born in Midland, Texas and attended the University of Texas, Permian Basin, in Midland, Texas before moving to Denver, Colorado in 1997.
 
Ms. Snyder worked for Tucker & Snyder (Snyder Oil) and Merchants Petroleum (Damson Oil) before beginning her career in land with May Petroleum in 1979. May Petroleum sold all of its Western States properties (approximately 1.2 million acres) in 1984 to Rosewood Resources, Inc. (Caroline Hunt Trust Estate) and Ms. Snyder joined Rosewood at that time to manage their Western States and West Texas properties. She was responsible for all phases of land work from the inception to the completion of the last well drilled in the prospects. Rosewood sold all of its assets in 1990 and Ms. Snyder assisted in the sale to industry partners. Ms. Snyder joined Palo in June of 1991. Ms. Snyder is a current member of the American Association of Petroleum Landmen, the Denver Association of Petroleum Landmen and the Dallas Association of Petroleum Landmen. Ms. Snyder was the chairman of the Education Committee from 1996-1998 for the DAPL and on the Planning Committee for the AAPL annual meeting in 2002.
 
 
WILLIAM M. FREW currently serves as consulting geologist for Palo. Mr. Frew was born in Pennsylvania and grew up in Michigan where he married his wife, Madge, in 1951 while on leave from the United States Marine Corps. After completing his tour of duty with the USMC, Mr. Frew received his Bachelor of Science in Geology in 1954 and went on to receive a Masters of Science in Petroleum Geology in 1955, both from the University of Michigan.
 
Mr. Frew has worked for numerous companies during his many years of providing geological expertise. A few of these positions include serving as Chief Geologist for Transco Exploration Co., Gulf Coast Manager for Southland Royalty Co., Senior Vice President for Cenergy Exploration Co., and Exploration Manager for Maguire Oil Company. Mr. Frew retired from the corporate world in 1993 and has since then been serving as a part-time consultant. Mr. Frew is a member of the American Association of Petroleum Geologists, the Society of Independent Professional Earth Scientists and the East Dallas Rotary Club.
 
In 2005, Palo contracted with Mr. Frew to begin an extensive review of Palo’s West Texas properties, including a thorough review of the records of Charles F. Dodge, the original geologist for Palo’s Spraberry-Dean trend West Texas field. Mr. Frew has also assisted in the review and evaluation of several projects in which Palo has an interest in West Texas, East Texas and Louisiana and currently reviews potential target areas for Palo’s royalty acqusition program.
 
 
KRISTIN TODORA has worked at Palo since 1988 and currently serves as office manager, lease analyst, corporate secretary and executive assistant to James P. Graham.  Born in Wichita, Kansas and raised in Dallas, Kristin attended Stephen F. Austin State University and graduated from the University of Texas – Dallas in 1993.  While serving as Mr. Graham’s assistant, Kristin has gained experience and knowledge in many areas beyond the oil and gas industry including accounting, sports management, political campaigning and hospital management.
 
 
DEBBIE HOLT joined Palo in 2001 and currently serves as staff accountant for Palo and its subsidiaries.  Debbie has more than 30 years of accounting experience in the oil and gas industry.  She worked for KPMG Main Hurdman and Horseshoe Operating in Midland, Texas until 1987.  At that time Debbie relocated to Dallas and worked for several independent oil and gas companies prior to joining Palo.
 
 
DIANE CARRERA is the Senior Division Order Analyst for Palo and has 25 years experience in the oil and gas industry.  She began her career in 1985, working for a family of royalty owners where she was responsible for all phases of land, accounting and lease negotiations.  From there, she went to work for various oil and gas companies in the Dallas area, concentrating mostly on the southern states and has extensive experience working with Texas properties.  She was born in San Angelo, Texas and has both a bachelor’s degree and a master’s degree from Texas A&M University.  Ms. Carrera is currently a member of the National Association of Division Order Analysts (NADOA), the Dallas/Fort Worth chapter (DALWORTH) and the National Association of Lease and Title Analysts (NALTA).