Since the VOC Energy Trust IPO in May 2011, Vess Oil was responsible for the formation of three companies that acquired ~12,800 gross (~9,300 net) acres in Montana-Williston, Oklahoma-Mississippian and West Texas-Permian targeting horizontal exploration/development opportunities. At present we have begun initial development in each target area and will expand predicated on drilling results. These companies are funded with a combined total commitment of ~$110 million, which will also expand predicated on drilling results. Furthermore, Vess Oil has launched a three-well horizontal program in Brazos County, Texas on behalf of the VOC Energy Trust. Finally, Vess Oil continues to pursue acquisition opportunities in the Mid-Continent Region.