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10/1/12 <br />Dear Mr. Feehan, <br />Bull Creek Reservoir Company <br />PO Box 25 <br />Molina, CO 81646 <br />Bull Creek Company's geotechnical engineer Huddleston -Berry is just now completing a study of the dam at Bull <br />Creek Reservoir #5. The purpose of this study is to determine the structural integrity of the dam and therefore <br />the potential sale value of Reservoir #5. When completed, this study will have cost BCRC shareholders <br />somewhere around $27,000. <br />In my letter of 7/1/12, 1 explained that the most likely purchaser of BCRC water, Ute Water Conservancy District, <br />was effectively removed from the market for BCRC water for any foreseeable future when they were able to <br />purchase 12,000 acre feet of water from the Bureau of Reclamation's Ruedi Reservoir at a favorable price. <br />Depending on what is learned about the dam at Reservoir #5, Ute may still be interested but I believe it will be a <br />number of years before they would pay a price that would be acceptable to BCRC shareholders. <br />Oil and gas companies may be a possible alternative market for BCRC water. Their business in this area is <br />depressed, but the larger, forward thinking companies may be interested in acquiring water sources to meet their <br />projected future needs. I was recently contacted by a representative of Encana Oil and Gas Company. He was <br />primarily interested in purchasing individual BCRC shares, but I did discuss with him the possibility of purchasing <br />whole reservoirs in the future and after our conversation I sent him a copy of the BCRC reservoir prospectus. <br />Again, BCRC does not feel that it can proceed very far until the quality of the dam at Reservoir #5 is known. When <br />the study report is available, I will send you a copy. <br />Please contact me if you have any questions or comments. <br />Yours truly, <br />Jo n W. Groo <br />Secretary/ Treasurer, Bull Creek Reservoir Company <br />