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4/1/13 <br />Colorado Water Conservation Board <br />Attn: Kirk Russell <br />1580 Logan St., Suite 600 <br />Denver, Colorado 80203 <br />Dear Mr. Russell, <br />Bull Creek Reservoir Company <br />PO Box 25 <br />Molina, CO 81646 <br />There is nothing new to report regarding the prospects for the sale of Bull Creek Reservoir Company water or <br />shares. BCRC will continue to seek prospects and will work with any interested parties, but market conditions <br />have not changed and so in the near term we do not expect that there will be any substantial offers to purchase <br />BCRC water or shares at a price that will be acceptable to shareholders. BCRC will continue its efforts to upgrade <br />and improve the value of its infrastructure, in the hopes that as the value of its assets grows and market <br />conditions shift the options for sale will become better. <br />Please contact me if you have any questions or comments. <br />Yours truly, <br />n W. Groo <br />Secretary /Treasurer, Bull Creek Reservoir Company <br />