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SOP.''' Bull Creek Reservoir Company <br /> PO Box 25 <br /> Molina, CO 81646 <br /> 4/1/14 <br /> Colorado Water Conservation Board <br /> Attn: Kirk Russell <br /> 1580 Logan St.,Suite 600 <br /> Denver, Colorado 80203 <br /> Re: 2014-1 Quarterly Report <br /> Dear Mr. Russell, <br /> There are no significant developments to report. At the annual Company meeting,the shareholders <br /> confirmed their desire to keep all of BCRC's water and they unanimously approved the high assessment <br /> required to meet obligations without selling assets. It was also noted that there really isn't a market for <br /> those assets at a price that would make a sale worthwhile. There is a new resident of the area who has <br /> expressed an interest in acquiring some shares, which is encouraging in that it indicates that the water is <br /> valuable enough to some that they are willing to acquire shares in spite of the high assessment they will <br /> have to pay. Additionally,the ranch owned by the second largest BCRC shareholder is being sold later <br /> this spring, again indicating that there are some people for whom the value of water, now and in the <br /> future,justifies the very high assessment cost. <br /> There was some discussion at the annual meeting of the water bank being proposed by the Colorado <br /> River Conservation District. This concept holds some promise for BCRC to be able to monetize some of <br /> its assets without actually selling them, but I suspect it will be several years before it becomes a reality. <br /> Please call me at 970-268-5561 or email me at iwgworld @yahoo.com if you have any questions. <br /> \ "( <br /> John W. Groo, Secretary/Treasurer <br />