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(Deposition of James Tatum) <br />1 draft an equal cost leasing arrangement? <br />2 A. It was done by trade. There wasn't a <br />3 cost leasing or anything at all. We traded for two <br />4 cubic feet of water for an equal amount of water. <br />5 Q. Is it your testimony that this letter <br />6 agreement did not contemplate a subsequent formal <br />7 exchange of the water rights between you and the <br />8 Wyoming Fuel Company? <br />9 A. Well, since the Colorado law on <br />10 conveyance and water, and so on, would be subject <br />11 to being in writing, this letter says that either <br />12 by trade or an equal cost leasing arrangement, but <br />i <br />13 we had agreed on the exchange of equal water rights <br />14 or trade. <br />15 Q. I understand you were using the Maxwell <br />16 Eleven at that point in time, but what I am trying <br />17 to get at is what sort of formal implementation or <br />18 conveyance documentation was, in your mind, <br />19 contemplat ed by this subparagraph one? <br />20 A. Whatever would be nec essary to comply <br />21 with the law. <br />22 Q. You thought something else was <br />23 required? <br />24 A. Well, we had to have some deeds. <br />25 (The Reporter marked for identification <br />MEEK & ASSOCIATES <br />3016 3rd Ave., Pueblo, Co 81008 (719) 542-1010 <br />21 <br />