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RE: LA PLATA COAL CORPORATION DATE: SEPTEMBER 9, 1988 SUMMARY OF EVENTS The following is a summary of the significant events pertaining to La Plata Coal Corporation and Claremont Exploration, Inc., Dugan Production Corporation, and Flag-Redfern Oil Company: - In the latter part of 1986, Joe Carpio ("Carpio") solicited Frank Podpechan, and a number of other potential investors, for investment in an underground coal mine ("La Plata #1") near Durango, Colorado. - In December 1986, an investor group was formed consisting of: - Claremont Exploration, Inc., an Oklahoma oil and gas company (which is owned 1000 by Claremont, Inc., an Oklahoma corporation, which is owned 100$ by Frank Podpechan) ; - Dugan Production Corporation, a New Mexico oil and gas company; and, - Flag-Redfern Oil Company, a Delaware oil and gas company. The project was to be undertaken as a partnership (to be called "The Coal Mine"), made up of the three investing oil and gas companies (hereinafter referred to as the "investing partners") and a fourth corporation to be formed by Joe Carpio (La Plata Coal Corporation) . La Plata Coal Corporation was to be the operator and permittee of the coal mine. (See Exhibit A, Exhibit B and Exhibit C, attached.) - La Plata Coal Corporation was incorporated on January 28, 1987, and immediately thereafter filed an application for a mining permit with MLRD. The recitation in the application filed with MLRD that any of the investing partners, or Frank Podpechan, was an owner of La plata Coal Corporation is erroneous. Each of the investing partners was a 25$ owner of The Coal Mine partnership, but neither the investing partners nor the owners of the investing partners ever had any ownership or control interest in La Plata Coal Corporation. The officers, directors and shareholders of La Plata Coal Corporation were Joe Carpio and his wife, Christine Sydenstricker. (See Exhibit D, attached.) - La Plata Coal Corporation was in possession of the mine property and acting pursuant to a Letter of Understanding issued by MLRD. The Letter of Understanding was issued solely to La Plata Coal Corporation and did not involve the partnership or the investing partners. (See Exhibit E, attached.)