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STATE OF COLORADO <br />DIVISION OF MINERALS AND GEOLOGY <br />Department of Natural Resources <br />1313 Sherman St., Room 215 <br />Denver, Colorado 80203 <br />DIVISION O <br />Phone: (303) 866-3567 MINERAL <br />FAx: (303) 832-8106 $i <br />CANNED G E O L O G <br />S REC LAM ATIOP <br /> MINING•SAFETI <br />April 17, 2002 <br /> B~II Owens <br /> Governor <br />Bank One, Colorado, NA Greg E. SNalcher <br />C/O Bank One, lnternatlORal COrp. Eeecuuve Dtreclor <br />1717 Main Street, 11th Floor Michael 8 long <br /> Division Dueuor <br />Dallas, TX 75201 <br />Re: Carbon Junction Mine, Permit No. C-1992-080 <br />Oakridge Energy, Inc. <br />Notice of Cancellation of Letter of Credit No. 14418 in the Amount of $816,526.00 <br />Dear Sir or Madam: <br />On April 16, 2002, the Division of Minerals and Geology received Notice of Cancellation of Letter of Credit <br />No. 14418 for $816,526.00. In compliance with [he provisions of [his letter of credit, cancellation is <br />effective only on an anniversary date when written notification is received at least ninety (90) days prior to <br />such an anniversary date. <br />According to our records, the anniversary of Letter of Credit No. 14418 is July 28, 2002. The Division of <br />Minerals and Geology thereby accepts Notice of Cancellation effective July 28, 2002 with the understanding <br />that the Director may draw the full or any lesser amount hereof at any time prior to such expiration date by <br />sight draft or drafts, accompanied by [he written statement of [he Director certifying that the amount drawn <br />will be held as a cash deposit in lieu of financial warranty, as provided in applicable Colorado statutes <br />governing mined land reclamation. <br />If substitute financial warranty is furnished prior to the expiration date of this letter of credit which includes <br />satisfactory coverage of all reclamation obligations from the beginning of operations under the permit, the <br />existing Coal Reclamation Bond may be released in its entirety. <br />If you have any questions, please contact me. <br />Sincerely, <br />~~~1Q--~ <br />Johanna R. Cramer <br />Program Assistant II <br />JRC/Jrc <br />cc: Harry Ranney, DMG <br />C~BD-04 CI992080 HBR 20020417 125044 PM <br />