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C-/C 9? -??5 <br />?CZ3 <br />Dudash, Joe <br />From: Bill Bear [BBear@bowieresources.com] <br />Sent: Monday, May 16, 2011 2:14 PM <br />To: Dudash, Joe <br />Cc: jestover@bresnan.net; Dewey Tanner <br />Subject: RE: Bonding <br />Joe <br />Please accept this as a request for an extension of MR-123. <br />Bill Bear <br />Bowie Resources, LLC <br />From: Dudash, Joe [mailto:Joe.Dudash@state.co.usl <br />Sent: Monday, May 16, 20112:11 PM <br />To: Bill Bear <br />Subject: RE: Bonding <br />The Division does not want to do an incremental bond for MR-123. The Division also does not want to give partial bond <br />credit for revisions that are only partially completed. The Division would prefer to only approve the gob vent bore holes <br />that Bowie is able to currently bond. The remaining can be done with another MR later. This assumes, of course, that TR- <br />67 (Terror Creek Vent Shaft) isn't implemented. Actually, the Division would prefer that Bowie withdraw TR-67 if the <br />work will not occur for some time. Whether TR-67 is withdrawn or simply not initiated yet, Bowie would have an excess <br />bond of $73,298.26. Depending on the individual costs, Bowie could get approval on 4 or 5 drill holes in MR-123. <br />Current liability - $8,936,876.74 <br />Bond held - $8,811,270.00 <br />Deficient bond - $ 125,606.74 <br />TR-67 liability - $ 198,905.00 (Terror Creek Vent Shaft) <br />Excess bond - $ 73,298.26 (If TR-67 is withdrawn or not implemented) <br />MR-123 bond $ 98,074.00 (Six Gob Vent Bore Holes) <br />The decision date for MR-123 is today so it looks like I will need an extension request. Thanks! <br />From: Bill Bear fmailto:BBear bowieresources.com1 <br />Sent: Monday, May 16, 2011 10:04 AM <br />To: Dudash, Joe <br />Cc: jjsmeoawatt(daol.com; jestover bresnan.net; rickmeiers comcast.net; Dewey Tanner <br />Subject: Bonding <br />Joe <br />I have received your letter addressing bonding needs for MR-123. We realize there is a shortfall of the $125,000. But we <br />have not started certain projects and therefore have not incurred any liability. Also for the six gob vent bore holes it looks <br />like each holes is approximately $17,000 each. Since we are not sure how many we will actually get drilled this season <br />we would like to incrementally bond each hole. <br />Bill