Each Director of our company has been elected to serve until our next annual meeting of stockholders and until his successor has been elected and qualified.

Michael K. Paulk:  Mr. Paulk was elected President and Director of our company in July 2001. From October 1994 to January 2001, when it was sold to Chesapeake Energy Corporation, he was the President and a Director of Gothic Energy Corporation ("GEC"). GEC is neither a predecessor nor affiliate of either us or our subsidiary, Gothic, and there was no affiliation between Gothic and GEC prior to January 2001. GEC was engaged, until its acquisition by Chesapeake Energy Corporation in January 2001, in the acquisition, development, exploration and production of natural gas and oil. Mr. Paulk has been engaged in the oil and gas industry for more than 20 years.

Steven P. Ensz:  Mr. Ensz has been Vice-President, Finance and Chief Financial Officer of our company since July 2001 and is responsible for our financial activities. From March 1998 to January 2001, he held a similar position with GEC. From July 1991 to February 1998, he was Vice-President, Finance of Anglo-Suisse, Inc., an oil and natural gas exploration and producing company. He has held various positions within the energy industry, including President of Waterford Energy, an independent oil and gas producer, for more than 23 years. He is a certified public accountant.

Bennett G. Shelton:  Mr. Shelton has been involved in oil and gas land and acquisition management since graduating from Oklahoma Panhandle State University in 1979. With a Bachelor Degree in Business Administration his career moved from Phillips Petroleum Company to positions of increasing responsibility with Andover Oil Company, ALN Resources, Inc. and Gothic Energy Corporation where he served as Vice President of Land and Acquisitions. From June 2001 through January 2007 Mr. Shelton was Manager of Land and Acquisitions for American Natural Energy Corporation and since February 2007 has been a Land Advisor with Broad Oak Energy, Inc.

William A. Grant III:  Mr. Grant has held various leadership roles in the banking and insurance industries for the past 23 years. Mr. Grant began his career in a position in Bank of Oklahoma’s management training program and advanced to the position of Vice President - energy lending. Subsequent to his tenure at Bank of Oklahoma, he joined F&M Bank until he purchased an interest and took the reins as President of the The Holmes Organisation in 1997.

Our Board of Directors has not adopted procedures by which security holders may recommend nominees to our Board of Directors.

Significant Employees:

Richard O. Mulford:  Mr. Mulford has been Manager of Operations since June 2001. From April 1995 to November 1998, he was employed as Operations Manager of GEC and from November 1998 to January 2001 he was employed as Vice President of Operations of GEC. He has been employed in the oil and natural gas industry since 1978.

Robert G. Snead:  Mr. Snead has been our Exploitation Manager since June 2001 and served in the same position with GEC on a full-time consulting basis from April 1997 to January 2001. Between early 1994 and April 1997, he was employed as an independent geologist and from 1985 to 1994 was the Senior Vice-President/ Exploration Manager of LOGO, Inc., an oil and natural gas well operating company.