James O. Browning

Corporation — NOTE 1 @ Part VIII

Working Interest-Cercion #5, Lea County, NM — None

Working Interest-Cercion #6, Lea County, NM — None

Working Interest-Cercion #7, Lea County, NM — None — NOTE2 @ Part VIII

Working Interest-Garza #1, Lea County, NM — None — NOTE2 @ Part VIII

Working Interest- Nash #5 Eddy County, NM — Royalty

Interest - Nash #9, Eddy County, NM — Royalty

Working Interest - Nash #10, Eddy County, NM — Royalty

Working Interest - Nash #11, Eddy County, NM — Royalty

Working Interest - Nash #12, Eddy County, NM — Royalty

Working Interest - Nash #15, Eddy County, NM — Royalty

Working Interest - Nash #25, Eddy County, NM — Royalty

Working Interest, Nash #19, Eddy County, NM — Royalty

Working Interest - Nash #23, Eddy County, NM — Royalty

Working Interest - Nash #24, Eddy County, NM — Royalty

Working Interest - Nash #29, Eddy County, NM — Royalty

Working Interest - Nash #38, Eddy County, NM — Royalty

Working Interest - Shell State #1, Lea County, NM — Royalty

Working Interest - Shell State #2, Lea County, NM — Royalty

Working Interest - Shell State #3, Lea County, NM — Royalty

Working Interest - Shell State #4, Lea County, NM — Royalty

Working Interest - Shell State #6, Lea County, NM — Royalty

Working Interest - Shell State #5, Lea County, NM — None

Working Interest - Snoddy Federal #1, Lea County, NM — Royalty

Working Interest - West Loving #1, Eddy County, NM — Royalty

Working Interest - Queen Lake 36 #1, Eddy County NM — Royalty

Working Interest - Milano St #1, Eddy County, NM — Royalty

Working Interest - Milano St #2, Eddy County, NM — Royalty

Working Interest - Tirano St, Eddy County, NM — Royalty

Working Interest - Hopi Federal, Lea County, NM — Royalty

Working Interest - Tomcat 16 St #2, Eddy County, NM — Royalty

Working Interest - Tomcat 16 St #3, Eddy County, NM — Royalty

Working Interest - Tomcat 16 St #4, Eddy County, NM — Royalty

Working Interest - Tomcat 16 St #6, Eddy County, NM — Royalty

Working Interest - Tomcat 16 St #7 Eddy County, NM — Royalty

Working Interest - Tomcat 16 St #8, Eddy County, NM — Royalty

Working Interest - Tomcat 16 St #10, Eddy County, NM — Royalty

Working Interest - Tomcat 16 Fed #13, Eddy County, NM — Royalty

Working Interest - Oxy Fedeml #1, Eddy County, NM — Royalty

Willow Lake 35 #1, Eddy County, NM — Royalty

Working Interest - N Scanlon, Eddy County, NM — None

Working Interest - Forty Niner Ridge Unit 3 — Royalty

Working Interest - Forty Niner Ridge Unit 2 — Royalty

Working Interest - Forty Niner Ridge Unit4 — Royalty

Working Interest - Forty Niner Ridge Unit 6 — Royalty

Working Interest - Forty Niner Ridge Unit 1 — Royalty

Dinero Joint Venture - Roswell NM — Royalty

LTD Partnership Real Estate, Albuquerque, NM — Distribution

Single Member LLC — Formed — NOTES 1&4 @ Part VIII

Undivided Interest Rental Property #1, Albuquerque, NM — None — Distr — NOTE 4 @ Part VII

Undivided Interest Rental Property #1, Albuquerque, NM — Sold — NOTE4 @ Part VIII

Rental Property 2, Albuquerque NM (2005, $611,855) — Rent — Purchase — NOTE 4 @ Part VIII

Title Co Acct-Sec 1031 Exch Proceeds Not Yet Reinvested — Interest — NOTE4 @ Part VIII

IBM - Common Stock — Int/Div

Fidelity Money Market — Int/Div

Treasury Bills — Interest — Redemption — NOTE 3 @ Part VIII

Checking Account at New Mexico Bank & Trust — Interest

Trust #1 - Vanguard Brokerage Acct Prime Money Market — Int/Div

Trust #1 - Treasury Bills — Interest

Trust #1 - Savings Bonds — Interest

Trust #1 (Brokerage Account at Fidelity) — NOTE 1 @ Part VIII

Fidelity Municipal Money Market — Int/Div

Travelers Property Class A Common Stock — Int/Div

IRA #1 (Fidelity Brokerage Account) — NOTE 1 @ Part VIII

Timewamer Common Stock — Int/Div

Cisco Common Stock — None

Dell Common Stock — None

EMC Common Stock — None

Gateway Common Stock — None

Proctor & Gamble (fka Gillette) Common Stock — Int/Div — Merger

International Paper Common Stock — Int/Div

McData Common Stock — None

Merck Common Stock — Int/Div

Microsoft Cornmon Stock — Int/Div

PMC - Sierra Common Stock — None

Pfizer Common Stock — Int/Div

Qwest Common Stock — None

Charles Schwab Common Stock — Int/Div

Tellabs Common Stock — None

Xilinx Common Stock — Int/Div

Baron Small Cap Fund — Int/Div

Baron Partners Fund — Int/Div — Buy

Dodge & Cox Interntl Stock Fund — Int/Div

Meridian Growth Fund — Int/Div

Rydex OTC Investor Class — Int/Div

Thompson Plumb Growth Fund — None — Sell

Vanguard Int'l Growth Portforlio — Int/Div

Vanguard Total Stock Mareket — Int/Div

Fidelity Cash Reserves — Int/Div

Federated Dept Store (fka May Dept Store) Common Stock — None — Merger

IRA #2 (Fidelity Brokerage Account) — NOTE 1 @ Part VIII

Alliance Technology Class A (Mutual Fund) — None

Putnam OTC & Energy Growth Class A (Mutual Fund) — None

Vanguard Total Stock Market — Int/Div

Fidelity Cash Reserve — Int/Div

Custodial Account #3 — NOTE 1 @ Part VIII

Total Stock Market — Int/Div

Allnc Global Tech Fund (fka All Bern Tech Fnd) Mutual Fund — None — Conversion

Fidelity Cash-Money Market — Interest

529 Acct #1 (A.G. Edwards) Cap 75 Equity (Mutual Fund) — None

529 Acct. #2 (A.G. Edwards) Cap 75 Equity (Mutual Fund) — None

529 Acct #3 (A.G. Edwards) Cap 75 Equity (Mutual Fund) — None

Former Custodial Account #1 — NOTE1 @ Part VIII

Alliance Bernstein Tech Fund- Class B (Mutual Fund) — None — Sell — Distributed 12/21

Wachovia Money Fund (Evergreen) — Interest — Distribution — Distributed 12/21

Custodial Account #2 — NOTE 1 @ Part VIII

Alliance Bemstein Tech Fund- Class B (Mutual Fund) — None

Wachovia Money Fund (Evergreen) — Interest

Bank First Common Stock — None — Sell — Griffm Pickard, Jr.

Roth #1 - (A.G. Edwards) — NOTE 1 @ Part VIII

Growth Fund of America Mutual Fund — Int/Div

AG Edwards Cash & Money Fund (X) — Int/Div — NOTE 5 @ Part VIII

Roth #2 - (A.G. Edwards) — NOTE 1 @ Part VIII

TA IDEX Series - Janus Growth Fund Class A (X) — None — NOTE 5 @ Part VIII

Growth Fund of America Mutual Fund — Int/Div

Smallcap World Fund Inc — None

Europacific Growth Fund SBI — Int/Div

AG Edwards Cash & Money Fund xX) — Int/Div — NOTES @ Part VIII

Roth #3 - (A.G. Edwards) — NOTE 1 @ Part VIII

Custodian, Custodial Account #2

Custodian, Custodial Account #3

Director, Christian Scholarship Fund

Liability — Us New Mexico Federal Credit Union — Term Loan

Liability — Wells Fargo — Credit Card

Liability — Wells Fargo — Term Loan

NOTE 1 - These items listed in Section VII that have the note "See NOTE 1 @ Part VIII" in Column D(5) are headers only. The specific assets held in that

corporation/trust/accounts are indented and listed individually following the header.

NOTE 2 - Lines 4 and 5 report non-producing oil & gas working interests that were inadvertently left off the 2004 Annual Report as filed.

NOTE 3 - The Treasury Bill listed at item #56 matured on 1/06/05 and the proceeds were transferred to the NM Bank and Trust checking account on that date.

NOTE 4 - The Real Estate Limited Partnership listed @ Item # 48 in Part VII distributed undivided interests in Rental Property #1(Item #50 in Part VII) to the

partners on September 19, 2005 in connection with a Section 1031, like-kind exchange of that property. The Corporation (Item #1 in Part VII) formed a "Single

Member LLC" (Item # 49 in Part VII) on September 19, 2005 to hold the undivided interest in Rental Property #1. The entire Rental Property #1 was sold

September 22, 2005 and the proceeds were placed in a Title Company trust account for subsequent reinvestment pursuant to the like-kind exchange. Rental

Property #2 (Item # 52 in Part VII) was purchased as replacement property December 6, 2005. The remaining proceeds from the like-kind exchange were not yet

reinvested at December 31, 2005 and were held in the Title Company's trust account (Item #53 in Part VII) at the end of the reporting period.

NOTES - Items # 112, 114, 118, and 120 each represent investments which by themselves are exempt from reporting. The overall accounts in which those items

“

are held are not exempt, therefore all investments held in those accounts are listed and those which are individually exempt are labelled with an (X) and have the

notation "See NOTE S @ Section VIII" in column D(5).

NOTE 6 - Wells Fargo checking account listed @ Item #122 was incorrectly listed as a "savings" account in the prior year report. The account is an interest

bearing checking account. There were no changes to the account during the reporting period.