James O. Browning

Corporation — NOTE @ Part VIII

Working Interest-Cercion #5, Lea County, NM — Hole — abandoned Jan 2006

Working Interest-Cercion #7, Lea County, NM — None

Working Interest-Garza #1, Lea County, NM — None

Working Interest- Nash #5 Eddy County NM — Royalty

Working 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 — 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 — Royalty

Working Interest - Tomcat 16 St #6, 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 Federal #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 71 — Royalty

Working Interest - Forty Niner Ridge Unit a4 — Royalty

Working Interest - Forty Niner Ridge Unit 6 — Royalty

Working Interest - Forty Niner Ridge Unit 1 — Royalty

Working Interest - USP Fee #2, Eddy County, NM — None — Buy — Production

Dinero Joint Venture - Roswell, NM — Royalty — Through — Note #5, Part VIII

LTD Partnership Real Estate, — Rent — Dist — Partnership

NM — Terminated

Undivided interest in vacant land #1 Albuquerque, NM — Distribution — Note 2, Pan VII

Undivided interest in vacant land #1 Albuquerque, NM — Sale — Note 2, Part vi

Section 1031 Exchange Proceeds — Reinvested — Note 2, Part VII

Single Member LL.C — Note 1, Part VII

NM Bank & Trust Checking/Savings — None

Rental Property #3, Albuquerque, NM (2006, $663.074) — Rent — Buy — Note 2, Part VII

Rental Property #2, Albuquerque, NM (2005. $611.855) — Rent

Title Co Acct-Sec 1031 Exch Proceeds — Reinvested — Note 2, Part VII

1BM - Common Stock — Int/Div

Fidelity Money Market — Int/Div

Checking Account at New Mexico Bank & Trust — None

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

Trust #1 - Treasury Bills — Interest

Trust #1 - Savings Bonds — Interest

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

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 Common Stock — Int/Div

McData Common Stock — None

Merck Common Stock — Int/Div

Microsoft Common 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

Dodge & Cox Intemtl Stock Fund — Int/Div

Mendian Growth Fund — Int/Div

Rydex OTC Investor Class — None

Vanguard Int'l Growth Portforlio — Int/Div

Vanguard Total Stock Mareket — Int/Div

Fidelity Cash Reserves — Int/Div

Federated Dept Store Common Stock — Int/Div

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

Alliance Technology Class A (Mutual Fund) — None

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

Fidelity Cash Reserve — Int/Div

Custodial Account #3 — NOTE @ Part VIII

Vanguard Total Stock Market — Int/Div

Allnc Global Tech Fund (fka All Bem Tech Fnd) Mutual Fund — None — Sell

Fidelity Cash-Money Market — Interest

529 Acct #1 (A.G. Edwards) Cap 75 Equity (Mutual Fund) — None — Distribution — NOTE 6 @ Part VIII

529 Acct. #2 (A.G. Edwards) Cap 75 Equity (Mutual Fund) — None — Distribution — NOTE 6 @ Part VIII

529 Acct #3 (A.G. Edwards) Cap 75 Equity (Mutual Fund) — None — Distribution — NOTE 6 @ Part VIII

Oppenheimer Scholar's Edge 529 Acct#1 (A. G. Edwards) — None — Contribution — NOTE 6 @ Part VI11

Oppenheimer Scholar's Edge 529 Acct #2 (A.G. Edwards) — None — Contribution — NOTE 6 @ Part VIII

Custodial Account #2 — NOTE 1 @ Part VIII

Alliance Bernstein Tech Fund- Class B (Mutual Fund) — None — Sell

Wachovia Money Fund (Evergreen) — Interest — Distribution

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

Centennial Money Market (fka AG Edwds Csh & Mny Fund (X) — Int/Div — NOTE 3 @ Part VIII

Capital World Growth Income Fund Inc Class A Shares — Int/Div — Buy

New World Fund Inc New Class A Shares — Int/Div — Buy

Growth Fund of Amenca Inc — Int/Div

Custodian, a = 15 r= I> Custodial Account #3 om — oO > — nih

Director, cP py Id i. ! Dx = -— Christian Scholarship Fund mo < ater ——— re er e525 HOE ox Ji —

Director/Membership Committee Chair, ox ~ 7 mali _ d Inn of the Courts -n ND Zz

Liability — Wells Fargo — Term Loan

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

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

NOTE 2 - Unreinvested Section 1031 Exchange proceeds at 12/31/05 (2005 Item #58, Part VII) were reinvested on 03/13/06 into vacant land #2 in Albuquerque

(Item #56, Part VII). In January 2006 the Real Estate Ltd Partmership (Item #49, Part VII), distributed an undivided interest in vacant land (Item #50, Part VII).

On January 17, 2006 that land was sold and the proceeds were placed in escrow for reinvestment (Item #52, Part VII). On March 23, 2006 the Section 1031

proceeds were reinvested in Rental Property #3 (Item #55, Part VII). On August 31, 2006, the Real Estate Ltd Parmership distributed the remaining cash and the

Partnership was terminated.

NOTE 3 - Item # 112 in Part VII represents an investment which by itself is exempt from reporting. The overall account in which the account in which it is held is

not exempt, therefore all investments held in that account are listed and those which are individually exempt are labelled with an (X) and have the notation "See

NOTE 3 @ Section VIII" in column D(§).

NOTE 4 - Roth IRA accounts #1 and #2 on the December 31, 2005 report (2005 Items #110 to 118 in Part VII) have been removed from this report as the owners

of those accounts are no Tonge NIN of the person reporting.

NOTE 5 - Dinero Joint Venture (Item #48, Part VII) sold all of its oil and gas interests during 2006, resulting in flow through capital gain income to the person

reporting. At December 31, 2006 the only remaining asset in the Joint Venture was cash

NOTE 6 - The Section 529 Education Plan Accounts (Items # 103, 145 and 105 in Part VII) were partially distributed as reimbursement for college expenses

during 2006. The remaining balances were rolled over to new Oppenheimer Section 529 Educational accounts (Items # 106 and 107 in Part VII) in September and

Novermber 2006 and the accounts were closed. Additional contributions were made to the two new Oppenheimer Section 529 Educational accounts on December

28, 2006.