James O. Browning

Corporation — NOTE1 @ Part VII

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

Working Interest-Cercion #6, 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

A --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 St #13, Eddy County, NM — Royalty

Working Interest - Oxy Federal #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 — Buy — Production

Working Interest - Forty Niner Ridge Unit #2 — Royalty — Buy — Production

Working Interest - Forty Niner Ridge Unit #4 — None — Buy — Production

Working Interest - Forty Niner Ridge Unit #6 — None — Buy — Production

Working Interest - Forty Niner Ridge Unit #1 — None — Buy — Production

Dinero Joint Venture - Roswell, NM — Royalty

LTD Partnership Real Estate, Albuquerque, NM — Distribution

Gabelli - Mutual Fund — Int/Div — Sell

IBM - Common Stock — Int/Div

Fidelity Money Market — Int/Div

Treasury Bills — Interest — Sale — NOTE2 @ 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

Wilshire Target 5000 Indx Investors Class (Mutual Fund) — Int/Div — Sell

Boeing Common Stock — Int/Div — Sell

Capital One Common Stock — Int/Div — Sell

Citigroup Common Stock — Int/Div — Sell

Royale Energy Common Stock — None — Sell

Travelers Property Class A Common Stock — Int/Div

Travelers Property Class B Common Stock — Int/Div — Sell

Vanguard Index Trust S&P 500 Portfolio (Mutual Fund) — Int/Div — Sell

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

Timewamer Common Stock (fka AOL) — None

AT&T Wireless Common Stock — None — Sell

Cisco Corrmon Stock — None

Dell Common Stock — None

EMC Common Stock — None

Gateway Common Stock — None

Gillette — Int/Div

International Paper Common Stock — Int/Div

McData Common Stock — None

Merck Common Stock — Int/Div

Microsoft Common Stock — Int/Div

77 --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 Fd — Int/Div — Buy

Dodge & Cox Intematl Stock Fund — Int/Div — Buy

Meridian Growth Fund — Int/Div — Buy

Rydex OTC Investor Class — None — Buy

Thompson Plumb Growth Fund — Int/Div — Buy

Vanguard Int Growth Portfolio — Int/Div — Buy

Vanguard Total Stock Market — Int/Div — Buy

Fidelity Cash Reserves — Int/Div

Anadarko Petroleum Common Stock — Int/Div — Sell

May Dept. Store Common Stock — Int/Div

Noble Drilling Common Stock — None — Sell

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

Alliance Technology Class A (Mutual Fund) — None

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

Vanguard Total Stock Market — Int/Div — Buy

Fidelity Cash Reserve — Int/Div

Custodial Account #3 — NOTE @ Part VIII

Alliance Bernstein Technology Fund-Class B Mutual Fund — None

Vanguard Total Stock Market — Int/Div — Buy

Fidelity Cash-Money Market — Interest

Custodial Account #4 — NOTE @ Part VIII

Fidelity Cash-Money Market — None — Transfer — to Custodial A/C

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

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

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

Trust #1 (Wachovia Brokerage Account) — NOTE 3 @ Part VIII

Former Custodial Account #1 — NOTE 1 @ Part VIII

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

Wachovia (Evergreen) Money Fund — Interest

Custodial Account #2 — NOTE 1 @ Part VIII

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

Wachovia (Evergreen) Money Fund — Interest

Former Law Firm Profit Sharing (my share) — None — Rollover — NOTE 4 @ Part VIII

Former Law Firm Profit Sharing (Total) — None — Rollover — NOTES 1 & 4 @ Part VIII

Vanguard Total Stock Market Index Fund (Total) - VTSMX — None — Rollover — NOTE 4 @ Part VIII

Vanguard Total Bond Market Index Fund (Total) - VBMFX — None — Rollover — NOTE4 @ Part VIII

Vanguard Global Equity Fund (Total) - VHGEX — None — Rollover — NOTE 4 @ Part VIII

Vanguard REIT Index Fund (Tol) - VGSIX — None — Rollover — NOTE4 @ Part VIII

Vanguard Prime Money Market Fund (Total) VMMXX — None — Rollover — NOTE 4 @ Part VIII

Firm Contribution Receivable — None — Rollover — NOTE 4 @ Part VIII

Former Law Firm Mi OE oney Purchase Pension Plan — None — Rollover — NOTE 4 @ Part VIII

Former Law Firm Money Purchase Pension Plan (Total) — None — Rollover — NOTES & 4 @ Part VIII

Vanguard Total Stock Market Index Fund (Total) VTSMX — None — Rollover — NOTE4 @ Part VIII

Vanguard Total Bond Market Index Fund (Total) VBMFX — None — Rollover — NOTE4 @ Part VIII

Vanguard Global Equity Fund (Total) VHGEX — None — Rollover — NOTE 4 @ Part VIII

Vanguard REIT Index Fund (Total) VGSIX — None — Rollover — NOTE4 @ Part VIII

Vanguard Prime Money Market Fund (Total) VMMXX — None — Rollover — NOTE4 @ Part VIII

Firm Contribution Receivable — None — Rollover — NOTE4 @ Part VIII

Bank First Common Stock — None

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

IDEX Series - Janus Growth Fund Class A (X) — None — Sell

Growth Fund of America Mutual Fund (X) — Int/Div — Buy

AG Edwards Cash & Money Fund (X) — Interest

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

IDEX Series - Janus Growth Fund Class A (X) — None

Growth Fund of America Mutual Fund — Int/Div

AG Edwards Cash & Money Fund (X) — Interest

Europacific Growth Fund SBI — Int/Div — Buy

Smallcap World Fund Inc — Int/Div — Buy

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

IDEX Series - Janus Growth Fund Class A (X) — None — Sell

AG Edwards Cash & Money Fund (X) — Interest

Growth Fund of America Inc — Int/Div — Buy

Educational #1 ( G. Edwards) — None — NOTE1 @ Part VIII

Colum Fnds Tr XJ Yng Inv, fka Lib Stn Roe FDS Inv.Cl A — Int/Div — Sell/Distrib — Closed 04/30

G. Edwards Cash Money Fund — Int/Div — Distributed — Closed 04/30

Educational #2 (A.G. Edwards) — NOTE @ Part VIII

Colum Fnds Tr XI Yng Inv, fka Lib Stn Roe FDS Inv.ClA — None — Closed — NOTES @ Part VIII

A. G. Edwards Cash & Money Fund — None — Closed — NOTE 5 @ Part VIII

Educational #3 ( Edwards) — NOTE 1 @ Part VII

A.G. Edwards Cash & Money Fund — Int/Div — Distributed — closed 04/30

Colum Fnds Tr XI Yng Inv, fka Lib Stn Roe FDS Inv.Cl A — Int/Div — Sell/Distrib — closed 04/30

Savings Account - Wells Fargo Bank (X) — Interest

Director, Shareholder and Officer, Corporation

Custodian, Custodial Account #2

Custodian, Custodial Account #3

Director, Christian Scholarship Fund

Liability — Wells Fargo — Credit Card

Liability — Wells Fargo — Five Year Note (Prior Year Line Of Credit Converted To Five-Year Term Loan)

Reimbursement — USNMFCU — Vehicle Loan

Spouse's income — 2004 — Montgomery Blvd. Church Of Christ, wages

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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 - $9000 of the Treasury Bills at item #50 matured on 11/26/04, and the proceeds were transferred to the NM Bank and Trust checking account on

that date.

Note 3 - Item #108 - Trust #1(Wachovia Brokerage Account) was a managed equity account that was closed in July 2003. All individual items in account

(item #'s 109 - 192 on 2003 FDR) were listed as exempt in 2003, because the individual amounts were less than $1,000. Items #181 to 192 on the 2003

FDR, which were each individually exempt, were listed as still in account at 12/31/03, however, the entire account was liquidated and closed in July

2003. Therefore, items #109 to 192 from the 2003 FDR are deleted from this report.

Note 4 - Items #115 to 130 (199 - 214 on 2003 FDR) were Profit Sharing Plan and Money Purchase Plan assets from former law firm, which were rolled

into Fidelity IRA #1 (Item # 65) in June 2004. Therefore, items 115 to 130 have zero value at 12/31/04.

Note 5 - This account was closed in July 2003. This should have been indicated on the 2003 FDR, but such information was inadvertently omitted.