James O. Browning

Corporation — NOTE I @ Part VIII

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

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

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

Working Interest- Nash #5 Eddy County NM — Royalty — Sell — XTO Energy Inc.

Working Interest - Nash #9, Eddy County NM — Royaity — Sell — XTO Energy Inc.

Working Interest - Nash #11, Eddy County, NM — Royalty — Sell — XTO Energy. Inc.

Working Interest - Nash #15, Eddy County, NM — Royalty — Sell — XTO Energy Inc.

Working Interest - Nash #25, Eddy County, NM — Royalty — Sell — XTO Energy Inc.

Working Interest - Nash #19, Eddy County, NM — Royalty — Sell — XTO Energy, Inc.

Working Interest - Nash #23, Eddy County, NM — Royalty — Sell — XTO Energy, Inc.

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

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

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

Working Interest - Snoddy Federal #1, Lea 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 - Tomcat 16 St #2, Eddy County, NM — Royalty

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

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

WorkingInterest - Tomcat 16 St #7, 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 2 — Royalty

Working Interest - Forty Niner Ridge Unit 4 — Royalty

Working Interest - Forty Niner Ridge Unit 6 — Royalty

Working Interest - USP Fe= #2, Eddy County, NM — Royalty

Working Interest - USP Fe= #2, Eddy County, NM — Interest — Through — Note #3, Part VIII

Vacant land #2, Albuquerque, NM (2006. $900,754) — None

Rental Property #2, Albuquerque, NM (2005, $611,855) — Rent

IBM - Common Stock — Int/Div — Sell

Fidelity Municipal Money Market (Tax Exempt) — Int/Div — NOTE 4 @ Part VIII

Sprtn Total Mkt Indx Investor Class — None — Buy

Meridian Growth Fund — Int/Div — Buy

Rydex OTC Investor Class — J — Buy

Checking Account at New Mexico Bank & Trust — None

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

Trust #1 - Treasury Bills — 1

Trust #1 - Savings Bonds — Interest

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

Fidelity Municipal Money Market — Int/Div

Travelers Cos Inc Com Common Stock — Int/Div — 3 — NOTE 5 @ Part VIII

Cisco Common Stock — None — Sell

Intemational Paper Common Stock — Int/Div

McData Common Stock - Merged to Brocade Comm — None — Merger — NOTE 8 @ Part VIII

Merck Common Stock — Int/Div — Sell

Microsoft Common Stock — Int/Div

PMC - Sierra Commen Stok — None

Pfizer Common Stock — Int/Div

Tellabs Common Stock — Nona

Baron Small Cap Fund — Int/Div

Baron Partners Fund — Int/Div

Meridian Growth Fund — Int/Div

Vanguard Int'l Growth Portforlio — Int/Div — Buy — NOTE 10 @ Part VII

Vanguard Total Stock Mareket — Int/Div — Buy — NOTE 10 @ Part VIII

Fidelity Cash Reserves — Int/Div

Macys Inc common stock FKA Federated Dept Store — Int/Div — NOTE 9 @ Part VIII

Fidelity Int'l Discovery — Int/Div — Buy

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

AllianceBemnstein Global Technology Class A (Mutual Fund) — None — NOTE 6 @ Part VII

Putnam OTC & Emerging Crowth Class £. (Mutual Fund) — None — NOTE 6 @ Part VI

Vanguard Total Stock Market — Int/Div

Fidelity Cash Reserve — Int/Div

Baron Partners Fund — Int/Div — Buy

Custodial Accoun: #3 — NOTE @ Part VIII

Vanguard Total Stock Market — Int/Div

Fidelity Municipal Money Market — Interest — NOTE 7 @ Part VIII

Oppenheimer Scholar's Edge 529 Acct #1 (A. G. Edwards) — None

Oppenheimer Scholar's Edge 529 Acct #2 (A. G. Edwards) — None

Roth #3 - Prior Year Items #111 to 115 — NOTE 2 @ Part VIII

Checking Account - Wells Fargo Bank — Interest

Custodian, Custodial Account #3

Director/Vice Chairman, Christian Scholarship Fund

Director/President Elect, Inn of the Courts

Liability — Wells Fargo — Term Loan

Reimbursement — Washington & Lee University Law School — Lexington, VA

Spouse's income — 2007 — Self Employed - School Choir Director, income from students’ parents

NOTE 1 - The 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 - Prior year Items #111 through #115, Part VII have been removed from this report. Those items were investments held in a ROTH IRA account for a

SETA TIT, in 2007, hence those items have been removed.

NOTE 3 - Dinero Joint Venture (Iter1s #47 and 48, Part VII) sold all of its oil and gas interests during 2006. The Royalty income reported on Item #47 is residual

payments received after December 31, 2006. At December 31, 2007 the only remaining assets in the Joint Venture are cash and treasury securities, which should

be distributed in 2008. The interest income is reported on Item #48, Part VII. The end-of-year asset value is reported on Item #47, Part VII.

NOTE 4 - The name for this account (Item #55, Part VII) has been changed on this report. It is a tax exempt municipal account and should have been called

Fidelity "Municipal" Money Market on the 2006 report.

NOTE 5 - The name was changed on Item #67, Part VII from Travelers Property Class A to Travelers Cos Inc Com. There were no purchases or sales of this

investment in 2007.

NOTE 6 - Item #98 in Part VII (prior year Item #96) had the name listed incorrectly in 2006. It should have been Putnam OTC & "Emerging" Growth, rather than

"Energy" Growth. Item #97 in Part VII (prior year Item #95) had the name listed incorrectly in the 2006 report. It was listed as "Alliance Technology Class A". It

should have been listed as "AllianceBemstein Global Technology Class A". There were no purchases or sales of these investments in 2007.

NOTE 7 - The namefor this account (Item #104, Part */II) has been changed on this report. It is a tax exempt municipal account and should have been called

Fidelity "Municipal" Money Marke: on the 200€ report.

NOTE 8 - Item #76, Part VII, McData Common Stock, was merged into Brocade Communications Common Stock on January 30, 2007. Partial shares received in

the merger were taken as cash in lieu of partial shares. The shares of Brocade Communications received in the merger are listed as Item #77 in Part VII and were

sold July 3, 2007.

NOTE 9 - Item #94 in Part VII, common stock of Federated Department Stores, incurred a name change to Macys Inc. on June 1, 2007. There were no purchases

or sales of this investment in 2007.

NOTE 10 - Items #91 and #92 in Part VII were included in the 2006 report. Additional shares of each stock fund were purchased October 18, 2007.