1. 1 Super RAC February 24-25, 2009

2. Items to be Discussed  Coal Program  Oil Shale 2

3. 3 COAL 9 mines 7 Underground 2 Surface Production ≈ 22.8 million tons Revenue ≈ $55.38 million

4. Recent Coal Activities New Elk Coal – near Trinidad late 09 CAM, Red Cliff – adj McClane Canyonlate 09 Oxbow Mining – Elk Creek Mine expansion ? 4 LBA Modifications Mountain Coal – modify 2 leases to access bypass coal

5. Coal Mine Methane Vessels decision West Elk Coal Lease Addendum West Elk Coal – R2P2 Other Leases ? 5

6. 6 Oil Shale Est. 800 billion barrels of oil Approximately enough to meet US demand for oil at current levels for next 100 years

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9. Oil Shale PEIS - (ROD) published 11/28/08 Final Regulations published 11/18/08 Law Suits - currently responding to FOIA requests concerning the PEIS & the Regs 9

10. Oil Shale Regs 20 year lease Royalty 5% - 5 yr 1%/year up to 12½% NEPA – at prior to lease sale – at mine plan approval Diligence provisions w/penalties Bonding to cover the cost of reclamation 10

11. Oil Shale RDD #1 Energy Policy Act of 2005 6 RDD leases –5 insitu Colorado –1 underground w/surface retort Utah Shell - AMSOL – Chevron 160 acres Preference Right to additional 4,960 $2,000 application fee 11

12. Oil Shale RDD #1 Lease addendum Addendum January 18, 2009 Sect 1 - if no existing regulations companies agree to use the regs published Nov 18, 2008 when converting Sect 2 – if new regs (not 11/18/08) can choose which regulations to use at conversion 12

13. Oil Shale RDD #2 ? January 15, 2009 640 acres 10 years No preference to larger lease $4,000 application fee 13