NICHOLAS C. TAYLOR was elected Chairman of the Board and Chief Executive Officer in September 2011. Mr. Taylor was elected Chief Executive Officer, President, Treasurer and Director of the Company in April 1983. Mr. Taylor served as President until becoming Chairman of the Board in September 2011 and served as Treasurer until March 1999. From July 1993 to the present, Mr. Taylor has been involved in the independent practice of law and other business activities including independent oil and gas exploration and production. For more than the prior 19 years, he was a director and shareholder of the law firm of Stubbeman, McRae, Sealy, Laughlin & Browder, Inc., Midland, Texas, and a partner of the predecessor firm. In 1995 he was appointed by the Governor of Texas to the State Securities Board through January 2001. In addition to serving as chairman for four years, he continued to serve as a member until 2004. In November 2005 he was appointed by the Speaker of the House to the Texas Ethics Commission and served until February 2010.