Operating under the name of Eagle Oil & Gas Co., and through predecessor and affiliate companies, Eagle has been active in the acquisition, development and exploration of oil and gas reserves for over 60 years. Eagle was founded and is controlled by the Bolin family, who has had a well-known and respected name in the independent oil and gas business for three generations. In fact, Pat Bolin’s (the Company’s President and Chief Executive Officer) grandfather started in the oil field service industry in the late 1930’s and formed Bolin Oil Company in 1948. The direct predecessor to Eagle was formed as a Texas general partnership in 1976 by Pat Bolin, his father Phil (now a senior advisor to the Company), and Warren Ayres (Eagle’s Executive Vice President and Chief Financial Officer). In 1987, Eagle converted to its corporate form and became the primary oil and gas investment and growth vehicle for the Bolin family and the Eagle group of companies.

The Eagle group of companies (EagleCorp and its subsidiaries and affiliates)holds non-oil and gas investments in banking, insurance, and real estate. Management has built a successful track record of investing in and exiting at a profit from a number of other ventures, both in and out of the energy business. In addition to significant real estate holdings in and around the Dallas and North Texas area, some of the Eagle group’s more notable investments include the development and sale of a coalbed methane field in Colorado to Destec Energy, the development and sale of assets in Eagle Mart, L.C., a company formed to acquire, own and operate a total of 16 retail gasoline (Texaco, Chevron and Fina) and convenience store facilities in Wichita County, Texas, and wholesale distributorships for the same brands throughout North Texas (sold at a gain in August 1997 to a 7-Eleven licensee), the development and controlling ownership of a start up Dallas bank (Fidelity Bank, N.A.), sold in 1998 at a significant gain to Compass Bank, N.A., and the acquisition and continuing ownership of Beacon National Insurance Company, which writes property and casualty policies sold by over 400 independent agencies. Consistent throughout their investments, the Company’s management orientation and growth philosophy is value oriented and “hands on” in its management style, with a high priority being placed on efficient operations and the management of day to day profitability.

Since 1993, the Company has acquired producing oil and gas properties for purchase prices aggregating more than $25 million. Transactions closed include the acquisition in 1993 of properties in seven states from Devon Energy for $6.85 million, properties in Texas and Louisiana in 1995 from Meridian Oil for $3.5 million, properties in 1997 from Denver American Petroleum for $1.5 million, properties in Mississippi and Alabama in 1998 from EEX Corporation (formerly Enserch) for $7.5 million, properties in Mississippi in 2001 from Hunt Oil Company for $2.4 million, and properties in East Texas in 2003 from Merit Energy for $8.5 million. Eagle has drilled a number of development wells and instituted two new waterflood projects on the acquired properties, and the ongoing review of further exploitation opportunities is an important part of the Company's business. Eagle owns oil and gas interests in over 600 wells (with more than 150 being operated by the Company) located in twelve states, with the majority of reserve value situated in Texas, Louisiana, Mississippi, and Wyoming. Current net production from producing wells approximates 650 barrels of oil per day ("BOPD") and 4100 thousands of cubic feet of gas ("MCFD") per day, for a total of 1,350 barrels of oil equivalent ("BOED"). Additionally, the Company has an undrilled acreage inventory prospective for future production covering approximately 140,000 gross and 50,000 net leasehold acres.