Walt Duncan

Duncan Oil Properties, Inc. is a privately-held oil and gas exploration and production company established in Oklahoma City by J. Walter Duncan Jr. in the late 1950s. The company has been managed since 1993 by J. Walter Duncan IV, who graduated with honors from the University of Texas with a Masters of Business Administration degree. The Duncan family acquired their first Oil and Gas lease in the Illinois Basin over 75 years ago and currently manages Duncan-owned energy interests in 26 states and Canada. Most of the company's operated wells are located in Western Oklahoma. At Duncan Oil Properties, Inc., we strive to let the opportunities drive the budget instead of letting the budget drive the opportunities. We believe the greatest opportunity to create value in our industry is through the drillbit. Accurate and fair reserve estimates are key to establishing good development-drilling prospects. We believe the cycles in the E&P Industry will continue to be deeper and shorter in duration. In a commodity-based industry there is no substitute for low development costs. While the majority of E&P companies are now heavily-leveraged, we continue to believe in a conservative sustainable balance sheet which will ensure our future growth. We know this business plan works, as evidenced by our long and successful history. Our company is interested in establishing relationships with qualified investors and partnering with like-minded energy companies for the purposes of exploring for and developing oil and gas reserves in the Anadarko and Permian Basins.