Mr. Bodell previously spent 25 years at Unocal Corp. providing fundamental research, supporting trading activities and eventually assuming the role as Director of Strategic Planning and Market Analysis. Mr. Bodell retired from Unocal in 2004 and subsequently became a Director at Cambridge Energy Research Associates, Inc. (CERA) based in Houston, Texas. Presently Mr. Bodell is assisting in the development of a new line of energy research from Strategic Energy Research and Capital. We maintain our view that strong fundamentals will continue in the 2008 global crude market. We anticipate the average WTI spot price to be $90 per barrel although an upward revision may soon be justified. A US Recession that lowers US oil demand could drop that price average but strong global demand continues to keep supply relatively tight and maintains upward pressure on crude prices. Despite $100 per barrel crude prices, global demand is expected to grow by an astonishing 1.5 percent this year according to the international Energy Agency (IEA). The report demonstrates that current Crude Oil price formation, very similar to the 2004-2006 trend in which Crude prices acted somewhat counter intuitively, is being driven by: For a copy of the report please contact your Strategic Energy Research and Capital representative.