**Subsidiaries**

**of the Registrant (6)**

 

The following is a list of the Company's consolidated subsidiaries as of December 31, 2006:

 

|   |  

 

 

Subsidiary                         |  

State or

Country of

Organization | Percent of

Voting

Securities

Owned |
|--------|------------------------------------------------------------|--------------------------------------------|---------------------------------------|
|   |                                                       |                                       |                                  |
|   | The Beard Company (1)                                      | Oklahoma                                   | Registrant                            |
|   | Advanced Internet Technologies, L.L.C. (2)                 | Oklahoma                                   | 71%                                   |
|   | Beard Environmental Engineering, L.L.C. (3)                | Oklahoma                                   | 100%                                  |
|   | Beard Oil Company                                          | Delaware                                   | 100%                                  |
|   | Beard Sino-American Resources Co., Inc.                    | Oklahoma                                   | 100%                                  |
|   | Beard Technologies, Inc. (4)                               | Oklahoma                                   | 100%                                  |
|   | BEE/7HBF, LLC (5)                                          | Oklahoma                                   | 50%                                   |
|   | Beijing Beard Sino-American Bio-Tech Engineering Co., Ltd. | China                                      | 100%                                  |
|   | starpay. com, l.l.c.                                       | Oklahoma                                   | 71%                                   |
|   | Xianghe BH Fertilizer Co., Ltd.                            | China                                      | 50%                                   |

 

| (1) | The consolidated financial statements of the Company include accounts of Registrant and the subsidiaries controlled by the Registrant.                                                                                                       |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Owns 100% of starpay. com, l.l.c.                                                                                                                                                                                                            |
| (3) | Owns 100% of Beijing Beard Sino-American Bio-Tech Engineering Co., Ltd. and Beard Sino-American Resources Co., Inc. and 50% of BEE/7HBF, LLC.                                                                                                |
| (4) | Owns 100% of Beard Pinnacle, LLC.                                                                                                                                                                                                            |
| (5) | Owns 100% of Xianghe BH Fertilizer Co., Ltd.                                                                                                                                                                                                 |
| (6) | Excludes those subsidiaries treated as equity investments, and those subsidiaries which, considered in the aggregate as a single subsidiary, would not constitute a significant subsidiary as of the end of the year covered by this report. |