Document:

Exhibit 10.2

                          CONTRIBUTION, CONVEYANCE AND
                              ASSUMPTION AGREEMENT

     This Contribution,  Conveyance and Assumption Agreement,  dated as of March
___,  2007 is entered  into by and among HPG  ACQUISITION  LLC, a Texas  limited
liability company (formerly HAMPSHIRE PLAZA GARAGE, LLC, a New Hampshire limited
liability company) (the "Company");  TCTB PARTNERS, LTD, a Texas ------- limited
partnership,  ("TCTB Partners") as nominee for AMEN PROPERTIES, INC., a Delaware
corporation,  DALE A. BROWN, CARY D. BROWN, MCGRAW BROTHERS INVESTMENTS, a Texas
general partnership,  KYLE STALLINGS,  JOHN NORWOOD and JON MORGAN (collectively
the "Old TCTB Group"), and S.E.S. INVESTMENTS, LTD., a Texas limited partnership
("SES"),  HERMAN C. WALKER,  III,  ("Walker") ERIC D. BOYT PENSION PLAN ("Boyt")
and  MILLARD  V.  OAKLEY,   and  UNIVERSAL   GUARANTY  LIFE  INSURANCE  COMPANY,
(collectively the "Initial Members").

     The  foregoing   shall  be  referred  to  individually  as  a  "Party"  and
collectively as the "Parties".

                                R E C I T A L S:

      WHEREAS, the HAMPSHIRE PLAZA GARAGE, LLC was formed by the Initial Members
      pursuant  to the laws of the  State of New  Hampshire  to own and  operate
      certain real estate properties;

      WHEREAS,  the Company was formed by the  Initial  Members  pursuant to the
      laws of the State of Texas,  and HAMPSHIRE PLAZA GARAGE,  LLC, merged with
      the Company, with the Company being the surviving entity;

      WHEREAS the Company,  SES and the Old TCTB Group currently own, as tenants
      in common,  all  interests in certain  commercial  properties  in Midland,
      Texas;

      WHEREAS,  the Metro Building Owners  (hereinafter  defined) currently hold
      title to a  commercial  property  known as the Metro  Building in Midland,
      Texas and desire to  contribute  their  ownership of such  property to the
      Company;

      WHEREAS the Company owns additional  properties in Midland.  Texas that it
      desires to continue to hold for investment purposes; and

      WHEREAS,  the Parties have  determined that it is in the best interests of
      the parties to consolidate  ownership of the properties in one entity, and
      thus the Old TCTB  Group,  the Metro  Building  Owners  and SES  desire to
      contribute their ownership interests in certain commercial real properties
      to the Company in exchange for membership interests in the Company.

      NOW,  THEREFORE,   in  consideration  of  their  mutual  undertakings  and
      agreements hereunder, the Parties undertake and agree as follows:

                                      -1-
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                                   ARTICLE I
                            Definitions and Schedules

1.1 Definitions. The following capitalized terms have the meanings given below:

      (a)  "Agreement"  means  this  Contribution,   Conveyance  and  Assumption
      Agreement.

      (b) "Assets" has the meaning assigned to such term in Section 4.1.

      (c)  "Company  Agreement"  means the First  Amended and  Restated  Company
      Agreement of the Company,  as it may be amended and restated  from time to
      time.

      (d) "Effective Date" means March 1, 2007.

      (e)  "Effective  Time"  means  12:01  a.m.  Central  Standard  Time on the
      Effective Date.

      (f)  "Hampshire  Assets" means  collectively,  the interests in the Assets
      owned by the Company  prior to the  execution  of this  Agreement,  as set
      forth on Schedule 2.4.

      (g)  "Individual  Assignments"  has the  meaning  assigned to such term in
      Section 2.3.

      (h)  "Liabilities"  means all obligations and liabilities  associated with
      the Assets.

      (i)  "Laws"  means  any and  all  laws,  statutes,  ordinances,  rules  or
      regulations  promulgated  by  a  governmental   authority,   orders  of  a
      governmental  authority,  judicial decisions,  decisions of arbitrators or
      determinations of any governmental authority or court.

      (j) "Metro  Building  Owners"  means Jon Morgan,  John  Norwood,  Boyt and
      Walker.

      (k) "Metro Building Owner Assets" means collectively, the interests in the
      Assets owned by the Metro Building Owners, as set forth on Schedule 2.3.

      (l) "Old TCTB Group  Assets"  means  collectively,  the  interests  in the
      Assets owned by the Old TCTB Group, as set forth on Schedule 2.1.

      (m) "Party and Parties"  have the  meanings  assigned to such terms in the
      first paragraph of this Agreement.

      (n) "Sharing  Ratios" means the Sharing  Ratios (as defined in the Company
      Agreement) of the Parties  following the transaction  contemplated by this
      Agreement.

      (o)  "TCTB  Company   Agreement"  means  the  company  agreement  of  TCTB
      Management  entered into by the members of TCTB Management dated September
      29, 2006.

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<PAGE>

      (p) "TCTB Sharing Ratios" means the Sharing Ratios (as defined in the TCTB
      Company  Agreement)  of  the  Parties  in  TCTB  Management  prior  to the
      transaction contemplated by this Agreement.

1.2 Schedules. The following schedules are attached hereto:

      Schedule 2.1 - Description of Old TCTB Group Assets;

      Schedule 2.2 - Description of SES Assets;

      Schedule 2.3 - Description of Metro Building Owner Assets;

      Schedule 2.4 - Description of Hampshire Assets;

      Schedule 2.5 - TCTB Sharing Ratios;

      Schedule 2.6 - HPG Acquisition New Sharing Ratios;

      Schedule 3.1 - Schedule of Additional Capital Contributions

      Schedule 7.3 - First Amended and Restated Company Agreement

                                   ARTICLE II
                              Closing Transactions

2.1 Contribution of Old TCTB Group Assets to Company.  The Old TCTB Group hereby
contributes and conveys to the Company all of its fee simple and other ownership
interests in the Old TCTB Group Assets effective as of the Effective Date.

     TO HAVE AND TO HOLD the Old  TCTB  Group  Assets  unto the  Company,  their
respective  successors and assigns, in such undivided  interests,  together with
all and  singular  the rights and  appurtenances  thereto in anywise  belonging,
subject, however, to the terms and conditions stated in this Agreement forever.

     The Company will issue membership interest in the Company to each member of
the Old TCTB Group in the amounts set forth on Schedule  2.6, and each member of
the Old TCTB Group  acknowledges  the  receipt  of  membership  interest  in the
Company as consideration for the contributions of undivided interests in the Old
TCTB Group Assets.

2.2 Contribution of SES Assets to Company. SES hereby contributes and conveys to
the Company all of its interest in the SES Assets.

     TO HAVE  AND TO HOLD the SES  Assets  unto the  Company,  their  respective
successors  and assigns,  in such  undivided  interests,  together  with all and
singular the rights and  appurtenances  thereto in anywise  belonging,  subject,
however, to the terms and conditions stated in this Agreement forever.

     The  Company  will issue  membership  interest in the Company to SES in the
amounts  set  forth  on  Schedule  2.6,  and SES  acknowledges  the  receipt  of
membership  interest in the Company as  consideration  for the  contributions of
undivided interests in the SES Assets.

                                      -3-
<PAGE>

2.3 Individual Assignments.  To further evidence the contributions of the Assets
reflected in this  Agreement,  each  Contributing  Party  (hereinafter  defined)
making  such  contribution  shall have  executed  and  delivered  to the Company
certain  conveyance,  assignment and bill of sale  instruments  (the "Individual
Assignments").  The  Individual  Assignments  shall  evidence  and perfect  such
contributions  and conveyances made by this Agreement and shall not constitute a
second conveyance of any assets or interests therein and shall be subject to the
terms of this Agreement, and the language of the Individual Assignments shall be
controlling as to the conveyances.

2.4 Contribution of Metro Building Owners Assets to Company.  The Metro Building
Owners  hereby  contribute  and convey to the Company all of its interest in the
Metro Building Owners Assets.

     TO HAVE AND TO HOLD the Metro  Building  Owners  Assets  unto the  Company,
their respective  successors and assigns, in such undivided interests,  together
with all and singular the rights and appurtenances thereto in anywise belonging,
subject, however, to the terms and conditions stated in this Agreement forever.

     The  Company  will issue  membership  interest  in the Company to the Metro
Building Owners in the amounts set forth on Schedule 2.6, and the Metro Building
Owners  acknowledge  the  receipt  of  membership  interest  in the  Company  as
consideration for the contributions of undivided interests in the Metro Building
Owners Assets.

                                  ARTICLE III
         Additional Capital Contributions and Assumption of Obligations

3.1 Additional Capital Contributions. In connection with the contribution of the
Assets to the Company,  the Old TCTB Group,  the Metro  Building  Owners and SES
acknowledge  that  prior to this  Agreement,  the  Company  owned  100% of three
properties in Midland, Texas, with an agreed value of $2,100,000, but subject to
debt in the amount of $373,862.  Additionally,  the Company,  the Old TCTB Group
and SES  acknowledge  that the Metro  Building  Owners are  contributing  a 100%
interest in the property known as the Metro Building, in Midland, Texas, with an
agreed value of $175,000.  Accordingly, SES and the Old TCTB Group agree to make
additional capital contributions in the form of cash in the amounts set forth on
Schedule  3.1 in order to have Sharing  Ratios in the Company  equal to the TCTB
Sharing  Ratios.  Such  capital  contributions  shall  be made  within  five (5)
businesses days of the execution of this Agreement. After the additional capital
contributions  are made by the Old TCTB Group and SES, the Metro Building Owners
will make the contribution of the Metro Building, and the Sharing Ratios will be
adjusted to reflect the addition value contributed by the Metro Building Owners.
The final Sharing Ratios reflecting all additional capital  contributions by the
Old TCTB Group, SES and the Metro Building Owners are set forth on Schedule 2.6.

3.2 Assumption of Obligations and Rights. In connection with the contribution of
the Assets to the Company,  as set forth above,  the Company  hereby assumes and
agrees to duly and timely pay,  perform and discharge  all of the  obligation of
the Contributing parties related to the Properties,  to the full extent that the
Contributing Party (hereinafter  defined) has been heretofore or would have been
in the future  obligated to pay,  perform and discharge such  obligation were it
not for such contribution and the execution and delivery of this Agreement.  The
Company will be entitled to all revenues  related to the Assets  accruing  after
the Effective Date.

                                      -4-
<PAGE>

3.3 General  Provisions.  Notwithstanding  anything to the contrary contained in
this Agreement including,  without limitation,  the terms and provisions of this
Article III, none of the parties  shall be deemed to have  assumed,  and none of
the Assets have been or are being  contributed  subject to any liens or security
interests securing consensual indebtedness covering any of the assets, except to
the  extent  set forth in Section  4.1  below,  and all such liens and  security
interests  shall be deemed to be excluded from the  assumptions  of  liabilities
made under this Article III.

                                   ARTICLE IV
                                  Title Matters

4.1 Encumbrances.

     (a) Each Contributing  Party represents that that the Assets contributed by
    such Contributing  Party are free from liens and  encumbrances.  The Parties
    acknowledge that the Hampshire Assets are subject to a debt in the amount of
    $373,862 in favor of First National Bank, Midland, Texas, and payable by the
    Company.

     (b) To the  extent  that  certain  jurisdictions  in which the  Assets  are
    located  may require  that  documents  be recorded in order to evidence  the
    transfers of title  reflected in this  Agreement,  then the  provisions  set
    forth in Section  4.1(a)  immediately  above shall also be applicable to the
    conveyances under such documents.

4.2 Disclaimer of Warranties; Subrogation.

     (a)  EXCEPT TO THE  EXTENT  PROVIDED  IN ANY  OTHER  DOCUMENT  EXECUTED  OR
    DELIVERED IN CONNECTION  WITH THIS  AGREEMENT,  THE PARTIES  ACKNOWLEDGE AND
    AGREE THAT NONE OF THE PARTIES HAS MADE,  DOES NOT MAKE, AND EACH SUCH PARTY
    SPECIFICALLY  NEGATES  AND  DISCLAIMS,   ANY  REPRESENTATIONS,   WARRANTIES,
    PROMISES,  COVENANTS,  AGREEMENTS  OR  GUARANTIES  OF ANY KIND OR  CHARACTER
    WHATSOEVER,  WHETHER EXPRESS, IMPLIED OR STATUTORY, ORAL OR WRITTEN, PAST OR
    PRESENT, REGARDING (A) THE VALUE, NATURE, QUALITY OR CONDITION OF THE ASSETS
    INCLUDING,  WITHOUT  LIMITATION,  THE WATER,  SOIL, GEOLOGY OR ENVIRONMENTAL
    CONDITION  OF THE  ASSETS  GENERALLY,  INCLUDING  THE  PRESENCE  OR  LACK OF
    HAZARDOUS  SUBSTANCES OR OTHER  MATTERS ON THE ASSETS,  (B) THE INCOME TO BE
    DERIVED FROM THE ASSETS,  (C) THE  SUITABILITY OF THE ASSETS FOR ANY AND ALL
    ACTIVITIES AND USES THAT MAY BE CONDUCTED THEREON,  (D) THE COMPLIANCE OF OR
    BY THE ASSETS OR THEIR OPERATION WITH ANY LAWS (INCLUDING WITHOUT LIMITATION
    ANY ZONING,  ENVIRONMENTAL  PROTECTION,  POLLUTION OR LAND USE LAWS,  RULES,
    REGULATIONS,   ORDERS   OR   REQUIREMENTS),   OR   (E)   THE   HABITABILITY,
    MERCHANTABILITY,  MARKETABILITY,  PROFITABILITY  OR FITNESS FOR A PARTICULAR
    PURPOSE OF THE ASSETS.  EXCEPT TO THE EXTENT  PROVIDED IN ANY OTHER DOCUMENT
    EXECUTED  OR  DELIVERED  IN  CONNECTION  WITH THIS  AGREEMENT,  THE  PARTIES
    ACKNOWLEDGE  AND AGREE  THAT EACH HAS HAD THE  OPPORTUNITY  TO  INSPECT  THE
    RESPECTIVE  ASSETS,  AND EACH IS RELYING SOLELY ON ITS OWN  INVESTIGATION OF
    THE RESPECTIVE ASSETS AND NOT ON ANY INFORMATION  PROVIDED OR TO BE PROVIDED
    BY ANY OF THE PARTIES.  EXCEPT TO THE EXTENT  PROVIDED IN ANY OTHER DOCUMENT
    EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT, NONE OF THE PARTIES
    IS  LIABLE  OR BOUND IN ANY  MANNER BY ANY  VERBAL  OR  WRITTEN  STATEMENTS,

                                      -5-
<PAGE>

    REPRESENTATIONS  OR  INFORMATION  PERTAINING TO THE ASSETS  FURNISHED BY ANY
    AGENT,  EMPLOYEE,  SERVANT OR THIRD PARTY.  EXCEPT TO THE EXTENT PROVIDED IN
    ANY OTHER DOCUMENT  EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT,
    EACH OF THE PARTIES  ACKNOWLEDGES  THAT TO THE MAXIMUM  EXTENT  PERMITTED BY
    LAW, THE CONTRIBUTION OF THE ASSETS AS PROVIDED FOR HEREIN IS MADE IN AN "AS
    IS",  "WHERE IS" CONDITION WITH ALL FAULTS,  AND THE ASSETS ARE  CONTRIBUTED
    AND CONVEYED SUBJECT TO ALL OF THE MATTERS  CONTAINED IN THIS SECTION.  THIS
    SECTION SHALL SURVIVE SUCH CONTRIBUTION AND CONVEYANCE OR THE TERMINATION OF
    THIS  AGREEMENT.  THE PROVISIONS OF THIS SECTION HAVE BEEN NEGOTIATED BY THE
    PARTIES AFTER DUE CONSIDERATION AND ARE INTENDED TO BE A COMPLETE  EXCLUSION
    AND NEGATION OF ANY REPRESENTATIONS OR WARRANTIES,  WHETHER EXPRESS, IMPLIED
    OR STATUTORY,  WITH RESPECT TO THE ASSETS THAT MAY ARISE PURSUANT TO ANY LAW
    NOW OR  HEREAFTER  IN  EFFECT,  OR  OTHERWISE,  EXCEPT  AS SET FORTH IN THIS
    AGREEMENT OR ANY OTHER  DOCUMENT  EXECUTED OR DELIVERED IN  CONNECTION  WITH
    THIS AGREEMENT.

     (b) The contributions of the Assets made under this Agreement are made with
    full  rights of  substitution  and  subrogation  of the  respective  parties
    receiving such contributions, and all persons claiming by, through and under
    such  parties,  to the  extent  assignable,  in and  to  all  covenants  and
    warranties  by the  predecessors-in-title  of the parties  contributing  the
    Assets,  and with full  subrogation of all rights accruing under  applicable
    statutes  of  limitation  and all rights of action of  warranty  against all
    former owners of the Assets.

     (c) Each of the  Parties  agrees  that the  disclaimers  contained  in this
    Section 4.2 are "conspicuous" disclaimers.  Any covenants implied by statute
    or law  by  the  use of the  words  "grant,"  "convey,"  "bargain,"  "sell,"
    "assign,"  "transfer,"  "deliver," or "set over" or any of them or any other
    words used in this  Agreement  or any exhibits  hereto are hereby  expressly
    disclaimed, waived or negated.

4.3 Indemnification by Initial Members. The Initial Members acknowledge that the
Company was  involved in various  business  activities  prior to the date of the
execution of this  Agreement  that could give rise to potential  liabilities  or
claims by third  parties,  or  obligations  to third  parties.  As a part of the
consideration  for the New Members  entering  into this  Agreement  and becoming
Members of the Company, THE INITIAL MEMBERS AGREE TO RELEASE,  PROTECT,  DEFEND,
INDEMNIFY,  AND HOLD  HARMLESS  FOREVER  THE NEW  MEMBERS,  AND THEIR  OFFICERS,
DIRECTORS, EMPLOYEES AND SUBSIDIARIES AND AFFILIATES FROM ALL CLAIMS, LIABILITY,
DAMAGES,  EXPENSES (INCLUDING  REASONABLE  ATTORNEYS' FEES.  ACCOUNTING FEES AND
COURT COSTS) OR OTHER COSTS INCURRED AS A RESULT OF ACTIVITIES, CLAIMS, DEMANDS,
LAWSUITS,  CAUSES OF ACTION,  OR  JUDGMENTS  ARISING AS A RESULT OF THE  INITIAL
MEMBERS'  OWNERSHIP  OR  OPERATION  OF THE COMPANY  PRIOR TO THE  CLOSING  DATE,
INCLUDING ANY OBLIGATIONS FOR THE PAYMENT OF TAXES,  FEES,  EXPENSES,  ATTORNEYS
FEES, OR OBLIGATIONS OF ANY TYPE.

                                      -6-
<PAGE>

4.4  Indemnification by New Members.  The New Members acknowledge that they were
involved in various business activities relating to the contributed assets prior
to the date of the execution of this Agreement that could give rise to potential
liabilities  or claims by third parties,  or obligations to third parties.  As a
part of the  consideration for the Initial Members entering into this Agreement,
THE NEW MEMBERS AGREE TO RELEASE,  PROTECT, DEFEND, INDEMNIFY, AND HOLD HARMLESS
FOREVER  THE INITIAL  MEMBERS,  AND THEIR  OFFICERS,  DIRECTORS,  EMPLOYEES  AND
SUBSIDIARIES  AND  AFFILIATES  FROM ALL  CLAIMS,  LIABILITY,  DAMAGES,  EXPENSES
(INCLUDING  REASONABLE  ATTORNEYS' FEES AND COURT COSTS) OR OTHER COSTS INCURRED
AS A RESULT OF  ACTIVITIES,  CLAIMS,  DEMANDS,  LAWSUITS,  CAUSES OF ACTION,  OR
JUDGMENTS  ARISING AS A RESULT OF THE NEW  MEMBERS'  OWNERSHIP  OR  OPERATION OF
ASSETS PRIOR TO THE CLOSING DATE,  INCLUDING ANY  OBLIGATIONS FOR THE PAYMENT OF
TAXES, FEES, EXPENSES, ATTORNEYS FEES, OR OBLIGATIONS OF ANY TYPE.

                                   ARTICLE V
                               FURTHER ASSURANCES

5.1 Further Assurances. From time to time after the date hereof, and without any
further consideration, the Parties agree to execute, acknowledge and deliver all
such additional deeds,  assignments,  bills of sale,  conveyances,  instruments,
notices, releases,  acquittances and other documents, and will do all such other
acts and things,  all in accordance  with applicable law, as may be necessary or
appropriate (a) more fully to assure that the applicable  Parties own all of the
properties,  rights, titles, interests, estates, remedies, powers and privileges
granted by this Agreement, or which are intended to be so granted (b) more fully
and  effectively  to  vest  in  the  applicable  Parties  and  their  respective
successors and assigns beneficial and record title to the interests  contributed
and  assigned  by this  Agreement  or  intended  so to be and to more  fully and
effectively carry out the purposes and intent of this Agreement.

                                   ARTICLE VI
                               POWERS OF ATTORNEY

6.1 Contributing Parties. Each of the Parties that has contributed the Assets as
reflected by this Agreement (each a "Contributing Party") hereby constitutes and
appoints  the  Company its true and lawful  attorney-in-fact  with full power of
substitution  for it and in its name,  place and stead or otherwise on behalf of
the applicable  Contributing  Party and its successors and assigns,  and for the
benefit of the Company and its  successors  and  assigns,  to demand and receive
from time to time the applicable  Assets  contributed and to execute in the name
of the applicable  Contributing Party and its successors and assigns instruments
of  conveyance,  instruments  of  further  assurance  and to give  receipts  and
releases  in  respect  of the  same,  and  from  time to time to  institute  and
prosecute in the name of the  applicable  Contributing  Party for the benefit of
the Company as may be appropriate,  any and all proceedings at law, in equity or
otherwise  which the Company and its successors and assigns,  may deem proper in
order to (a) collect, assert or enforce any claims, rights or titles of any kind
in and to the applicable  Assets, (b) defend and compromise any and all actions,
suits or proceedings in respect of any of the applicable  Assets, and (c) do any
and all such acts and things in  furtherance of this Agreement as the Company or
its successors or assigns shall deem advisable.  Each Contributing  Party hereby
declares that the  appointments  hereby made and the powers  hereby  granted are
coupled  with an interest and are and shall be  irrevocable  and  perpetual  and
shall not be terminated by any act of any  Contributing  Party or its successors
or assigns or by operation of law.

                                      -7-
<PAGE>

                                  ARTICLE VII
                                  MISCELLANEOUS

7.1 Order of  Completion  of  Transactions.  The  transactions  provided  for in
Article II (except as otherwise  noted) and Article III of this Agreement  shall
be completed on the Effective Date in the following order:

     First,  the  transactions  provided for in Article II,  Sections 2.1 to 2.3
shall  be  completed  in the  order  set  forth  therein,  with  the  Individual
Assignments being recorded; and

     Second, the transactions  provided for in Article III shall be completed in
the order set forth therein.

     Third,  the  transactions  provided for in Article II, Section 2.4 shall be
completed in the order set forth therein.

7.2 Costs. The Company shall pay all sales, use and similar taxes arising out of
the  contributions,  conveyances and deliveries to be made hereunder,  and shall
pay all documentary, filing, recording, transfer, deed, and conveyance taxes and
fees required in connection therewith.

7.3 Tax Basis. The Parties understand that the properties will have the same tax
basis as they had prior to the  contribution  and  therefore  each  Contributing
Party may have a  different  allocation  of tax basis  inside  the  Company  for
partnership  tax  purposes.  The  parties  understand  that  special  allocation
provisions are set forth in the Company  Agreement to adjust for the differences
in tax basis.  The  Parties  agree to execute  the First  Amended  and  Restated
Company  Agreement,  a copy of which is attached as  Schedule  7.3,  immediately
following the transactions contemplated in this Agreement.

7.4 Headings;  References;  Interpretation.  All Article and Section headings in
this  Agreement are for  convenience  only and shall not be deemed to control or
affect the meaning or  construction of any of the provisions  hereof.  The words
"hereof,"  "herein" and "hereunder"  and words of similar  import,  when used in
this  Agreement,  shall refer to this  Agreement as a whole,  including  without
limitation,  all Schedules attached hereto, and not to any particular  provision
of this Agreement.  All references herein to Articles,  Sections,  and Schedules
shall,  unless the context  requires a different  construction,  be deemed to be
references  to  the  Articles,   Sections  and  Schedules  of  this   Agreement,
respectively,  and all such Schedules  attached  hereto are hereby  incorporated
herein and made a part hereof for all  purposes.  All personal  pronouns used in
this Agreement, whether used in the masculine,  feminine or neuter gender, shall
include all other  genders,  and the singular  shall include the plural and vice
versa. The use herein of the word "including"  following any general  statement,
term or matter shall not be construed to limit such statement, term or matter to
the specific  items or matters set forth  immediately  following such word or to
similar items or matters, whether or not non-limiting language (such as "without
limitation,"  "but not  limited  to," or words of  similar  import) is used with
reference  thereto,  but rather  shall be deemed to refer to all other  items or
matters that could  reasonably  fall within the broadest  possible scope of such
general statement, term or matter.

7.5 Successors and Assigns. The Agreement shall be binding upon and inure to the
benefit of the parties  signatory  hereto and their  respective  successors  and
assigns.

7.6 No Third Party Rights. The provisions of this Agreement are intended to bind
the parties signatory hereto as to each other and are not intended to and do not

                                      -8-
<PAGE>

create  rights in any other person or confer upon any other person any benefits,
rights  or  remedies  and  no  person  is or is  intended  to be a  third  party
beneficiary of any of the provisions of this Agreement.

7.7 Counterparts.  This Agreement may be executed in any number of counterparts,
all of which  together  shall  constitute  one agreement  binding on the parties
hereto.

7.8  Governing  Law.  This  Agreement  shall be governed  by, and  construed  in
accordance with, the laws of the State of Texas applicable to contracts made and
to be performed  wholly within such state  without  giving effect to conflict of
law principles  thereof,  except to the extent that it is mandatory that the law
of some other jurisdiction, wherein the Assets are located, shall apply.

7.9  Severability.  If any of the  provisions of this  Agreement are held by any
court of competent jurisdiction to contravene,  or to be invalid under, the laws
of any political body having  jurisdiction over the subject matter hereof,  such
contravention or invalidity shall not invalidate the entire Agreement.  Instead,
this  Agreement  shall be  construed  as if it did not  contain  the  particular
provision or provisions held to be invalid, and an equitable adjustment shall be
made and necessary  provision added so as to give effect to the intention of the
Parties  as  expressed  in  this  Agreement  at the  time of  execution  of this
Agreement.

7.10 Deed;  Bill of Sale;  Assignment.  To the extent  required and permitted by
applicable law, this Agreement shall also constitute a "deed," "bill of sale" or
"assignment" of the Assets.

7.11 Amendment or  Modification.  This Agreement may be amended or modified from
time to time  only by the  written  agreement  of all  the  Parties  hereto  and
affected thereby.

7.12  Integration.   This  Agreement,  the  Company  Agreement,  the  conveyance
documents and such instruments  contain the entire  understanding of the Parties
with  respect to the  subject  matter  hereof  and  thereof.  No  understanding,
representation, promise or agreement, whether oral or written, is intended to be
or shall be included in or form part of this Agreement unless it is contained in
a written amendment hereto executed by the parties hereto after the date of this
Agreement.

     IN WITNESS  WHEREOF,  this  Agreement has been duly executed by the parties
hereto as of the date first written above.

                                        TCTB Partners, Ltd.
                                        By: TCTB Company, Inc.,
                                        its sole general partner

                                        By: /s/ Jon Morgan
                                           -------------------------------------
                                           Jon Morgan, President

                                      -9-
<PAGE>

                                        AMEN PROPERTIES, INC.

                                        By:/s/ Jon Morgan
                                           -------------------------------------
                                           Jon Morgan, President

                                           /s/ DALE A. BROWN
                                           -------------------------------------
                                           DALE A. BROWN

                                           /s/ CARY D. BROWN
                                           -------------------------------------
                                           CARY D. BROWN

                                           /s/ KYLE STALLINGS
                                           -------------------------------------
                                           KYLE STALLINGS

                                        MCGRAW BROTHERS INVESTMENTS

                                        By:/s/ Kyle A. McGraw
                                           -------------------------------------
                                           Kyle A. McGraw, Managing General
                                           Partner

                                           /s/ JOHN NORWOOD
                                           -------------------------------------
                                           JOHN NORWOOD

                                           /s/ JON MORGAN
                                           -------------------------------------
                                           JON MORGAN

                                           /s/ HERMAN C. WALKER, III
                                           -------------------------------------
                                           HERMAN C. WALKER, III

                                        ERIC D. BOYT PENSION PLAN

                                        By:/s/ Eric D. Boyt
                                           -------------------------------------
                                           Eric D. Boyt, Trustee

                                        S.E.S. INVESTMENTS, LTD.
                                        By: S.E.S. Operating, Inc., its general
                                            partner

                                           /s/ Wes Perry
                                           -------------------------------------
                                           Wes Perry, President

                                      -10-
<PAGE>

                                        HPG ACQUISITION, LLC
                                        By: Universal Guaranty Life Insurance
                                            Company, Member

                                        By:/s/ Doug Ditto
                                           -------------------------------------
                                           Doug Ditto, Assistant V. P.

                                        Universal Guaranty Life Insurance
                                        Company, Member

                                           /s/ Doug Ditto
                                           -------------------------------------
                                           Doug Ditto, Assistant V. P.

                                           /s/ MILLARD V. OAKLEY
                                           -------------------------------------
                                           MILLARD V. OAKLEY

                                      -11-
<PAGE>

STATE OF TEXAS

COUNTY OF MIDLAND

     The foregoing  instrument was acknowledged before me this ___ day of March,
2007, by Jon Morgan,  the President of TCTB Company,  Inc, as general partner of
TCTB Partners, Ltd., on behalf of said limited partnership.

     IN WITNESS  WHEREOF,  I have  hereunto  set my hand and affixed my official
seal this ___ day of March, 2007.

                                           -------------------------------------
                                           Notary Public in and for the State of
                                           Texas
                                           My commission expires:
                                                                 ---------------

STATE OF TEXAS

COUNTY OF MIDLAND

     The foregoing  instrument was acknowledged before me this ___ day of March,
2007, by Jon Morgan, the President of AMEN PROPERTIES, INC.

     IN WITNESS  WHEREOF,  I have  hereunto  set my hand and affixed my official
seal this ___ day of March 2007.

                                           -------------------------------------
                                           Notary Public in and for the State of
                                           Texas
                                           My commission expires:
                                                                 ---------------

STATE OF TEXAS

COUNTY OF MIDLAND

     The foregoing  instrument was acknowledged  before me this ___ day of March
2007, by DALE A. BROWN.

     IN WITNESS  WHEREOF,  I have  hereunto  set my hand and affixed my official
seal this ___ day of March 2007.

                                           -------------------------------------
                                           Notary Public in and for the State of
                                           Texas
                                           My commission expires:
                                                                 ---------------

                                      -12-
<PAGE>

STATE OF TEXAS

COUNTY OF MIDLAND

     The foregoing  instrument was acknowledged  before me this ___ day of March
2007, by CARY D. BROWN.

     IN WITNESS  WHEREOF,  I have  hereunto  set my hand and affixed my official
seal this ___ day of March 2007.

                                           -------------------------------------
                                           Notary Public in and for the State of
                                           Texas
                                           My commission expires:
                                                                 ---------------

STATE OF TEXAS

COUNTY OF MIDLAND

     The foregoing  instrument was acknowledged  before me this ___ day of March
2007,  by  Kyle A.  McGraw  as  Managing  General  Partner  of  MCGRAW  BROTHERS
INVESTMENTS, a Texas general partnership.

     IN WITNESS  WHEREOF,  I have  hereunto  set my hand and affixed my official
seal this ___ day of March 2007.

                                           -------------------------------------
                                           Notary Public in and for the State of
                                           Texas
                                           My commission expires:
                                                                 ---------------

STATE OF TEXAS

COUNTY OF MIDLAND

     The foregoing  instrument was acknowledged  before me this ___ day of March
2007, by KYLE STALLINGS.

     IN WITNESS  WHEREOF,  I have  hereunto  set my hand and affixed my official
seal this ___ day of March 2007.

                                           -------------------------------------
                                           Notary Public in and for the State of
                                           Texas
                                           My commission expires:
                                                                 ---------------

                                      -13-
<PAGE>

STATE OF TEXAS

COUNTY OF MIDLAND

     The foregoing  instrument was acknowledged  before me this ___ day of March
2007, by JOHN NORWOOD.

     IN WITNESS  WHEREOF,  I have  hereunto  set my hand and affixed my official
seal this ___ day of March 2007.

                                           -------------------------------------
                                           Notary Public in and for the State of
                                           Texas
                                           My commission expires:
                                                                 ---------------

STATE OF TEXAS

COUNTY OF MIDLAND

     The foregoing  instrument was acknowledged  before me this ___ day of March
2007, by JON MORGAN.

     IN WITNESS  WHEREOF,  I have  hereunto  set my hand and affixed my official
seal this ___ day of March 2007.

                                           -------------------------------------
                                           Notary Public in and for the State of
                                           Texas
                                           My commission expires:
                                                                 ---------------

STATE OF TEXAS

COUNTY OF MIDLAND

     The foregoing  instrument was acknowledged  before me this ___ day of March
2007, by HERMAN C. WALKER, III.

     IN WITNESS  WHEREOF,  I have  hereunto  set my hand and affixed my official
seal this ___ day of March 2007.

                                           -------------------------------------
                                           Notary Public in and for the State of
                                           Texas
                                           My commission expires:
                                                                 ---------------

                                      -14-
<PAGE>

STATE OF TEXAS

COUNTY OF MIDLAND

     The foregoing  instrument was acknowledged  before me this ___ day of March
2007,  by ERIC D. BOYT as Trustee of the ERIC D. BOYT PENSION PLAN, on behalf of
said pension plan.

     IN WITNESS  WHEREOF,  I have  hereunto  set my hand and affixed my official
seal this ___ day of March 2007.

                                           -------------------------------------
                                           Notary Public in and for the State of
                                           Texas
                                           My commission expires:
                                                                 ---------------

STATE OF TEXAS

COUNTY OF MIDLAND

     The foregoing  instrument was acknowledged before me this ___ day of March,
2007, by Wes Perry, the President of S.E.S. Operating,  Inc., as general partner
of S.E.S. Investments, Ltd., on behalf of said limited partnership.

     IN WITNESS  WHEREOF,  I have  hereunto  set my hand and affixed my official
seal this ___ day of March, 2007.

                                           -------------------------------------
                                           Notary Public in and for the State of
                                           Texas
                                           My commission expires:
                                                                 ---------------

                                      -15-
<PAGE>

STATE OF KENTUCKY

COUNTY OF ____________

     The foregoing  instrument was acknowledged before me this ___ day of March,
2007, by ____________________, the __________________ of Universal Guaranty Life
Insurance  Company,  as member of HPG Acquisition LLC a Texas limited  liability
company, on behalf of said limited liability company.

     IN WITNESS  WHEREOF,  I have  hereunto  set my hand and affixed my official
seal this ___ day of March, 2007.

                                           -------------------------------------
                                           Notary Public in and for the State of
                                           Texas
                                           My commission expires:
                                                                 ---------------

STATE OF KENTUCKY

COUNTY OF ____________

     The foregoing  instrument was acknowledged before me this ___ day of March,
2007, by ____________________, the __________________ of Universal Guaranty Life
Insurance Company, on behalf of said company.

     IN WITNESS  WHEREOF,  I have  hereunto  set my hand and affixed my official
seal this ___ day of March, 2007.

                                           -------------------------------------
                                           Notary Public in and for the State of
                                           Texas
                                           My commission expires:
                                                                 ---------------

STATE OF __________

COUNTY OF _________

     The foregoing  instrument was acknowledged  before me this ___ day of March
2007, by MILLARD V. OAKLEY.

     IN WITNESS  WHEREOF,  I have  hereunto  set my hand and affixed my official
seal this ___ day of March 2007.

                                           -------------------------------------
                                           Notary Public in and for the State of
                                           ________
                                           My commission expires:
                                                                 ---------------

                                      -16-
<PAGE>

                                  Schedule 2.1
                                  ------------

All of THE OLD TCTB  GROUP's  undivided  25%  interest  in and to the  following
described assets:

     (a) Real  Property.  Fee simple  interest in those certain  parcels of real
estate known as the Bank of America Building,  located at 303 W. Wall,  Midland,
Texas; the Century Plaza Building,  located at 310 W. Wall, Midland,  Texas; and
the Bank of America Drive-thru Bank, located at 400 N. Loraine,  Midland, Texas,
and legally  described in the Special  Warranty Deed executed in connection with
this  Agreement,  being  the land  ("Lands"),  together  with  (i) all  building
structures,  improvements,  parking areas,  roadways and fixtures located on the
Lands ("Improvements"),  and (ii) all rights, privileges, easements, reversions,
water rights,  development  rights,  air rights,  servitudes  and  appurtenances
thereunto  belonging or appertaining,  and all right,  title and interest of THE
OLD TCTB GROUP, if any, in and to the streets, alleys and rights-of-way adjacent
to the Lands and the Improvements (collectively, the "Real Property").

     (b) Personal Property.  All of the equipment,  tools,  supplies,  machines,
furnishings and other personal  property owned by THE OLD TCTB GROUP and used in
the  operation of the Real  Property,  (all of which  together are  collectively
referred to as the "Personal Property").

     (c) Leases.  THE OLD TCTB GROUP's interest as landlord in and to the leases
with various tenants (the "Tenants") relating to the Improvements, together with
all amendments or modifications  thereto (such leases, as amended,  being herein
referred to as the "Leases").

     (d)  Permits.  THE  OLD  TCTB  GROUP's  interest  in and to all  assignable
licenses, permits, certificates of occupancy , approvals,  subdivision maps, and
entitlements,  if any,  owned by THE OLD TCTB GROUP and  pertaining  to the Real
Property and Personal Property, (all of which together are collectively referred
to as the "Permits").

     (e)  Warranties.  THE OLD TCTB  GROUP's  interest in and to all  unexpired,
assignable  warranties and guaranties  given or assigned to, or benefiting,  THE
OLD TCTB GROUP,  the Real  Property  or the  Personal  Property  relating to the
acquisition,  construction, design, use, operation, management or maintenance of
the Real Property or the Personal Property, (collectively, the "Warranties").

     (f)  Contracts.  THE OLD TCTB  GROUP's  interest in all service  contracts,
maintenance agreements, landscaping contracts, and maintenance contracts.

     (g) Other  Intangibles.  THE OLD TCTB GROUP's  interest in and to all other
assignable  intangible  property (the "Other Intangible  Property") owned by THE
OLD TCTB GROUP pertaining to the Real Property and Personal Property, including,
without limitation,  trade names, geotechnical reports, operating manuals, floor
plans (including any related computer aided design measurements),  and landscape
plans.

                                      -17-
<PAGE>

                                  Schedule 2.2
                                  ------------

All of SES's undivided 10% interest in and to the following described assets:

     (a) Real  Property.  Fee simple  interest in those certain  parcels of real
estate known as the Bank of America Building,  located at 303 W. Wall,  Midland,
Texas; the Century Plaza Building,  located at 310 W. Wall, Midland,  Texas; and
the Bank of America Drive-thru Bank, located at 400 N. Loraine,  Midland, Texas,
and legally  described in the Special  Warranty Deed executed in connection with
this  Agreement,  being  the land  ("Lands"),  together  with  (i) all  building
structures,  improvements,  parking areas,  roadways and fixtures located on the
Lands ("Improvements"),  and (ii) all rights, privileges, easements, reversions,
water rights,  development  rights,  air rights,  servitudes  and  appurtenances
thereunto  belonging or appertaining,  and all right, title and interest of SES,
if any, in and to the streets,  alleys and  rights-of-way  adjacent to the Lands
and the Improvements (collectively, the "Real Property").

     (b) Personal Property.  All of the equipment,  tools,  supplies,  machines,
furnishings  and other personal  property owned by SES and used in the operation
of the Real Property, (all of which together are collectively referred to as the
"Personal Property").

     (c) Leases.  SES's  interest as landlord in and to the leases with  various
tenants  (the  "Tenants")  relating  to  the  Improvements,  together  with  all
amendments  or  modifications  thereto (such  leases,  as amended,  being herein
referred to as the "Leases").

     (d) Permits.  SES's  interest in and to all assignable  licenses,  permits,
certificates of occupancy , approvals,  subdivision maps, and  entitlements,  if
any,  owned by SES and  pertaining to the Real  Property and Personal  Property,
(all of which together are collectively referred to as the "Permits").

     (e)  Warranties.  SES's  interest  in  and  to  all  unexpired,  assignable
warranties  and guaranties  given or assigned to, or  benefiting,  SES, the Real
Property or the Personal  Property  relating to the  acquisition,  construction,
design,  use,  operation,  management or maintenance of the Real Property or the
Personal Property, (collectively, the "Warranties").

     (f)  Contracts.  SES's  interest  in  all  service  contracts,  maintenance
agreements, landscaping contracts, and maintenance contracts.

     (g)  Other  Intangibles.  SES's  interest  in and to all  other  assignable
intangible property (the "Other Intangible Property") owned by SES pertaining to
the Real Property and Personal Property,  including,  without limitation,  trade
names,  geotechnical  reports,  operating  manuals,  floor plans  (including any
related computer aided design measurements), and landscape plans.

                                      -18-
<PAGE>

                                  Schedule 2.3
                                  ------------

All of  the  Metro  Building  Owners'  100%  interest  in  and to the  following
described assets:

     (a) Real  Property.  Fee simple  interest in those certain  parcels of real
estate known as the Metro  Building,  located at 119 Colorado  Street,  Midland,
Texas, and legally described in the Special Warranty Deed executed in connection
with this Agreement,  being the land  ("Lands"),  together with (i) all building
structures,  improvements,  parking areas,  roadways and fixtures located on the
Lands ("Improvements"),  and (ii) all rights, privileges, easements, reversions,
water rights,  development  rights,  air rights,  servitudes  and  appurtenances
thereunto belonging or appertaining,  and all right, title and interest of Metro
Building  Owners,  if  any,  in and to the  streets,  alleys  and  rights-of-way
adjacent to the Lands and the Improvements (collectively, the "Real Property").

     (b) Personal Property.  All of the equipment,  tools,  supplies,  machines,
furnishings and other personal  property owned by Metro Building Owners and used
in the operation of the Real Property,  (all of which together are  collectively
referred to as the "Personal Property").

     (c)  Leases.  Metro  Building  Owners'  interest  as landlord in and to the
leases with  various  tenants  (the  "Tenants")  relating  to the  Improvements,
together with all amendments or modifications  thereto (such leases, as amended,
being herein referred to as the "Leases").

     (d)  Permits.  Metro  Building  Owners'  interest in and to all  assignable
licenses, permits, certificates of occupancy , approvals,  subdivision maps, and
entitlements,  if any, owned by Metro Building Owners and pertaining to the Real
Property and Personal Property, (all of which together are collectively referred
to as the "Permits").

     (e) Warranties.  Metro Building  Owners'  interest in and to all unexpired,
assignable warranties and guaranties given or assigned to, or benefiting,  Metro
Building  Owners,  the Real  Property or the Personal  Property  relating to the
acquisition,  construction, design, use, operation, management or maintenance of
the Real Property or the Personal Property, (collectively, the "Warranties").

     (f) Contracts.  Metro Building Owners'  interest in all service  contracts,
maintenance agreements, landscaping contracts, and maintenance contracts.

     (g) Other Intangibles.  Metro Building Owners' interest in and to all other
assignable  intangible property (the "Other Intangible Property") owned by Metro
Building  Owners  pertaining  to  the  Real  Property  and  Personal   Property,
including,  without limitation,  trade names,  geotechnical  reports,  operating
manuals, floor plans (including any related computer aided design measurements),
and landscape plans.

                                      -19-
<PAGE>

                                  Schedule 2.4
                                  ------------

TRACTS 1, 2, and 3: All of the  Company's  undivided  65% interest in and to the
following described assets:

     (a) Real  Property.  Fee simple  interest in those certain  parcels of real
estate known as the Bank of America Building,  located at 303 W. Wall,  Midland,
Texas; the Century Plaza Building,  located at 310 W. Wall, Midland,  Texas; and
the Bank of America Drive-thru Bank, located at 400 N. Loraine,  Midland, Texas,
and legally  described in the Special  Warranty Deed executed in connection with
this  Agreement,  being  the land  ("Lands"),  together  with  (i) all  building
structures,  improvements,  parking areas,  roadways and fixtures located on the
Lands ("Improvements"),  and (ii) all rights, privileges, easements, reversions,
water rights,  development  rights,  air rights,  servitudes  and  appurtenances
thereunto  belonging or appertaining,  and all right,  title and interest of the
Company, if any, in and to the streets, alleys and rights-of-way adjacent to the
Lands and the Improvements (collectively, the "Real Property").

     (b) Personal Property.  All of the equipment,  tools,  supplies,  machines,
furnishings  and other  personal  property  owned by the Company and used in the
operation of the Real Property, (all of which together are collectively referred
to as the "Personal Property").

     (c) Leases.  the  Company's  interest as landlord in and to the leases with
various tenants (the "Tenants") relating to the Improvements,  together with all
amendments  or  modifications  thereto (such  leases,  as amended,  being herein
referred to as the "Leases").

     (d) Permits.  the  Company's  interest in and to all  assignable  licenses,
permits,   certificates  of  occupancy  ,  approvals,   subdivision   maps,  and
entitlements,  if any,  owned by the Company and pertaining to the Real Property
and Personal  Property,  (all of which together are collectively  referred to as
the "Permits").

     (e) Warranties. the Company's interest in and to all unexpired,  assignable
warranties and guaranties given or assigned to, or benefiting,  the Company, the
Real   Property  or  the  Personal   Property   relating  to  the   acquisition,
construction,  design,  use,  operation,  management or  maintenance of the Real
Property or the Personal Property, (collectively, the "Warranties").

     (f) Contracts. the Company's interest in all service contracts, maintenance
agreements, landscaping contracts, and maintenance contracts.

     (g)  Other  Intangibles.  the  Company's  interest  in  and  to  all  other
assignable  intangible  property (the "Other Intangible  Property") owned by the
Company  pertaining  to the Real  Property  and  Personal  Property,  including,
without limitation,  trade names, geotechnical reports, operating manuals, floor
plans (including any related computer aided design measurements),  and landscape
plans.

                                      -20-
<PAGE>

TRACTS 4, 5 and 6: All of the Company's  100%  ownership  interest in and to the
following described assets:

     (a) Real  Property.  Fee simple  interest in those certain  parcels of real
estate  known as 306 W.  Wall,  Midland,  Texas  114 N. Big  Spring,  and 123 N.
Colorado Street,  Midland,  Texas, and legally described in the Special Warranty
Deeds of record in Midland County,  Texas,  being the land  ("Lands"),  together
with (i) all building  structures,  improvements,  parking  areas,  roadways and
fixtures located on the Lands ("Improvements"), and (ii) all rights, privileges,
easements,  reversions, water rights, development rights, air rights, servitudes
and appurtenances thereunto belonging or appertaining,  and all right, title and
interest of the Company, if any, in and to the streets, alleys and rights-of-way
adjacent to the Lands and the Improvements (collectively, the "Real Property").

     (b) Personal Property.  All of the equipment,  tools,  supplies,  machines,
furnishings  and other  personal  property  owned by the Company and used in the
operation of the Real Property, (all of which together are collectively referred
to as the "Personal Property").

     (c) Leases.  the  Company's  interest as landlord in and to the leases with
various tenants (the "Tenants") relating to the Improvements,  together with all
amendments  or  modifications  thereto (such  leases,  as amended,  being herein
referred to as the "Leases").

     (d) Permits.  the  Company's  interest in and to all  assignable  licenses,
permits,   certificates  of  occupancy  ,  approvals,   subdivision   maps,  and
entitlements,  if any,  owned by the Company and pertaining to the Real Property
and Personal  Property,  (all of which together are collectively  referred to as
the "Permits").

     (e) Warranties. the Company's interest in and to all unexpired,  assignable
warranties and guaranties given or assigned to, or benefiting,  the Company, the
Real   Property  or  the  Personal   Property   relating  to  the   acquisition,
construction,  design,  use,  operation,  management or  maintenance of the Real
Property or the Personal Property, (collectively, the "Warranties").

     (f) Contracts. the Company's interest in all service contracts, maintenance
agreements, landscaping contracts, and maintenance contracts.

     (g)  Other  Intangibles.  the  Company's  interest  in  and  to  all  other
assignable  intangible  property (the "Other Intangible  Property") owned by the
Company  pertaining  to the Real  Property  and  Personal  Property,  including,
without limitation,  trade names, geotechnical reports, operating manuals, floor
plans (including any related computer aided design measurements),  and landscape
plans.

                                      -21-
<PAGE>

                                  Schedule 2.5

                               TCTB Sharing Ratios
                               -------------------

                Owner                                                Ownership %
                -----                                                -----------

                Dale A. Brown                                            1.0404%

                Cary D. Brown                                            1.0404%

                McGraw Brothers Investments                              2.0808%

                Amen Properties, Inc.                                   18.0171%

                Kyle Stallings                                           2.0065%

                Jon Morgan                                               0.4074%

                John Norwood                                             0.4074%

                S.E.S. Investments, Ltd                                 10.0000%

                HPG Acquisition LLC, formerly
                Hampshire Plaza Garage, LLC                             65.0000%
                                                                     -----------
                                Total                                  100.0000%

                                      -22-
<PAGE>

                                  Schedule 2.6

                     HPG Acquisition LLC New Sharing Ratios
                     --------------------------------------

                                                                        New
                Owner                                                Ownership %
                -----                                                -----------

                Dale A. Brown                                            1.0281%

                Cary D. Brown                                            1.0281%

                McGraw Brothers Investments                              2.0562%

                Amen Properties, Inc.                                   17.8045%

                Kyle Stallings                                           1.9828%

                Jon Morgan                                               0.9572%

                John Norwood                                             0.9572%

                Herman C. Walker, III                                    0.0354%

                Eric D. Boyt Pension Plan                                0.0354%

                S.E.S. Investments, Ltd                                  9.8820%

                Millard Oakley                                          21.4110%

                Universal Guaranty Life Insurance                       42.8200%
                Company                                              -----------

                                Total                                 100.00000%

                                      -23-
<PAGE>

                                  Schedule 3.1

                        Additional Capital Contributions
                        --------------------------------
<TABLE>
<CAPTION>
<S>                                <C>                      <C>                      <C>
                                         Value of                Total Value          Additional Capital
                                        3 Original              After 3 New             Contributions
            Owner                        Buildings                Buildings                  Needed
------------------------------     --------------------     --------------------     --------------------
                                   $        12,000,000      $        14,655,596      $         2,655,597

Dale A. Brown                      $           124,848      $           152,477      $            27,629

Cary D. Brown                      $           124,848      $           152,477      $            27,629

McGraw Brothers Investments        $           249,696      $           304,954      $            55,258
                                                                                     $                 -
Amen Properties, Inc.              $         2,162,052      $         2,640,513      $           478,461

Kyle Stallings                     $           240,780      $           294,065      $            53,285

Jon Morgan                         $            48,888      $            59,707      $            10,819

John Norwood                       $            48,888      $            59,707      $            10,819

S.E.S. Investments, Ltd            $         1,200,000      $         1,465,560      $           265,560

HPG Acquisition, LLC (formerly
 Hampshire Plaza Garage, LLC)      $         7,800,000      $         9,526,137 *    $         1,726,138
                                   --------------------     ---------------------------------------------
            Total                  $        12,000,000      $        14,655,596      $         2,655,597
* HPG Acquisition, LLC already
 owns three properties located
 at 306 W. Wall, 123 N.
 Colorado St., and 114 N. Big
 Spring, in Midland, Texas
</TABLE>

                                      -24-FIRST AMENDED AND RESTATED

                                COMPANY AGREEMENT

                                       OF

                              HPG ACQUISITION, LLC

<PAGE>
<TABLE>
<CAPTION>
<S>     <C>                                                                                                     <C>
                                TABLE OF CONTENTS

ARTICLE I THE COMPANY GENERALLY..................................................................................1
Section 1.1     Formation........................................................................................1
Section 1.2     Name.............................................................................................1
Section 1.3     Duration.........................................................................................1
Section 1.4     Purpose..........................................................................................1
Section 1.5     Principal Place of Business......................................................................1
Section 1.6     Registered Office and Registered Agent...........................................................2
Section 1.7     Company Property.................................................................................2
Section 1.8     Merger and Conversion............................................................................2
Section 1.9     Definitions and Construction.....................................................................2

ARTICLE II MEMBERS AND INTERESTS.................................................................................4
Section 2.1     Initial Members..................................................................................4
Section 2.2     New Members .....................................................................................4
Section 2.3     Admission of Additional Members..................................................................4

ARTICLE III FINANCE, ALLOCATIONS AND DISTRIBUTIONS...............................................................4
Section 3.1     Capital Accounts ................................................................................4
Section 3.2     Interest.........................................................................................5
Section 3.3     No Withdrawal....................................................................................5
Section 3.4     Loans from Members...............................................................................5
Section 3.5     Member Negative Capital Account Balances.........................................................5
Section 3.6     Allocations of Net Income or Net Loss for Capital Account Purposes...............................5
Section 3.7     Allocations for Tax Purposes.....................................................................7
Section 3.8     Distributions....................................................................................8
Section 3.9     Capital Contributions............................................................................8
Section 3.10    Additional Capital Contributions.................................................................8
Section 3.11    Tax Matters......................................................................................9

ARTICLE IV CONDUCT OF COMPANY AFFAIRS............................................................................9
Section 4.1     Managing Member..................................................................................9
Section 4.2     Members Generally................................................................................11
Section 4.3     Compensation of Members and Affiliates...........................................................11
Section 4.4     Good Faith Actions...............................................................................11
Section 4.5     Indemnification..................................................................................12
Section 4.6     Meetings of Members..............................................................................12
Section 4.7     Limitations......................................................................................14
Section 4.8     Officers.........................................................................................14

ARTICLE V BOOKS AND RECORDS......................................................................................16
Section 5.1     Books and Records................................................................................16
Section 5.2     Access by Members................................................................................16

ARTICLE VI TRANSFERS OF INTERESTS................................................................................16
Section 6.1     Permitted Transfers of Company Interest..........................................................16
Section 6.2     Option to Purchase Company Interest..............................................................16
Section 6.3     Other Disposition................................................................................17
Section 6.4     Drag-Along Rights................................................................................18
Section 6.5     Bankruptcy of Member.............................................................................19
</TABLE>

<PAGE>
<TABLE>
<CAPTION>
<S>     <C>                                                                                                     <C>
Section 6.6     Void Assignments.................................................................................19

ARTICLE VII WINDING UP...........................................................................................19
Section 7.1     Events Requiring Winding Up......................................................................19
Section 7.2     Winding Up Affairs and Distribution of Assets....................................................19
Section 7.3     Termination......................................................................................20

ARTICLE VIII MISCELLANEOUS.......................................................................................20
Section 8.1     Notices..........................................................................................20
Section 8.2     Entire Agreement.................................................................................20
Section 8.3     Amendments.......................................................................................20
Section 8.4     Waivers..........................................................................................20
Section 8.5     Severability.....................................................................................20
Section 8.6     Further Assurances...............................................................................21
Section 8.7     Governing Law....................................................................................21
Section 8.8     Power of Attorney................................................................................21
Section 8.9     Successors and Assigns...........................................................................21
Section 8.10    Counterparts.....................................................................................21

EXHIBITS A and A-1  PERCENTAGES AND CAPITAL CONTRIBUTIONS OF MEMBERS

EXHIBIT B  DESCRIPTION OF CONTRIBUTED ASSETS
</TABLE>

<PAGE>

                           FIRST AMENDED AND RESTATED
                                COMPANY AGREEMENT
                                       OF
                              HPG ACQUISITION, LLC

     THESE MEMBERSHIP INTERESTS HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND
EXCHANGE  COMMISSION UNDER THE SECURITIES ACT OF 1933, AS AMENDED,  OR UNDER THE
SECURITIES  LAWS OF ANY STATE IN RELIANCE  UPON AN  EXEMPTION  THEREFROM.  THESE
SECURITIES HAVE NOT BEEN APPROVED BY THE SECURITIES  REGULATORY AUTHORITY OF ANY
STATE. THE SALE OR OTHER  DISPOSTION OF THE MEMBERSHIP  INTERESTS IS RESTRICTED,
AS SET FORTH IN THIS COMPANY  AGREEMENT,  AND THE EFFECTIVENESS OF ANY SUCH SALE
OR OTHER  DISPOSITION  MAY BE  CONDITIONED  UPON  RECEIPT  BY THE  COMPANY OF AN
OPINION OF COUNSEL SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH SALE OR
OTHER DISPOSITION CAN BE MADE WITHOUT  REGISTRATION  UNDER THE SECURITIES ACT OF
1933,  AS  AMENDED,  AND OTHER  APPLICABLE  STATE  STATUTES.  BY  ACQUIRING  THE
MEMBERSHIP  INTERESTS  REPRESENTED  BY  THIS  COMPANY  AGREEMENT,   THE  MEMBERS
REPRESENT THAT, EXCEPT AS PROVIDED IN THIS COMPANY AGREEMENT, THEY WILL NOT SELL
OR OTHERWISE DISPOSE OF THE MEMBERSHIP  INTERESTS WITHOUT  REGISTRATION OR OTHER
COMPLIANCE WITH THE AFORESAID STATUTES AND THE RULES AND REGULATIONS THEREUNDER.

     This FIRST AMENDED AND RESTATED COMPANY AGREEMENT (this  "Agreement," as it
may be amended from time to time as provided  below) is made and entered into as
of March __, 2007,  but  effective  for all purposes as of March 1, 2007, by and
among the Initial Members and the New Members (as defined below).

                                    ARTICLE I
                              THE COMPANY GENERALLY

     Section  1.1  Formation.  HPG  Acquisition,  LLC was  formed  as a  limited
liability  company  (the  "Company")  under and  pursuant to the TLLCL and other
relevant laws of the State of Texas by the filing of a certificate  of formation
(the  "Certificate of Formation")  with the State of Texas on March 9, 2007. The
Company merged with Hampshire  Plaza Garage,  LLC, which was formed as a limited
liability company under and pursuant to the New Hampshire Limited Liability Code
by filing a certificate  of formation on November 19, 2003.  The Company was the
surviving entity following the merger.

     Section 1.2 Name.  The name of the  Company is HPG  Acquisition,  LLC.  The
Company shall  conduct  business  under that name or such other names  complying
with applicable law as the Managing Member may determine from time to time.

     Section 1.3 Duration.  The Company  commenced on the first proper filing of
the  Certificate  of  Formation  for the  Company and shall  continue  until its
business and affairs are would up as provided in Article VII.

     Section 1.4  Purpose.  The  purpose of the  Company  shall be to manage and
operate real property  interests in Midland,  Texas,  and to engage in any other
lawful business or activity  necessary or convenient in pursuit of the foregoing
purposes.

                                       1
<PAGE>

     Section 1.5 Principal Place of Business.  The Company's  principal place of
business  shall be at such place or places as the Managing  Member may determine
from time to time.

     Section 1.6 Registered  Office and Registered  Agent. The registered office
of the Company in the State of Texas shall be 303 W. Wall, Suite 1700,  Midland,
Texas  79701,  and the name of the  Company's  registered  agent at that address
shall be Jon M. Morgan. The Managing Member may change the registered office and
the registered  agent of the Company from time to time. The Managing  Member may
cause the Company to qualify to do business as a limited  liability  company (or
other  entity  in  which  the  Members  have  limited  liability)  in any  other
jurisdiction  and to designate any registered  office or registered agent in any
such jurisdiction.

     Section 1.7 Company  Property.  All real and personal property owned by the
Company  shall be deemed owned by the Company as an entity and held in its name.
No Member shall have any ownership interest in any such property.

     Section 1.8 Merger and  Conversion.  The Company may merge with, or convert
into,  another  entity only in  accordance  with a plan of merger or  conversion
approved by the Required Members.

     Section 1.9 Definitions and Construction.

     (a)  As used in this  Agreement,  the  following  terms have the  following
          meanings:

     "Additional Contributions" has the meaning specified in Section 3.2.

     "Agreement"  has  the  meaning   specified  in  the  introduction  to  this
     Agreement.

     "Book-Tax  Disparities" means the disparities between the financial records
prepared in accordance  with generally  accepted  accounting  principles and the
financial records prepared in accordance with federal income tax requirements.

     "Capital Account" has the meaning specified in Section 3.3.

     "Certificate of Formation" has the meaning specified in Section 1.1.

     "Claim" has the meaning specified in Section 4.5.

     "Company" has the meaning specified in Section 1.1.

     "Covered Person" has the meaning specified in Section 4.5.

     "Deceased Member" has the meaning specified in Section 6.4(a).

     "Dispose" has the meaning specified in Section 6.3(a).

     "Divorced Member" has the meaning specified in Section 6.4(a).

     "Electing Members" has the meaning specified in Section 6.5(b).

     "Election Notice" has the meaning specified in Section 6.5(b).

                                       2
<PAGE>

     "Election Period" has the meaning specified in Section 6.5(c).

     "Initial Member" has the meaning specified in Section 2.1.

     "Interest"  means,  with respect to any Member at any time,  that  Member's
entire beneficial ownership interest in the Company at such time, including that
Member's Capital Account, voting rights, and right to share in profits,  losses,
cash  distributions  and all other  benefits of the Company as specified in this
Agreement,  together  with that Member's  obligations  to comply with all of the
terms of this Agreement.

     "IRC" means the Internal Revenue Code of 1986, as amended.

     "Liquidating Agent" has the meaning specified in Section 7.2(a).

     "Managing  Member"  means Jon  Morgan or such  other  Member  appointed  as
Managing Member as provided in this Agreement, but excludes any such Person that
has ceased to be the Managing Member or a Member as provided in this Agreement.

     "Member"  means any Person  admitted to the Company as a member as provided
in this Agreement but excludes any such Person that has ceased to be a member as
provided in this Agreement.

     "New Members" has the meaning specified in Section 2.2.

     "Net Loss" has the meaning specified in Section 3.6.

     "Net Income" has the meaning specified in Section 3.6.

     "Offer" has the meaning specified in Section 6.5(a).

     "Offered Membership Interest" has the meaning specified in Section 6.3(a).

     "Percentage"  for any  Member  means the  Percentage  established  for that
Member in accordance with this Agreement.

     "Person" means any individual, corporation,  partnership, limited liability
company,  business trust or other entity,  government or governmental  agency or
instrumentality.

     "Purchase Event" has the meaning specified in Section 6.4(a).

     "Receiving Members" has the meaning specified in Section 6.5(a).

     "Rejecting Member" has the meaning specified in Section 6.5(c).

     "Required  Members" means Members owning at least fifty-one  percent of the
Percentages of all Members.

     "TLLCL"  means the Texas Limited  Liability  Company Law, part of the Texas
Business Organizations Code.

                                       3
<PAGE>

     "Transferring Member" has the meaning specified in Section 6.3(a).

     "Voluntary Transfer Notice" has the meaning specified in Section 6.3(a).

     (b) In this Agreement:

          (i)  Terms defined in the singular have the  corresponding  meaning in
               the plural and vice versa.

          (ii) Reference to one gender includes the others.

          (iii) The word "include" and its  derivatives  means "include  without
               limitation."

          (iv) References  to  Articles,   Sections  and  Exhibits  are  to  the
               specified  Articles  and  Sections  of,  and  Exhibits  to,  this
               Agreement unless the context otherwise requires.  Each Exhibit to
               this Agreement is made a part of this Agreement for all purposes.

          (v)  References to statutes or  regulations  are to those  statutes or
               regulations  as  currently   amended  and  to  the  corresponding
               provisions as they may be amended or superseded in the future.

                                   ARTICLE II
                              MEMBERS AND INTERESTS

     Section 2.1 Initial  Members.  At the time of the formation of the Company,
Millard V. Oakley and Universal  Guaranty Life  Insurance  Company were the only
Members of the Company  (each an  "Initial  Member"  and  collectively  "Initial
Members").  At the time of the formation,  the Initial Members' Percentages were
as follows: (i) Millard V. Oakley - 33.3333%, and d (ii) Universal Guaranty Life
Insurance  Company - 66.6667%.  The Initial Members'  Percentages  following the
admission of the New Members is set forth on Exhibit A.

     Section  2.2 New  Members.  Effective  as of March 1, 2007,  the  following
persons were admitted as  additional  Members of the Company:  AMEN  PROPERTIES,
INC., a Delaware  corporation,  DALE A. BROWN,  CARY D. BROWN,  MCGRAW  BROTHERS
INVESTMENTS,  a Texas general  partnership,  KYLE STALLINGS,  JOHN NORWOOD,  JON
MORGAN, HERMAN C. WALKER, III, ERIC D. BOYT PENSION PLAN and S.E.S. INVESTMENTS,
LTD., a Texas limited  partnership  (collectively  the "New  Members").  The New
Members' Percentages following their admission is set forth on Exhibit A.

     Section 2.3 Admission of  Additional  Members.  Upon prior  approval by the
Required Members,  the Managing Member may cause the Company to issue additional
Interests  and may admit  additional  Persons to the  Company as members on such
terms as the  Required  Members  shall  determine,  if but only if each such new
Member agrees in writing to be bound by the  provisions  of this  Agreement as a
Member and  notifies  the other  Members of its address  for notices  under this
Agreement.  In the event  the  Company  issues  additional  Interests  or admits
additional  Persons to the Company as members,  the  Percentages  of the Members
shall be adjusted as appropriate to account for the additional  Interests issued
or members admitted.

                                       4
<PAGE>

                                   ARTICLE III
                     FINANCE, ALLOCATIONS AND DISTRIBUTIONS

     Section 3.1 Capital Accounts.

     (a) The Company  shall  establish  and  maintain for each Member a separate
Capital Account.  Such Capital Account shall be increased by (i) the cash amount
or Net Agreed  Value of all Capital  Contributions  made by such Member and (ii)
all items of Net Income and other items of income and gain (including income and
gain exempt from tax)  computed as provided  herein and allocated to such Member
pursuant to Section 3.6 hereof.  Such Capital  Account shall be decreased by (x)
the cash  amount or Net Agreed  Value of all  distributions  of cash or property
made to such Member pursuant to this Agreement and (y) all items of Net Loss and
other items of loss and deduction  computed as provided  herein and allocated to
such Member pursuant to Section 3.6 hereof. For purposes of computing the amount
of any item of income,  gain,  deduction or loss to be reflected in the Members'
Capital Accounts, the determination,  recognition and classification of any such
item shall be the same as its determination,  recognition and classification for
federal income tax purposes (including any method of depreciation, cost recovery
or  amortization  used for this purpose)  subject to such  adjustments  or other
methodologies as may be permitted or required by the Allocation Regulations. The
Capital  Accounts of the Members shall be maintained  and adjusted in accordance
with and as provided in the Allocation Regulations as interpreted and applied in
the discretion of the Managing Member.

     (b) In accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(f), on
an  issuance  of  additional  Company  Interests,  the  Capital  Accounts of all
existing  Members and the Carrying  Value of each Company  property  immediately
prior to such  issuance  shall be  adjusted  upward or  downward  to reflect any
Unrealized Gain or Unrealized Loss attributable to such Company property,  as if
such Unrealized Gain or Unrealized Loss had been recognized on an actual sale of
each such property  immediately prior to such issuance and had been allocated to
the Members at such time pursuant to Section 3.6.

     Section 3.2 Interest.  No interest  shall be paid by the Company on Capital
Contributions or on balances in Capital Accounts.

     Section 3.3 No Withdrawal. No Member shall be entitled to withdraw any part
of  his  Capital   Contribution  or  his  Capital  Account  or  to  receive  any
distribution  from the Company,  except as specifically  provided in Section 3.8
hereof.

     Section 3.4 Loans from  Members.  Loans from a Member to the Company  shall
not be considered Capital  Contributions.  The Managing Member may make advances
to provide  working  capital to the Company as the  Managing  Member  shall deem
necessary for the operation of the Company's business. The Managing Member shall
not be obligated,  however,  to make any such  advances.  Such advances shall be
considered  loans to the  Company  and shall bear  interest  at market  rates as
determined in the sole discretion of the Managing Member.

     Section 3.5 Member Negative  Capital Account  Balances.  A negative Capital
Account  balance of a Member shall not be  considered an asset of the Company at
any time,  and no Member  having a negative  Capital  Account  balance  shall be
obligated to restore such negative Capital Account balance.

                                       5
<PAGE>

     Section  3.6  Allocation  of Net  Income  or Net Loss for  Capital  Account
Purposes.  For purposes of maintaining  the Capital  Accounts and in determining
the rights of the  Members  among  themselves,  Net Income or Net Loss,  and all
other  items of income,  gain,  loss and  deduction,  for any  taxable  year (or
portion thereof) shall be allocated among the Members as follows:

     (a) General Rule. For purposes of maintaining  the Capital  Accounts and in
determining  the rights of the Members among  themselves,  except as provided in
Section 3.6(b), Net Income or Net Loss for any taxable year (or portion thereof)
shall be allocated among the Members as follows:

     (i) Net Income.

          (A) Net Income shall first be  allocated  to the Members,  in the same
          proportions  and in reverse order,  until the aggregate  amount of Net
          Income allocated to the Members pursuant to this Section  3.6(a)(i)(A)
          for the current  taxable year and all previous  taxable years is equal
          to the aggregate  amount of Net Loss allocated to the Members pursuant
          to  Section  3.6  (a)(ii)(B),   Section  3.6(a)(ii)(C),   and  Section
          3.6(a)(ii)(D) hereof;

          (B) then,  all remaining Net Income,  or, if there are no  allocations
          pursuant  to Section  3.6(a)(i)(A)  hereof,  all Net  Income  shall be
          allocated  to  the  Members  in  accordance   with  their   respective
          Percentage Interests.

     (ii) Net Loss.

          (A) Net Loss shall  first be  allocated  to the  Members,  in the same
          proportions  and in reverse  order,  until the aggregate  amount ofNet
          Loss allocated to the Members  pursuant to this Section  3.6(a)(ii)(A)
          for the current  taxable year and all previous  taxable years is equal
          to  the  aggregate  amount  of Net  Income  allocated  to the  Members
          pursuant  to  Section  3.6(a)(i)(B)  hereof for all  previous  taxable
          years;  provided that Net Loss shall not be allocated pursuant to this
          Section  3.6(a)(ii)(A)  to the extent that such allocation would cause
          any  Member  to have (or to  increase)  an  Adjusted  Capital  Account
          Deficit;

          (B) then, Net Loss shall be allocated to the Members in the ratio that
          the Members' aggregate Capital Contributions bear to each other, until
          the total amount of Net Loss allocated to each Member pursuant to this
          Section  3.6(a)(ii)(B)  for the current  taxable year and all previous
          taxable years is equal to, but not in excess of, the aggregate Capital
          Contributions  of such  Member;  provided  that Net Loss  shall not be
          allocated  pursuant to this Section  3.6(a)(ii)(B)  to the extent that
          such  allocation  would cause any Member to have (or to  increase)  an
          Adjusted Capital Account Deficit;

          (C) then,  Net Loss shall be  allocated  to the Members in  accordance
          with their  respective  Percentage  Interests;  provided that Net Loss
          shall not be allocated  pursuant to this Section  3.6(a)(ii)(C) to the
          extent  that such  allocation  would  cause any  Member to have (or to
          increase) an Adjusted Capital Account Deficit; and

                                       6
<PAGE>

          (D) then,  all  remaining  Net Loss shall be allocated to the Managing
          Member.

     (b) Mandatory Allocations.  Prior to making any allocations provided above,
the following mandatory allocations shall be made:

     (i)  Qualified  Income  Offset.  Except as provided  in Section  3.6(b)(ii)
     hereof,  in the event any Member  unexpectedly  receives  any  adjustments,
     allocations     or     distributions     described    in    Treas.     Reg.
     ss.ss.1.704-1(b)(2)(ii)(d)(4),          1.704-1(b)(2)(ii)(d)(5),         or
     1.7041(b)(2)(ii)(d)(6)  which cause or increase an Adjusted Capital Account
     Deficit,  items of Company income and gain shall be specially  allocated to
     such Member in an amount and manner sufficient to eliminate,  to the extent
     required  by the  Allocation  Regulations,  the  Adjusted  Capital  Account
     Deficit   created  or  increased  by  such   adjustments,   allocations  or
     distributions as quickly as possible.

     (ii) Nonrecourse Debt Allocations.  Notwithstanding  any other provision of
     this Section 3.6,  each Member shall be allocated  items of Company  income
     and  gain in each  taxable  year as  necessary,  in the  Managing  Member's
     discretion,  to comply with the Allocation  Regulations relating to Company
     nonrecourse debt and Member nonrecourse debt.

     (iii)  Gross  Income  Allocations.  In the event any Member has an Adjusted
     Capital Account Deficit,  such Member shall be specially allocated items of
     Company  gross  income and gain in the amount of such  excess as quickly as
     possible.

     (iv) Curative  Allocations.  The special  allocations  set forth in Section
     3.6(b)(i),  (ii) and (iii) (the "Regulatory  Allocations")  are intended to
     comply  with  the  Allocation   Regulations.   Notwithstanding   any  other
     provisions of this Section 3.6, the Regulatory  Allocations  shall be taken
     into account in allocating Net Income,  Net Loss and other items of income,
     gain,  loss and  deduction  among the  Members  such  that,  to the  extent
     possible,  the net amount of such  allocations of Net Income,  Net Loss and
     other items and the Regulatory Allocations to each Member shall be equal to
     the net  amount  that  would  have  been  allocated  to each  Member if the
     Regulatory Allocations had not occurred.

     (v) Code  Section  754  Adjustments.  To the  extent an  adjustment  to the
     adjusted  tax basis of any  Company  asset  pursuant  to Section  734(b) or
     743(b) of the Code is required,  pursuant to the Allocation Regulations, to
     be taken into account in determining  Capital Accounts,  the amount of such
     adjustment to the Capital  Accounts shall be treated as an item of gain (if
     the adjustment increases the basis of the asset) or loss (if the adjustment
     decreases  such  basis),  and such item of gain or loss shall be  specially
     allocated  to the Members in a manner  consistent  with the manner in which
     their  Capital  Accounts  are  required  to be  adjusted  pursuant  to  the
     Allocation Regulations.

     Section 3.7 Allocations for Tax Purposes.

     (a) For federal income tax purposes,  except as otherwise  provided in this
Section  3.7,  each item of  income,  gain,  loss,  deduction  and credit of the
Company  shall  be  allocated  among  the  Members  in the  same  manner  as its
corresponding item of "book" income,  gain, loss or deduction has been allocated
pursuant to Section 3.6 hereof.

                                       7
<PAGE>

     (b) In an attempt to eliminate  Book-Tax  Disparities  attributable  to any
Adjusted  Property  or  Contributed  Property,  items  of  income,  gain,  loss,
depreciation and cost recovery deductions,  attributable to an Adjusted Property
or a Contributed  Property (and not having a corresponding "book" item) shall be
allocated  among the  Members  in a manner  consistent  with the  principles  of
Section 704(c) of the Code (using the traditional method under Reg.  1.704-3(b))
to eliminate the Book-Tax Disparities  attributable to such property.  Any items
of Residual  Gain or Residual  Loss  attributable  to an Adjusted  Property or a
Contributed  Property shall be allocated among the Members in the same manner as
their corresponding "book" items have been allocated under Section 3.6.

     (c) All items of income, gain, loss, deduction, credit and basis allocation
recognized  by the Company for federal  income tax purposes and allocated to the
Members in accordance  with the  provisions  hereof shall be determined  without
regard to any  election  under  Section 754 of the Code which may be made by the
Company;  provided,  however, such allocations,  once made, shall be adjusted as
necessary to take into account those  adjustments  permitted by Sections 734 and
743 of the Code.

     (d)  Any  Recapture  Income  resulting  from  the  sale  or  other  taxable
disposition  of any Company assets shall be allocated,  to the extent  possible,
after taking into account other  required  allocations  of gain pursuant to this
Section  3.7,  among the Members (or their  successors  in interest) in the same
proportions  and to the extent such Members have been  allocated or have claimed
any deductions  directly or indirectly giving rise to the treatment of such gain
as Recapture Income.

     (e)  Each  item  of  Company  income,  gain,  loss,  deduction  and  credit
attributable to a transferred  Company  Interest shall be allocated  between the
transferor and the transferee in such manner as the Managing Member, in its sole
discretion, determines may be required or permitted by Section 706 of the Code.

     Section 3.8 Distributions.

     (a) Except as described in Section 3.8(b) and Section  3.8(c),  the Company
shall make distributions of cash and other property to Members only at such time
and in such amount as the Managing Member may determine in its sole  discretion.
Unless  otherwise  provided  by Section  3.8(b) or 3.8(c) of this  Section,  all
distributions shall be in accordance with the Members' Percentage Interests.

     (b)  Subject to Section  3.8(c) and  Article  VII,  to the extent  that the
Company has Available Cash, the Company shall make  distributions to the Members
within 90 days of the end of each  taxable  year in an  amount  equal to the Tax
Liability  Deficiency of each Member.  Such  distributions  shall be made to the
Members pro rata in accordance  with their relative Tax Liability  Deficiencies,
if any,  with  respect to the Company  Interest  held by such Member  until each
Member has received  distributions pursuant to this Section 3.8(b) equal to such
Member's Tax Liability Deficiency.

     (c) Upon the  dissolution  and winding up of the Company,  after making all
allocations under this Article III, all assets and proceeds shall be distributed
to the Members as provided in Section 7.2.

     Section 3.9 Capital Contributions.

                                       8
<PAGE>

     (a) On the  commencement  of the Company,  each Initial Member made capital
contributions  to the Company,  and the  Percentages  of the New Members are set
forth on Exhibit A. Upon the execution of this Agreement,  each New Member shall
make a  contribution  to the Company in the amount set forth next to its name on
Exhibit A.

     (b) Except as provided in Section 3.9 or 3.10(a),  no Member shall have any
obligations to make any contribution to the Company.

     Section 3.10  Additional  Capital  Contributions.  If the  Managing  Member
determines  that  additional   amounts  over  and  above  the  required  capital
contributions provided for in Section 3.9 are necessary to enable the Company to
satisfy  its  obligations,  the  Managing  Member may  request  that the Members
contribute such  additional  amounts to the capital of the Company as necessary.
If the Members so agree, such amounts (the "Additional  Contributions") shall be
contributed at the times and in the amounts specified by the Managing Member. In
no event shall the  Managing  Member be  obligated  to call for such  Additional
Contributions,  and in no event shall any Member be  obligated  to make any such
Additional  Contributions  if requested by the  Managing  Member.  If any Member
declines to make an Additional Contribution as requested by the Managing Member,
the Managing  Member may  contribute,  or allow any other Member to  contribute,
cash  to the  Company  as an  Additional  Contribution  in an  amount  up to the
difference between the total Additional Contributions requested from the Members
under this  Section  3.10 and the amount of  Additional  Contributions  actually
contributed by the Members.  In such case, the  Percentages of the Members shall
be redetermined and adjusted on a proportionate  basis,  taking into account the
amount of such  Additional  Contributions  and the value of all  Company  assets
immediately prior to such Additional Contributions. Each Member understands that
any Member who  declines to make an  Additional  Contribution  requested  by the
Managing Member will have his Interest diluted.

     Section 3.11 Tax Matters.

     (a) The Members  intend that the  Company be treated as a  partnership  for
federal income tax purposes and any similar provisions of state or local law.

     (b) The Managing Member shall be the "tax matters  partner" for purposes of
IRC ss.6231(a)(7).  The tax matters partner shall cause to be prepared and shall
sign all returns of the  Company,  make any  election  which is available to the
Company,  and  monitor  any  governmental  tax  authority  in any audit that the
authority  may conduct of the  Company's  books and records or other  documents.
Each Member shall take all actions  required to cause the Managing  Member to be
(and  continue as) the tax matters  partner and, if requested by the tax matters
partner,  to  otherwise  authorize  and appoint the tax matters  partner as that
party with the sole  authority  to handle all tax matters of the  Company.  Each
Member  agrees to  execute,  certify,  deliver,  file and record at  appropriate
public  offices or deliver to the tax matters  partner such  documents as may be
requested  by the tax  matters  partner to  facilitate  the  handling of any tax
matter as the tax matters partner deems necessary.

     (c) After the end of each fiscal year of the Company,  the Managing  Member
shall  cause to be  prepared  and  transmitted  to each  Member,  as promptly as
possible,  and in any event by the end of the seventy-fifth (75th) day following
the close of the fiscal  year,  a federal  income tax Form K-1 and any  required
similar state and local income tax form for each Member.

                                       9
<PAGE>

                                   ARTICLE IV
                           CONDUCT OF COMPANY AFFAIRS

     Section 4.1 Managing Member.

     (a) Subject to the other provisions of this Agreement,  the Managing Member
shall have the right to, and shall be fully  responsible for, the management and
control  over the business  and  internal  affairs of the Company.  The Managing
Member shall make all decisions affecting the business of the Company, except to
the extent that this  Agreement  requires the consent or approval of some or all
other Members. The Members by vote of the Required Members may from time to time
direct the  Managing  Member to  undertake  or  terminate  specified  management
activities as set forth in such  directive.  The Managing  Member shall have all
rights, powers and authority generally conferred by the laws of the state of New
Hampshire on a manager of a limited liability company managed by a manager or as
otherwise   provided  by  law  or  necessary,   advisable  or  consistent   with
accomplishing the purposes of the Company.

     (b) Without  limiting  the other  provisions  of Section  4.1, the Managing
Member shall have the power:

          (i)  to acquire, hold and dispose of property or any interest in it in
               the ordinary course of business of the Company;

          (ii) to protect  and  preserve  the title to and the  interest  of the
               Company in all of its  property  and assets,  real,  personal and
               mixed;

          (iii) to employ  from time to time,  at the  expense  of the  Company,
               consultants, accountants and attorneys;

          (iv) to pay all expenses  incurred in the operation of the Company and
               all taxes, assessments, rents and other impositions applicable to
               the Company or any part thereof;

          (v)  to sign deeds, notes, contracts and other instruments in the name
               and on behalf  of the  Company  after  approval  by the  Required
               Members;

          (vi) to make all filings with governmental authorities,  including tax
               returns before the  applicable  due date and without  interest or
               penalty; and

          (vii) to assume any and all  overall  duties  imposed on a member of a
               limited  liability  company managed by its members by the laws of
               the state of New Hampshire.

     (c)  Notwithstanding any other provision of this Agreement to the contrary,
the  Managing  Member may do any of the  following  only with the prior  written
consent  of all  other  Members  or  such  other  number  of  Members  as may be
specified:

          (i)  do any act in contravention of this Agreement;

          (ii) to cause  this  Company to enter  into  partnerships  or become a
               member of other limited  liability  companies and to exercise the
               authority  and to perform  the duties  required of the Company as
               such a partner or member;

                                       10
<PAGE>

          (iii) to borrow  money on behalf of the Company  and to  encumber  the
               Company  assets  or  place  title in the  name of a  nominee  for
               purposes of obtaining financing;

          (iv) do any act that would make it impossible to carry on the ordinary
               business of the  Company,  except as  otherwise  provided in this
               Agreement;

          (v)  knowingly  do any act that would  subject any Member to liability
               for the obligations of the Company in any jurisdiction;

          (vi) knowingly  do any act that would  cause the Company to be treated
               as  an  association   taxable  as,  or  otherwise   taxed  as,  a
               corporation for federal income tax purposes unless at the time it
               already is so taxed;

          (vii) wind up the Company or  authorize  or agree to do so, other than
               in accordance with Article VII;

          (viii)  consolidate  or merge the Company with, or convert the Company
               into, another entity, other than in accordance with Section 1.8;

          (ix) sell, lease or otherwise  dispose of all or substantially  all of
               the assets of the Company, unless the Required Members consent in
               writing;

          (x)  amend this Agreement,  other than in accordance with Section 8.3;
               or

          (xi) admit an  Additional  Member  except  pursuant  to Section 2.3 or
               Section 6.1.

     (d) In all matters  relating to the business  and  internal  affairs of the
Company,  the Managing  Member  shall act in a manner that the  Managing  Member
reasonably believes to be in the best interest of the Company and its Members.

     (e) The Managing Member may resign as Managing Member with thirty (30) days
written notice to the Required Members. Members owning in the aggregate at least
fifty-one percent (51%) of the Percentages by notice to the Managing Member, may
remove the Managing Member as Managing Member if, but only if, in the notice the
signing Members  appoint a successor  Managing Member in accordance with Section
4.1(e). The Managing Member shall continue as a Member following  resignation or
removal with the same Percentage as before resignation or removal.  The Managing
Member shall be entitled to vote his Interest on removal of the Managing  Member
even though the Managing  Member may have a conflict of interest in casting such
vote.

     (f) If at any  time  the  Managing  Member  ceases  to be a  Member,  or in
connection with the resignation or removal of the Managing Member as provided in
Section  4.1(d),  the  Required  Members,  by notice to the other  Members,  may
appoint a new  Managing  Member  provided  that new  Managing  Member  agrees in
writing to be bound by the provisions of this  Agreement as the Managing  Member
and, if not already a Member, agrees in writing to be bound by the provisions of
this  Agreement as a Member and  notifies  the other  Members of its address for
notices  under this  Agreement.  If the  Person so  appointed  is not  already a
Member,  it shall be  admitted  to the  Company  as a  Member  effective  on the
appointment  and shall make such  contribution  to the  Company  and  receive an
Interest with such Percentage as the Members making the appointment may specify.

     Section 4.2 Members Generally. The Members (other than the Managing Member)
shall have no authority to take part in the control, conduct or operation of the
Company  and shall have no right or  authority  to act for or bind the  Company,
including  during the  winding  up of the  Company.  Other than as  specifically
provided in this  Agreement,  no Member  (other than the Managing  Member) shall
have the right to vote upon any matter  concerning  the  business and affairs of
the Company.

                                       11
<PAGE>

     Section 4.3 Compensation of Members and Affiliates. No Member shall receive
any  compensation for its services to the Company,  except (a)  reimbursement to
the Managing Member for costs and expenses  reasonably  incurred by it on behalf
of the Company,  and (b) compensation  paid to Members and Affiliates of Members
that are engaged on behalf of the Company to provide  services or materials that
are, in the reasonable  judgment of the Managing Member,  necessary or desirable
for the Company. All payments to Members and Affiliates of any Member (including
the  Managing  Member)  engaged on behalf of the  Company  shall be on no better
terms,  compensation  or remuneration to such Member or Affiliate than is common
in the industry when  negotiating  at arms length with third parties for similar
services to be rendered for the Company.

     Section  4.4  Good  Faith  Actions.  No  Member,  or any  of its  officers,
directors,  shareholders,  constituent partners,  managers,  members,  trustees,
representatives,  agents or employees,  shall be liable to the Company or to any
of the other  Members for any action taken (or any failure to act) by it in good
faith on behalf of the Company and reasonably believed by it to be authorized or
within the scope of its  authority,  unless  that action (or the failure to act)
constitutes fraud, gross negligence,  bad faith or willful misconduct,  and then
only to the extent otherwise provided by law.

     Section 4.5  Indemnification.  To the fullest extent  permitted by law, the
Company  shall  indemnify  and hold  harmless  each Member,  and its  respective
officers,  directors,   shareholders,   managers,  members,  employees,  agents,
subsidiaries and assigns (each, a "Covered Person") from and against any and all
losses, claims, demands,  liabilities,  expenses,  judgments, fines, settlements
and other amounts arising from any and all claims,  demands,  actions,  suits or
proceedings, civil, criminal,  administrative or investigative (each a "Claim"),
in which the Covered Person may be involved,  or threatened to be involved, as a
party or  otherwise,  which  relates  to or  arises  out of the  Company  or its
property,  business or affairs;  provided,  however, that a Covered Person shall
not be entitled to  indemnification  under this  Section 4.5 with respect to (a)
any Claim with respect to which the Covered Person has engaged in fraud, willful
misconduct,  bad  faith or gross  negligence  or (b) any  Claim  initiated  by a
Covered  Person  unless that Claim (or part thereof) was brought to enforce that
Covered Person's rights to  indemnification  under this Section 4.5. The Company
shall  pay in  advance  of the  final  disposition  of any such  Claim  expenses
incurred  by a Covered  Person in  defending  that Claim if,  but only if,  that
Covered  Person so requests and delivers to the Company of an  undertaking by or
on behalf of that Covered  Person to repay  amounts so advanced if it ultimately
is determined that the Covered Person is not entitled indemnification under this
Section 4.5.

     Section 4.6 Meetings of Members.

     (a) The  Managing  Member  may call  meetings  of Members at such times and
places as the  Managing  Member may  determine in its sole  discretion.  Special
meetings of Members may also be called by the  Managing  Member upon the written
request of the holders of at least ten percent (10%) of the  Interests  entitled
to be voted at such meeting. Such request shall state the purpose or purposes of
such meeting and the matters proposed to be acted on.

     (b) Written or printed notice  stating the place,  day and hour of any such
meeting, and in case of a special meeting, the purpose or purposes for which the
meeting  is called,  shall be  delivered  not less than ten (10),  nor more than
sixty (60),  days before the date of such meeting as provided in Section 8.1, by
or at the direction of the Managing  Member,  to each Member entitled to vote at
the  meeting,  provided  that such  notice  may be waived  as  provided  in this
Agreement.

                                       12
<PAGE>

     (c) All  meetings  of the  Members  shall be held at such  time and  place,
within or  without  the State of Texas,  as shall be stated in the notice of the
meeting or in a duly executed waiver of notice thereof.  Members may participate
in such  meetings by means of  conference  telephone  or similar  communications
equipment  by means of which all persons  participating  in the meeting can hear
each other,  and  participation in a meeting as provided herein shall constitute
presence in person at such meeting,  except where a person  participates  in the
meeting for the express  purpose of objecting to the transaction of any business
on the ground that the meeting is not lawfully called or convened.

     (d) The  officer  or agent  having  charge of the  records  reflecting  the
Interest of each Member of each class,  if more than one class,  shall make,  at
least ten (10) days  before  each  meeting of  Members,  a complete  list of the
Members entitled to vote at such meeting or any adjournment thereof, arranged in
alphabetical order with the address of and Percentage of Interest of each Member
of each class, if more than one class, which list, for a period of ten (10) days
prior to such  meeting,  shall be kept on file at the  registered  office of the
Company  and shall be subject  to  inspection  by any Member at any time  during
usual business hours. Such list shall also be produced and kept open at the time
and place of the  meeting and shall be subject to the  inspection  of any Member
during  the whole time of the  meeting.  The  original  records  reflecting  the
Interest  of each  Member  of each  class,  if more  than  one  class,  shall be
prima-facie  evidence as to the Members entitled to examine such list or records
or to vote at any meeting of Members. Failure to comply with the requirements of
this  paragraph  shall not  affect  the  validity  of any  action  taken at such
meeting.

     (e) Unless otherwise provided in the Certificate of Formation,  the holders
of a majority of the  Interests  entitled to vote,  represented  in person or by
proxy, shall constitute a quorum at a meeting of Members.

     (f) The vote of the holders of a majority of the Interests entitled to vote
at a  meeting  at which a quorum  is  present  shall be the act of the  Members'
meeting, unless the vote of a greater number is required by law, the Certificate
of Formation or this Agreement.  The Members present at a duly organized meeting
may  continue  to  transact  business  until  adjournment,  notwithstanding  the
withdrawal of enough Members to leave less than a quorum.

     (g) Each outstanding  Interest shall be entitled to one vote on each matter
submitted  to a vote at a meeting  of  Members,  except to the  extent  that the
voting  rights of the  Interest of any class or classes are limited or denied by
the Certificate of Formation or by law.

     (h) A Member may vote  either in person or by proxy  executed in writing by
the Member or by his duly  authorized  attorney in fact. No proxy shall be valid
after  eleven  (11)  months  from the  date of its  execution  unless  otherwise
provided  in the proxy.  Each  proxy  shall be  revocable  unless the proxy form
conspicuously states that the proxy is irrevocable and the proxy is coupled with
an interest.

     (i) For the purpose of determining Members entitled to notice of or to vote
at  any  meeting  of  Members  or  any  adjournment   thereof,  or  entitled  to
distribution or in order to make a determination of Members for any other proper
purpose,  the Managing  Member may provide that the record books shall be closed
for a stated period not exceeding  sixty (60) days. If the record books shall be

                                       13
<PAGE>

closed for the purpose of determining  Members  entitled to notice of or to vote
at a meeting of  Members,  such books shall be closed for at least ten (10) days
immediately  preceding  such meeting.  In lieu of closing the record books,  the
Managing  Member  may fix in  advance  a date as the  record  date  for any such
determination  of Members,  such date in any case to be not more than sixty (60)
days and in the case of a meeting of Members,  not less than ten (10) days prior
to the date on which the  particular  action  requiring  such  determination  of
Members is to be taken. If the record books are not closed and no record date is
fixed for the  determination  of Members  entitled  to notice of or to vote at a
meeting of Members,  or Members  entitled to receive  distribution,  the date on
which notice of the meeting is mailed or the date on which the resolution of the
Managing  Member  declaring such  distribution  is adopted,  as the case may be,
shall be the record date for such determination of Members. When a determination
of Members  entitled to vote at any meeting of Members has been made as provided
in this section,  such  determination  shall apply to any  adjournment  thereof,
except where the determination has been made through the closing of record books
and the stated period of closing has expired.

     (j) Any action  required  by the laws of the State of New  Hampshire  to be
taken at a meeting of the Members, or any action which may be taken at a meeting
of the  Members,  may be taken  without a meeting,  without  prior  notice,  and
without a vote, if a consent or consents in writing, setting forth the action so
taken,  shall have been signed by the holder or holders of all the Interests for
each class, if more than one class,  entitled to vote with respect to the action
that is the subject matter of the consent,  and such consent shall have the same
force and effect as a  unanimous  vote of the  Members.  Every  written  consent
pursuant to this  Section  shall be signed,  dated and  delivered  in the manner
required by, and shall become effective at the time and remain effective for the
period specified by the laws of the State of New Hampshire.  A telegram,  telex,
cablegram, or similar transmission by a Member, or a photographic,  photostatic,
facsimile  or similar  reproduction  of a writing  signed by a Member,  shall be
regarded as signed by the Member for purposes of this paragraph.

     Section 4.7 Limitations. No Member shall have the right or power to:

     (a) withdraw from the Company or withdraw any part of its  contributions to
the Company or its Capital  Account  except as a result of the winding up of the
Company as  provided  in Article VII or as  otherwise  provided  by  nonwaivable
provisions of law;

     (b) bring an action for partition of Company property;

     (c)  cause  the  winding  up of the  Company,  except  as set forth in this
Agreement;

     (d) demand or receive (i) interest on its  contributions  to the Company or
its Capital Account or (ii) any property from the Company other than cash except
as provided in Section 3.8; or

     (e)  have  priority  over any  other  Member  either  as to the  return  of
contributions  to the  Company or as to items of  Company  income,  gain,  loss,
deduction and credit, or distributions.

     Section 4.8 Officers.

     (a) The  officers of the  Company  shall be a  President,  one or more Vice
Presidents as may be determined from time to time by the Managing Member (and in
case of each such Vice President,  with such  descriptive  title, if any, as the
Managing Member shall deem appropriate),  a Treasurer, and a Secretary.  None of

                                       14
<PAGE>

the officers need be a Member of the Company. Any two (2) or more offices may be
held by the same person. Any or all offices of the Company may be left vacant.

     (b) The Managing  Member shall appoint the officers of the Company to their
positions  at such time or times as it may deem  appropriate,  and each  officer
shall hold office at the pleasure of the Managing  Member  without the necessity
of  periodic  reappointment.  Any officer or agent may be removed at any time by
the Managing  Member with or without  cause.  The  compensation,  if any, of all
officers of the Company  shall be  determined  from time to time by the Managing
Member.

     (c) The President shall be the chief executive  officer of the Company and,
subject to the provisions of this Agreement,  shall have general  supervision of
the affairs of the Company and shall have  general and active  control of all of
its  business.  The  President  shall  preside  when  present at meetings of the
Members.  He shall have general authority to execute bonds,  deeds and contracts
in the name of the  Company;  to cause the  employment  or  appointment  of such
employees  and agents of the  Company as the proper  conduct of  operations  may
require  and to fix  their  compensation,  subject  to the  provisions  of  this
Agreement;  to remove  or  suspend  any  employee  or agent who shall  have been
employed or  appointed  under his  authority  or under  authority  of an officer
subordinate to him; to suspend for cause,  pending final action by the authority
which  shall have  elected or  appointed  him,  any officer  subordinate  to the
President; and in general to exercise all the powers usually appertaining to the
office of president of a company,  except as otherwise provided by statute,  the
Certificate  of  Formation  or this  Agreement.  In the event of the  absence or
disability of the President, his duties shall be performed and his powers may be
exercise  by the  Vice  Presidents  in the  order  of  their  seniority,  unless
otherwise determined by the President or the Managing Member.

     (d) Each Vice President shall generally assist the President and shall have
such powers and perform  such duties and  services as shall from time to time be
prescribed or delegated to him by the President.

     (e) The  Secretary  shall see that  notice is given of all  meetings of the
Members  and shall  keep and  attest  true  records  of all  proceedings  at all
meetings  thereof.  He shall have authority to attest any and all instruments or
writings  executed  by the  Company.  He shall keep and  account  for all books,
documents,  papers and records of the Company  except those for which some other
officer or agent is properly accountable.  He shall generally perform all duties
usually  appertaining  to the office of secretary of a company.  In the event of
the absence or  disability of the  Secretary,  his duties shall be performed and
his powers may be exercised as determined by the Secretary, the President or the
Managing Member.

     (f) The Treasurer  shall be the chief  accounting and financial  officer of
the Company and shall have active  control of and shall be  responsible  for all
matters  pertaining  to the  accounts  and  finances  of the  Company.  He shall
receive,  audit and  consolidate  all operating and financial  statements of the
Company  and its various  departments;  shall have  supervision  of the books of
account of the Company,  their arrangement and  classification;  shall supervise
the  accounting  and auditing  practices of the Company and shall have charge of
all matters relating to taxation.  The Treasurer shall have the care and custody
of all monies, funds and securities of the Company; shall deposit or cause to be
deposited all such funds in and with such  depositories  as the Managing  Member
shall  from  time to time  direct or as shall be  selected  in  accordance  with
procedures  established by the Managing  Member;  shall advise upon all terms of
credit granted by the Company;  shall be  responsible  for the collection of all

                                       15
<PAGE>

its  accounts  and shall  cause to be kept  full and  accurate  accounts  of all
receipts and  disbursements  of the Company.  He shall have the power to endorse
for deposit or  collection  or otherwise  all checks,  drafts,  notes,  bills of
exchange and other  commercial  paper  payable to the Company and to give proper
receipts or  discharges  for all payments to the Company.  The  Treasurer  shall
generally perform all duties usually  appertaining to the office of treasurer of
a company.  In the event of the  absence or  disability  of the  Treasurer,  his
duties shall be performed  and his powers may be exercised as  determined by the
Treasurer, the President or the Managing Member.

     (g) In addition to the foregoing especially enumerated duties, services and
powers, the officers of the Company shall perform such other duties and services
and exercise such further powers as may be provided by statute,  the Certificate
of Formation or this Agreement,  or as the Managing Member may from time to time
determine or as may be assigned to them by any competent  superior officer.  The
Managing Member also may revoke or modify the powers and duties of the officers,
and may delegate authority to other Persons and revoke that delegation as it may
deem appropriate.

     (h) The Managing  Member also may appoint such other officers and assistant
officers  and  agents as it shall  from time to time deem  necessary,  who shall
exercise  such  powers  and  perform  such  duties as shall be set forth in this
Agreement or determined from time to time by the Managing Member.

     (i) Any officer may resign at any time. Such  resignation  shall be made in
writing and shall take effect at the time specified  therein,  or, if no time be
specified  then at the time of its receipt by the  President or  Secretary.  The
acceptance of a resignation shall not be necessary to make it effective,  unless
expressly so provided in the resignation.

                                    ARTICLE V
                                BOOKS AND RECORDS

     Section 5.1 Books and Records.  The Managing Member shall keep complete and
appropriate  records and books of account of all  transactions and other matters
related to the Company's  business.  Except as otherwise  expressly  provided by
this  Agreement,  such books and records shall be maintained in accordance  with
generally  accepted  accounting  principles,  consistently  applied,  and  shall
reflect the allocations provided in Section 3.6.

     Section  5.2  Access by  Members.  Subject to  Section  5.3,  all books and
records of the Company shall be made  available at the  principal  office of the
Company and shall be open to the reasonable  inspection  and  examination of the
Members or their duly authorized  representatives  during normal business hours,
and each Member has the right to inspect, and copy during normal business hours,
those records,  and to obtain from the Managing Member,  promptly after becoming
available,  a copy of the  Company's  federal,  state  and local  income  tax or
information returns for each year.

                                   ARTICLE VI
                             TRANSFERS OF INTERESTS

     Section 6.1  Permitted  Transfers of Company  Interest.  A Member may sell,
transfer,  gift, assign, pledge or convey all or any part of its Interest at any
time and from time to time during its life or upon its death without  giving the
other Members an option to purchase such Interest only if the transfer is to any
Related  Party (all of the  foregoing  being  referred  to herein as  "Permitted

                                       16
<PAGE>

Transferees"),  provided  that  the  Permitted  Transferees  assume  all  of the
obligations of the  transferring  Member under this  Agreement.  For purposes of
this Article VI, the Initial Members shall be deemed to be Related Parties.

     Section  6.2 Option to  Purchase  Company  Interest.  Except as provided in
Section 6.1 above, a Member (the "Offering  Member") may not sell all or part of
its Interest (the "Offered  Interest")  without  giving the Company and then the
other Members the following option to purchase:

     (a) The Offering Member shall give the Company written notice of its intent
     to sell the Offered Interest.  Such notice must be accompanied by a written
     agreement  between the Offering  Member and the party  offering to purchase
     the Offered  Interest  which  contains a description  of the portion of the
     total Interest that the Offering Member intends to sell, the proposed sales
     price,  and the proposed sales terms.  The Company shall have the option to
     purchase all or any portion of the Offered Interest upon the same terms and
     conditions by giving the Offering  Member written notice within thirty (30)
     calendar days after receipt of the notice referred to in this paragraph.

     (b) If the Company  does not elect to exercise  its option to purchase  the
     Offered Interest  pursuant to paragraph (a) above, the Offering Member must
     give all other Members written notice of its intent to transfer the Offered
     Interest.  Such notice must be accompanied by a written  agreement  between
     the Offering Member and the party offering to purchase the Offered Interest
     which  contains a description of the portion of the total Interest that the
     Offering Member intends to sell, the proposed sales price, and the proposed
     sales terms.

     (c) On the receipt of the Offering  Member's notice,  each other Member may
     buy a  proportionate  share of the Offered  Interest based on such Member's
     Percentage.  Each Member may exercise this option to purchase by giving the
     Offering  Member  written  notice  within  thirty (30)  calendar days after
     receipt of the notice referred to in the preceding paragraph.

     (d) If one or more of the other Members  declines to buy its  proportionate
     share of the Offered Interest, then that portion of the Offered Interest as
     to which no Member has exercised  its option under the preceding  paragraph
     will be offered  wholly to each Member who  exercised  its option under the
     preceding paragraph.  Each such Member may exercise its secondary option as
     to all or part of the remaining  Offered  Interest,  by giving the offering
     Member written notice within thirty (30) calendar days after the expiration
     of the first  thirty (30) day period.  The  Offering  Member must honor all
     such notices pursuant to this paragraph (d) in full in the order received.

     (e) If the Company  and/or the other Members do not agree to buy the entire
     Offered  Interest,  the Offering  Member may complete the intended sale and
     neither the Company nor any other  Member may  purchase  any of the Offered
     Interest. If the sale is completed,  the transferee shall be an assignee of
     the Offering  Member's interest upon the payment of a reasonable fee to the
     Company to cover costs of preparing,  executing and recording all pertinent
     documents.  A transferee who has become an assignee shall have the right to
     become a substitute Member only upon the consent of the Required Members.

                                       17
<PAGE>

     Section 6.3 Other  Disposition.  Any Member  (the  "offering  Member")  who
desires to sell, assign, transfer or otherwise dispose of all or any part of his
Membership Interests, other than in accordance with Sections 6.1 and 6.2 of this
Agreement, may offer to sell all (but not less than all) of his Interest, to the
other Members (the  "non-offering  Members") at any time during the term of this
Agreement.  The offer to sell shall be in writing  and at such price and on such
terms as the  offering  Member  desires,  provided  that such price shall be set
forth as a price per Unit. The non-offering  Members shall have 30 days from the
receipt  of the  offering  Member's  offer to sell (the  "Offer")  to either (i)
accept  the Offer or (ii)  reject the Offer and elect to  require  the  offering
Member to  purchase  all (but not less than  all) of the  non-offering  Members'
Interest  the same price and upon the same  terms as set forth in the Offer.  If
the  non-offering  Members  accept the Offer,  the  non-offering  Members  shall
purchase all (but not less than all) of the offering  Member's Interest upon the
terms set forth in the Offer within 30 days after the offering  Member  receives
written acceptance of the Offer from the non-offering  Members, in proportion to
their respective  ownership  interests.  If the non-offering Members rejects the
Offer and elects to require the  offering  Member to purchase  the  non-offering
Member's  Interest,  the offering  Member shall  purchase all (but not less than
all) of the non-offering  Members' Interest at the same proportionate  price per
Unit and upon the same  terms set forth in the  Offer  within 30 days  after the
offering  Member  receives  written  rejection  of the Offer  and  notice of the
non-offering  Member's  election to require the offering  Member to purchase the
non-offering  Member's Interest.  Failure of the non-offering Members to respond
to the Offer  within  the  period  provided  for above  shall be deemed to be an
acceptance  of the  Offer.  Rejection  of the  Offer  shall be  deemed  to be an
election by the non-offering  Members to require the offering Member to purchase
the non-offering Members' Interest as herein above provided.

     Section 6.4 Drag-Along Rights.

     (a) If at any time the  holders  of more than  fifty  percent  (50%) of the
Interests (the "Receiving Members") have received a bona fide written cash offer
from an unaffiliated purchaser or group of unaffiliated purchasers (the "Offer")
(x) to purchase all of the Interests or (y) to purchase all or substantially all
of the  Company's  assets  (other  than by way of any merger,  consolidation  or
similar  transaction),  the Receiving Members shall have the right to (i) in the
case of a transaction described in the immediately preceding clause (x), require
each holder of Interests to make an election to either sell all of its Interests
to such  unaffiliated  purchaser  or group of  purchasers  on the same terms and
conditions  applicable  to,  and for the same  purchase  price  payable  to, the
Receiving Members, or reject the proposal, and (ii) in the case of a transaction
described  in the  immediately  preceding  clause  (y),  require  each holder of
Interests  to make an  election  to either  approve  and cause  the  Company  to
consummate such transaction or reject the proposal.

     (b) If the  Receiving  Members  desire to enter  into any  transaction,  or
series of related  transactions,  involving the sale of all or substantially all
of the Company's assets or the sale of all Interests in a transaction  described
in paragraph (a) of this Section 6.4, then the Receiving  Members may, but shall
not be obligated to, give to all other Members (the "Electing Members") a notice
describing in detail all of the terms and  conditions of the Offer  (including a
copy of the Offer) and stating that such notice is being  delivered  pursuant to
this Section 6.4 (the "Election Notice").

     (c) Within  thirty  (30) days  after the last date on which  each  Electing
Member has received an Election  Notice (the "Election  Period"),  each Electing
Member shall  deliver to the  Receiving  Members its written  election to either
accept the Offer or reject the Offer.  Failure to deliver an election within the

                                       18
<PAGE>

Election  Period shall be deemed to be a rejection of the Offer.  If an Electing
Member rejects the offer (a "Rejecting  Member"),  such  Rejecting  Member shall
then be obligated to purchase (upon the  equivalent  terms and conditions as set
forth in the Offer) the  Interests  of the  Receiving  Members and any  Electing
Member who has elected to accept the Offer for cash at a purchase price equal to
one  hundred  percent  (100%) of the cash  purchase  price  stated in the Offer,
multiplied by the Percentage of each such Receiving  Member and Electing  Member
that has accepted the Offer.  If there shall be more than one Rejecting  Member,
the  obligation  to  purchase  the  Interests  of the  Receiving  Member and the
Electing  Members who have  accepted the Offer shall be borne pro rata among the
Rejecting Members.

     (d) If one or more  Rejecting  Members are  required to purchase  Interests
pursuant  to this  Section  6.4,  then  the  closing  shall  be held on the date
established by the Receiving  Members,  which closing date shall be within sixty
(60)  days but not less than  twenty  (20)  days  after the end of the  Election
Period.

     Section  6.5  Bankruptcy  of  Member.  If a  Member  files  a  petition  in
bankruptcy,  the Company, and if it declines,  the other Members, shall have the
option to purchase the bankrupt Member's Interest. The purchase price, terms and
methodology of such purchase shall be determined in the same manner as described
in Section 6.4 for the purchase of an Interest upon the death of a Member.

     Section 6.6 Void  Assignments.  Any purported sale,  transfer,  assignment,
hypothecation,  pledge or other disposition or encumbrance by a Member of all or
any part of any Interest not made strictly in accordance  with the provisions of
this Article VI or otherwise  permitted by this Agreement shall be entirely null
and void, and of no force or effect.

                                   ARTICLE VII
                                   WINDING UP

     Section 7.1 Events Requiring Winding Up. The Company shall be wound up only
on the first to occur of any one or more of the following:

     (a) written consent of the Required Members;

     (b) at such time as there is no Member remaining;

     (c) entry of a judicial order to wind up the Company; or

     (d) on notice from any Member to the other Members on or after the 90th day
following the Managing  Member's  ceasing to be a Member,  unless a new Managing
Member has been appointed as provided in Section 4.1(e).

     Section 7.2 Winding Up Affairs and Distribution of Assets.

     (a) If an  event  requiring  the  winding  up of the  Company  occurs,  the
Managing Member or, if there is no Managing Member, a Person designated for this
purpose by written  consent of Members  owning more than 50% of the  outstanding
Percentages  owned by Members (the Managing Member,  or the Person so designated
being called the "Liquidating  Agent"), as soon as practicable shall wind up the
affairs of the Company and sell and/or distribute the assets of the Company. The
Liquidating  Agent shall have all of the rights and powers  with  respect to the

                                       19
<PAGE>

assets and  liabilities of the Company in connection  with the  liquidation  and
termination  of the Company that the Managing  Member would have with respect to
the assets and  liabilities of the Company  during the term of the Company,  and
the Liquidating  Agent is expressly  authorized and empowered to execute any and
all  documents   necessary  or  desirable  to  effectuate  the  liquidation  and
termination of the Company and the transfer of any assets. The Liquidating Agent
shall apply and distribute the proceeds of the sale or liquidation of the assets
and property of the Company in the following order of priority, unless otherwise
required by nonwaivable provisions of applicable law:

          (i)  to pay (or to make provision for the payment of) all creditors of
               the Company (including Members who are creditors of the Company),
               in the  order  of  priority  provided  by law  or  otherwise,  in
               satisfaction  of all debts,  liabilities  or  obligations  of the
               Company due its creditors;

          (ii) after the payment (or the  provision  for  payment) of all debts,
               liabilities  and  obligations  of the Company in accordance  with
               clause (i) above,  any balance  remaining shall be distributed to
               the  Members  having  positive   Capital   Accounts  in  relative
               proportion to those Capital Accounts.

     (b) The Liquidating  Agent shall have sole discretion to determine  whether
to  liquidate  all or any portion of the assets and  property of the Company and
the consideration to be received for that property.

     (c) Except as required by  nonwaivable  provisions of the laws of the State
of New Hampshire,  no Member shall have any obligation at any time to contribute
any funds to replenish any negative balance in its Capital Account.

     Section 7.3 Termination. On compliance with the distribution plan described
in Section 7.2(a), the Liquidating Agent shall execute, acknowledge and cause to
be filed a certificate of termination,  at which time the Company shall cease to
exist as a limited liability company.

                                  ARTICLE VIII
                                  MISCELLANEOUS

     Section 8.1 Notices. Any notice to be given under this Agreement must be in
writing and  delivered  personally  (including by courier),  electronically,  by
facsimile  transmission,  or by express,  certified or registered mail (a) if to
the Company,  to the Managing Member, and (b) if to a Member, at its address set
forth on  Exhibit A or, in the case of a Member  subsequently  admitted,  in the
instrument in which it agreed to be bound by this  Agreement,  or in either case
at such  other  address  as that  Member  may  designate  by notice to the other
Members.  A notice  is deemed  given on  receipt  at the  address  so  provided.
Whenever by statute or the Certificate of Formation or this Agreement, notice is
required to be given to any Member,  a waiver  thereof in writing  signed by the
person or  person  entitled  to such  notice,  whether  before or after the time
stated in such notice, shall be equivalent to the giving of such notice.

     Section  8.2  Entire  Agreement.   This  Agreement   supersedes  all  prior
agreements and understandings among the Members with respect to the Company.

                                       20
<PAGE>

     Section 8.3 Amendments.  This Agreement may be modified only on the written
consent of the Required Members; provided,  however, that an amendment adversely
affecting   a   Member's   distributions,   allocations,   obligation   to  make
contributions  to the  Company or rights to  consent  or  approve  is  effective
against that Member only if that Member agrees in writing.

     Section  8.4  Waivers.  A waiver of any  breach of any of the terms of this
Agreement shall be effective only if in writing and signed by the Member against
whom such waiver or breach is claimed. No waiver of any breach shall be deemed a
waiver of any other subsequent breach.

     Section 8.5 Severability.  If any provision of this Agreement shall be held
to  be  invalid,   illegal  or   unenforceable,   the   validity,   legality  or
enforceability  of the remaining  provisions shall not in any way be affected or
impaired,  unless that  provision  was  fundamental  to the  objectives  of this
Agreement.

     Section  8.6 Further  Assurances.  Each Member  shall  execute  such deeds,
assignments,  endorsements  and other  instruments  and documents and shall give
such  further  assurance  as  shall  be  reasonably  necessary  to  perform  its
obligations under this Agreement.

     Section  8.7  Governing  Law.  This  Agreement  shall  be  governed  by and
construed in accordance with the laws of the State of Texas.

     Section 8.8 Power of  Attorney.  Each Member  constitutes  and appoints the
Managing  Member its true and lawful attorney with full power of substitution to
make,  execute,  sign,  acknowledge  and file all  certificates  and instruments
necessary to form or qualify, or continue the existence or qualification of, the
Company in any jurisdiction or before any governmental authority.  This grant of
a power of attorney is coupled  with an  interest  and shall  survive a Member's
disability,  incompetence,  death or  assignment  by such Member of its Interest
pursuant to this Agreement.

     Section 8.9  Successors  and Assigns.  Except as expressly  provided to the
contrary in this Agreement,  this Agreement shall be binding on and inure to the
benefit of the Members and their respective successors and permitted assigns.

     Section 8.10 Counterparts.  This Agreement may be executed in any number of
counterparts or with counterpart  signature pages, each of which shall be deemed
an original, but all of which shall constitute one and the same instrument.

Executed as of the ___ day of March, 2007.

        Address                                 Member Name
        -------                                 -----------
        P.O. Box 5562
        Midland, Texas 79704                    /s/ Dale A. Brown
                                                --------------------------------
                                                Dale A. Brown

                                       21
<PAGE>

        P.O. Box 5562
        Midland, Texas 79704                    /s/ Cary D. Brown
                                                --------------------------------
                                                Cary D. Brown

        P.O. Box 7515                           McGraw Brothers Investments
        Midland, Texas 79708
                                                By: /s/ Kyle A. McGraw
                                                   -----------------------------
                                                   Kyle A. McGraw,
                                                   Managing General Partner

        303 W. Wall, Suite 2300                 Amen Properties, Inc.
        Midland, Texas 79701
                                                By: /s/ Jon Morgan
                                                   -----------------------------
                                                   Jon Morgan, President

        P.O. Box 10217
        Midland, Texas 79702                    By: /s/ Kyle Stallings
                                                    ----------------------------
                                                    Kyle Stallings

        303 W. Wall, Suite 2300
        Midland, Texas 79701                    By: /s/ John Norwood
                                                    ----------------------------
                                                    John Norwood

        303 W. Wall, Suite 2300
        Midland, Texas 79701                    By: /s/ Jon Morgan
                                                   -----------------------------
                                                   Jon Morgan

        P.O. Box 10886                          S.E.S. Investments, Ltd.
        Midland, Texas 79702                    By: S.E.S. Management, LLC

                                                By: /s/ Wes Perry
                                                   -----------------------------
                                                   Wes Perry, President

        303 W. Wall, Suite 2300
        Midland, Texas 79701                    /s/ Herman C. Walker, III
                                                --------------------------------
                                                Herman C. Walker, III
                                                Eric D. Boyt Pension Plan

        303 W. Wall, Suite 2300
        Midland, Texas 79701                    By: /s/ Eric D. Boyt
                                                   -----------------------------
                                                   Eric D. Boyt, Trustee

                                       22
<PAGE>

        P.O. Box 520
        Livingston, TN 38570                    /s/ Millard V. Oakley
                                                --------------------------------
                                                Millard V. Oakley

        P.O. Box 5147                           Universal Guaranty Life
        Springfield, IL 62705                   Insurance Company

                                                By: /s/ Doug Ditto
                                                   -----------------------------
                                                   Doug Ditto, Assistant V.P.

                                       23
<PAGE>

                                   EXHIBIT "A"

                         NAMES, PERCENTAGES AND CAPITAL
                CONTRIBUTIONS OF INITIAL MEMBERS and NEW MEMBERS
<TABLE>
<CAPTION>
<S>                                      <C>                                     <C>
Name                                    Percentage               Capital Contribution
==========================================================================================
Dale A. Brown                            1.0281%                   See Exhibit A-1
------------------------------------------------------------------------------------------
Cary D. Brown                            1.0281%                   See Exhibit A-1
------------------------------------------------------------------------------------------
McGraw Brothers Investments              2.0562%                   See Exhibit A-1
------------------------------------------------------------------------------------------
Amen Properties, Inc.                    17.8045%                  See Exhibit A-1
------------------------------------------------------------------------------------------
Kyle Stallings                           1.9828%                   See Exhibit A-1
------------------------------------------------------------------------------------------
Jon Morgan                               0.9572%                   See Exhibit A-1
------------------------------------------------------------------------------------------
Jon Norwood                              0.9572%                   See Exhibit A-1
------------------------------------------------------------------------------------------
Herman C. Walker, III                    0.0354%                   See Exhibit A-1
------------------------------------------------------------------------------------------
Eric D. Boyt Pension Plan                0.0354%                   See Exhibit A-1
------------------------------------------------------------------------------------------
S.E.S. Investments, Ltd                  9.8820%                   See Exhibit A-1
------------------------------------------------------------------------------------------
Millard V. Oakley                        21.4110%                  See Exhibit A-1
------------------------------------------------------------------------------------------
Universal Guaranty Life                  42.8220%                  See Exhibit A-1
 Insurance Company
==========================================================================================
            Total                       100.0000 %                 See Exhibit A-1
------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                                  EXHIBIT "A-1"
                                     CAPITAL
                            CONTRIBUTIONS OF MEMBERS
<TABLE>
<CAPTION>
<S>                                                   <C>                      <C>
Name                       Property Contributed     New Cash Contributed      Total Agreed Value
====================================================================================================
NEW MEMBERS
====================================================================================================
Dale A. Brown              Undivided 1.0404% in
                          properties described on
                                 Exhibit B            $             27,629     $            152,477
----------------------------------------------------------------------------------------------------
Cary D. Brown              Undivided 1.0404% in
                          properties described on
                                 Exhibit B            $             27,629     $            152,477
----------------------------------------------------------------------------------------------------
McGraw Brothers            Undivided 2.0808% in
 Investments              properties described on
                                 Exhibit B            $             55,258     $            304,954
----------------------------------------------------------------------------------------------------
Amen Properties, Inc.     Undivided 18.0172% in
                          properties described on
                                 Exhibit B            $            478,461     $          2,640,513
----------------------------------------------------------------------------------------------------
Kyle Stallings             Undivided 2.0065% in
                          properties described on
                                 Exhibit B            $             53,285     $            294,065
----------------------------------------------------------------------------------------------------
Jon Morgan                 Undivided 0.4074% in
                          properties described on
                                 Exhibit B
                         Undivided 47% Interest in
                               Metro Building         $             10,819     $            141,957
----------------------------------------------------------------------------------------------------
Jon Norwood                Undivided 0.4074% in
                          properties described on
                                 Exhibit B
                         Undivided 47% interest in
                               Metro Building         $             10,819     $            141,957
----------------------------------------------------------------------------------------------------
Herman C. Walker, III    Undivided 3% interest in
                               Metro Building         $                  0     $              5,250
----------------------------------------------------------------------------------------------------
Eric D. Boyt              Undivided 3% in Metro
Pension Plan                      Building            $                  0     $              5,250
----------------------------------------------------------------------------------------------------
S.E.S. Investments, Ltd   Undivided 10.0000% in
                          properties described on
                             Exhibit B 10.0000%       $            265,560     $          1,465,560
----------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>
<TABLE>
<CAPTION>
<S>                                                   <C>                      <C>
----------------------------------------------------------------------------------------------------
INITIAL MEMBERS
----------------------------------------------------------------------------------------------------
Millard V. Oakley           Cash and existing
                                 properties           $                  0     $          3,175,379
----------------------------------------------------------------------------------------------------
Universal Guaranty Life     Cash and existing
 Insurance Company               properties           $                  0     $          6,350,758
----------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------
          Total                                       $            929,459     $         14,830,596
----------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                                   Exhibit "B"

The  following  described  property,  including all related  personal  property,
leases, accounts, and deposits:

          (a)  The Bank of America  Building,  located at 303 W. Wall,  Midland,
               Texas;

          (b)  The  Century  Plaza  Building,  located at 310 W. Wall,  Midland,
               Texas; and

          (c)  The Bank of  America  Parking  Lot,  located  at 400 N.  Loraine,
               Midland, Texas.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}]]