The company drills sub-salt formations in West Africa. Recently acquired two concessions in Gabon (Mutamba) and offshore Angola. Will continue ti drill subsalt formations. No debt. All operations funded from cash flow. More production coming online from Etame field to fund exploration in new concessions.

Credit Card business has excellent risk/reward ratio, better than the risk/reward ratio of any corporate bond. Recently purchased two banks to lower cost of funds. Forward P/E below 10.

Mainly sells aggregates along the Southern coast of the USA. Price increases in 33 of past 34 years. Seventy-five percent of business non-residential. Shortage of aggregate along coast from Virginia to Texas. California is their largest market. Increases in Federal and California highway spending. Company expects 2007 EPS Growth of 15% with flat volume.

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