April 12, 2005 Board Meeting and Forum Report

Board and Forum Report, November 8, 2005:

The Board held its regular monthly meeting on November 8, 2005 at the Long Beach Petroleum Club. Chairperson Pat Shuler called the meeting to order at 10:30 AM. Highlights follow:

The Treasurer reported a net surplus for the October 2004 – September 2005 Fiscal Year of just over $3,000. This result includes a total of $11,000 in scholarships awarded to 13 university and four high school students.

The Board approved a balanced budget for the 2005 – 06 fiscal year. Significant items include increases in Continuing Education, Community Outreach and Scholarship funding. The largest single source of funding will be the Charity Golf Tournament, scheduled for May 19, 2006.

The Board endorsed the nominations of Sam Sarem for Western Regional Director (2006 – 09) and the nomination of current Western Regional Director, Behrooz Fattahi for the position of VP, Finance of SPE.

Scott McGurk reported a Continuing Education workshop on well remedial work is scheduled for November 18, 2005 at the Petroleum Club.

Prior to the Forum Program, 2004 – 05 Chairperson, Raj Upadhyay was awarded a very nice commemorative plaque by Pat Shuler.

The Forum was attended by nearly 50 members and featured two speakers, speaking one topic – crude pricing. Tom Walker reviewed key drivers of California pricing, which include increasing imports, competition from China and spare capacity increasingly met by heavy crude.

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Barry Evans focused on world pricing. Key drivers here are Saudi spare capacity, declining new discovery reserve additions and the unsettling notion that the Middle East reserve base could likely be overstated. High prices could mitigate demand, but with spare capacity below 3% of production, the bottom line conclusion for both talks is that prices continuing in the $50 - $60 range are likely.

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