Mr. John Eads is President of Sierra. He received a BS in Mechanical Engineering from Southern Methodist University in 1972 and a Masters of Business Administration from the University of Texas in 1975. Mr. Eads began his career with Aramco in Saudi Arabia in 1975. In 1977, he returned to the United States and started his career as an independent producer in the Texas, Louisiana, California and Gulf of Mexico arenas. Mr. Eads directly supervises the negotiation and closing of all Sierra acquisitions and exploratory projects. Since 1987, 2-D and 3-D seismic supported drilling programs, which Mr. Eads supervised, has had an 80% success rate. Sierra has successfully completed 45 acquisitions since 1992, with a finding and development cost of $.65/MCFE.