- -------------------------------------------------- Registrant, until its entry into the golf industry as an operating company, had been generally engaged in the business of owning minority working interests in oil and as properties located in the states of Montana and Texas. Registrant's oil and gas interests are subject to working and operating agreements whereby an unaffiliated operator operates the wells. This operator, for a fee or a carried interest in the well, manages the well production, sells the production, collects revenues, pays operating expenses and distributes the remaining revenues, if any, to the working interest owners.

In general, Registrant's...