Wesley E. Franklin

Society of Petroleum Engineers, Inc. provides petroleum engineering services. The non-profit company is based in Allen, TX and has subsidiaries in United States, India and Canada.

The Company is seeking and reviewing new oil and gas exploration projects. The Company recorded a write-off of its interest in the Montana and North Dakota projects during the 2007 fiscal year as the exploration wells that were drilled were deemed to be commercially uneconomical During fiscal 2006, the Company acquired the rights to seismic geophysical data covering certain oil and gas prospects located in South Texas in consideration for $55,000. These costs are not related to the unproved properties already acquired. Because the Company does not have any properties with proved reserves, these costs were included in property investigation expenses.