893486--3/16/2006--SANTA_FE_ENERGY

related topics

{gas, price, oil}

{cost, regulation, environmental}

{interest, director, officer}

{regulation, change, law}

Oil, natural gas and NGL prices are volatile. Estimates of oil, natural gas and NGL proved reserves are uncertain and may change if the assumptions on which such estimates are based prove to be incorrect. Future exploratory drilling involves substantial expenditures and may not result in commercially productive reservoirs. Distributions to Holders may be adversely affected by many hazards. The Trust is passive in nature and has no control over the field operations of, sale of oil or gas from, or development of the underlying properties. The oil and gas reserves attributable to the underlying properties of the Trust are depleting assets and production from those reserves will diminish over time. The Trust is precluded from acquiring other oil and gas properties or royalty interests to replace the depleting assets and production. Government laws and regulations can change. Environmental matters and costs can be significant. The Trust will terminate on or before February 15, 2008. The full liquidation value of the Trust after its termination is uncertain.

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893486--3/16/2006--SANTA_FE_ENERGY_TRUST