Sibling Retreat 2022

All members and spouses were present for a meal when and where we had managers presentation and discussion:

1. LLC got first monthly check from Loving County property operated by Lime Rock, $5,000
• This is a working interest and expenses were $300+ for the same month
• We got a check for $50,000+ last month which represented two years of production and expenses
2. Plan is still to create a separate LLC, Keyser Interests LLC,  to protect the royalty interest properties from the WI properties.
• this will likely cost around $3,000 and was approved by the members again.
  (see notes from previous partnership meeting)
• Keyser Interests, LLC will have one member, Keyser LLC.
3. Keyser LLC is currently valued at $5,000,000 which is partially reflected on your 2021 K1 from the LLC which showed your capital increasing by about $500,000 or your share of mother's properties (which were moved to the LLC )
4. Discussion of geology of the Delaware and Permian basins from which we are getting all our revenue
• We have 3 producing wells in Culberson County (Delaware) which account for 70% of our revenue
• One well in Reeves County (Delaware) - 10%
• One well in a unit in Loving County (Delaware)  - 20%
• One well in Midland County, the Lydia 1; she is one of the very 1st wells in the Permian basin - 5%
• this is our other working interest property (last month $600 in revenue and $150 expenses)
5. All Keyser LLC properties are in Texas.
• (Funkhouser Family Partnership, which was dissolved in 2020, had some properties in Colorado)
6. Keyser LLC distributions will continue to be monthly as long as LLC revenue exceeds $10,000 / month
7. Article 13.10 of the Keyser LLC agreement allows for “normal” transfers at death including trusts
• new members must agree to the terms of the agreement