Historically we have sponsored oil and natural gas drilling programs with an emphasis on a total return that included tax benefits available to programs conducting exploration and development. We also have sponsored seven programs that invested in energy infrastructure assets including pipeline and processing facilities.

Today, we believe that a period of energy market and industry fluctuation, which began in the fourth quarter of 2014, coupled with unstable oil prices and a prolonged regression in natural gas prices, has created unique opportunities for energy investors seeking value and appreciation.

While our investment strategy is not dependent on a low energy price environment, a low energy price cycle enhances our prospects for success. Our opinion is that solid opportunities in energy are always available, but may be more prolific in unstable times and may be more favorable because organic market price appreciation is more likely.

Examples of assets we may target and acquire include, but are not limited to: