ALTEX INDUSTRIES INC

Altex Industries, Inc. is a holding company incorporated in Delaware in 1985. Through its operating subsidiary, AOC, the company holds interests in onshore oil and gas properties. Altex Industries, Inc. has also bought and sold producing oil and gas properties. To a lesser extent, the company has participated in the drilling of exploratory and development wells and in the recompletion of existing wells. All of AOC's interests are in properties operated by other entities. The operators of these producing properties sell the extracted oil and gas to refiners, pipeline operators, and processing plants. The company has one full-time employee. The sale of oil and gas is regulated by Federal, state, and local agencies, and AOC is subject to Federal, state, and local environmental laws and regulations. These regulations generally control pollutants released into the environment and mandate remediation by responsible parties. AOC regularly evaluates its exposure to environmental liability and asset retirement obligations (ARO).