Petroleum Association of Wyoming

“There are 3 directors whom are related parties.”

“Membership of the association consists of three classes of members called voting, associate and honorary with the qualifications and rights of each class as follows: voting members consist of those actively engaged or interested in the oil and gas industry. In voting and determining the presence of a quorum, employees are collectively entitled to only one vote in the name of their employer and are collectively counted as one member. Associate memberships are available subject to terms and conditions established by the board of directors. Associate members are not entitled to vote, but are eligible to serve on any committee to which they may be appointed. Honorary members are elected to the board of directors without dues and have rendered distinguished service to the association or industry. Unless otherwise maintaining a voting membership, honorary members are not entitled to vote, but are eligible to serve on any committee to which they may be appointed.”

“The members hold an annual meeting; a quorum of at least 25% of all members must be present at all meetings of the membership. At the meeting, voting members present elect a board of directors and members of the management committee for the succeeding term.”

“The process of voting and voting for directors is reserved to the membership.”

“Rather than have the board of directors review the form 990, management has chosen to have the president review the form 990 prior to issuance.”

“At the beginning of every board meeting, the conflict of interest policy is read and acknowledged.”

“The management committee evaluated a comparability chart for contemporary positions both within and outside of the state.”

“The governing documents, the conflict of interest policy, and the financial statements are available upon request.”

“The review process of the financial statements has not changed from the prior year.”