Wallace R. Noel and Robinette Noel - Page 9

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          One of these entities operated a restaurant and was called Out of           
          Bounds, Inc.  Another entity was Noel Exploration, Inc., a                  
          corporation engaged in the oil and gas business.  The bank used             
          separate customer numbers for Noel Exploration, Inc. (Cust.                 
          No. 10408), Out of Bounds, Inc. (Cust. No. 10626), and petitioner           
          (Cust. No. 10398).  Typically, the loans from the bank were for             
          terms of 1 year.  At the end of the term, petitioner typically              
          rolled the outstanding principal and accrued interest into a new            
          1-year loan.                                                                
               On December 3, 1984, the bank lent petitioner $549,312 from            
          an unsecured line of credit (loan No. 10398/100160),5 $497,620 of           
          which was used to pay off a prior unsecured line of credit for              
          Out of Bounds, Inc., and $51,692 was used to pay off the accrued            
               On September 4, 1985, the bank lent petitioner $1,100,000              
          (loan No. 10398/102971).  Of this amount, $650,000 was used to              
          purchase 283 acres of land called the "Overland Trail" property,            
          and $439,323 was used to satisfy the outstanding principal                  
          balance on loan No. 10398/100160.  The record is silent with                
          regard to the application of the remaining $10,677.  Also, on               
          December 18, 1985, a $125,000 unsecured line of credit was                  
          established between the bank and petitioner with loan No.                   

          5The number preceding the slash identifies the customer, and                
          the number following the slash identifies the specific loan.                

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