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Tri-Power properties. During these visits, Mr. Billings and Mr.
Cassell reviewed, in detail, the geological and seismic data
relating to the Tri-Power reserves and the 1986 LAM reserve
report. Mr. Cassell was candid with Mr. Billings and Mr. Wagner,
disclosing Tri-Power's strengths as well as its weaknesses. In
addition, Mr. Billings visited the LAM offices, where he reviewed
the Tri-Power properties with Mr. Martin.
Petitioner's policy was to use its in-house personnel to
evaluate prospective properties, and during its investigation of
the Tri-Power properties, petitioner's acquisition team consulted
petitioner's in-house petroleum engineers and geologists. In-
house personnel also conducted title and lease reviews. Messrs.
Wagner and Miller reviewed Tri-Power's contracts for the purchase
and sale of its oil and natural gas production. Mr. Wagner also
took the lead investigating those Tri-Power properties with which
he had prior experience, including the Meeteetse field located in
Wyoming's Big Horn Basin. In connection with that investigation,
Mr. Wagner reviewed Tri-Power's land files and met with Tri-
Power's landman, Paul Vandergriff.
In addition to its in-house review, petitioner engaged
Gerald Swonke, an oil and gas attorney from Houston, Texas, to
review Tri-Power's major producing properties. Mr. Swonke's
investigation included, inter alia, a review of Tri-Power's
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