Estate of H.A. True, Jr. - Page 269

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                                                                                               Schedule 2      
        1994 Transfers by Estate                                                                               
        Fair market value                                                                                      
        Fair market            of Dave True’s           Total purchase                                         
        Interest owned       value of 100%           interest owned            price paid by                   
        by Dave True       interest per 1994        at death per 1994        Jean True & True                  
          at death(1)        estate tax notice(2)       estate tax notice       sons (book value)              
        Disputed Companies                                                                                     
        True Oil                        38.47%             $52,097,003               $20,041,717             $5,538,423
        Eighty-Eight Oil                38.47%              68,900,000                26,505,830              9,546,285
        True Ranches                    38.47%              52,725,363                20,283,447              5,777,943
        Belle Fourche                   68.74%              28,919,991                19,801,518                747,723
        Black Hills Trucking            58.16%              10,933,726                 6,359,055                951,467
        White Stallion                  34.235%              1,139,080                  389,964                153,434
        Subtotal                                         214,715,163                93,381,531             22,715,275
        Undisputed Companies                                                                                   
        Rancho Verdad                   38.47%               2,175,053                   836,743(3)              506,308
        True Drilling                   38.47%               4,605,776                 1,771,842(3)              938,940
        Tool Pushers                    70.683%              6,500,000                 4,594,395(3)            2,173,211
        Midland Financial               68.47%              20,000,001                13,694,001(3)            8,761,108
        Roughrider Pipeline             68.47%                 325,001                   222,528(3)              217,396
        Smokey Oil                      72.394%              2,399,983                 1,737,444(3)            1,733,359
        True Geothermal Energy          38.47%                 662,516(2)                 254,870                254,870
        True Mining                     38.47%                   1,024                       394                    394
        True Envir. Rem. LLC            38.47%               1,234,656                   474,972                474,972
        Black Hills Oil Marketers       68.47%                     349                       239                    239
        Bonanza Publishing              68.47%                   2,294                     1,571                  1,571
        Clareton Oil                    68.47%                     334                       229                    229
        Donkey Creek Oil                68.47%                     334                       229                    229
        Equitable Oil Purchasers        56.51%                   5,764                     3,257                  3,257
        Fire Creek Oil                  68.47%                   6,282                     4,301                  4,301
        Pumpkin Buttes Oil              68.47%                     296                       203                    203
        Sunlight Oil                    68.47%                     332                       227                    227
        True Geothermal Drilling        68.47%                     894                       612                    612
        True Wyoming Beef               68.47%                   4,092                     2,802                  2,802
        Wind River Oil                  68.47%                     340                       233                    233
        True Land & Royalty             68.47%                 153,441                   105,061                105,061
        Subtotal                                          38,078,762                23,706,153             15,179,522
        Grand total                                    252,793,925               117,087,684             37,894,797
         (1) Dave True’s total interest in each company as of his death.  Respondent has agreed that any adjustment to the
        value of the interest transferred to Jean True qualifies for the marital deduction.                    
         (2) Fair market value of 100% interest amounts for True Geothermal Energy and following were extrapolated from 1994
        estate tax notice                                                                                      
         (3) Respondent no longer asserts an estate tax deficiency related to this entity.                     


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Last modified: May 25, 2011