Subject: File No. 265-23
From: Scott Shaw
May 23, 2005
The new accounting rules are KILLING the small companies. We are a small OTCBB company now enduring our second “E” in a row and I just got cussed out by a shareholder for the nth time in a row. I know we will avoid becoming kicked off to the pink sheets but our investors are disheartened…and so are we. We have now become an accounting firm instead of an oil & gas company.
The Enron and WorldCom scandals are taking their enormous toll on all the small companies trying to make an honest living. We small guys do not have the funds to spend on the huge increase in accounting expenses or the money to hire a huge accounting staff. The big companies have the money to properly staff themselves…we do not. They hire the best personnel…we can’t afford it. One year ago there were over 50 SEC reporting accountants in the State of Oklahoma…now there are 10! And guess what companies get the preferential treatment during filing time??...the large companies because they have the money! Why can’t the large cap companies be required to comply with the Sarbanes Oxley and let the small companies do something less involved and time consuming??? It was a couple of large cap companies that created this problem in the first place. The small and mid cap companies employ 90% of the country! Please help!!