In 1980 Pacific & Texas Pipeline & Transportation Company was formed after becoming involved with Standard Oil of Ohio who was unable to obtain the necessary permits for a project they were working on in Los Angeles, California. The Pacific Texas Pipeline Project -- Deepwater Oil Terminal, Port of Los Angeles (POLA) was developed as a result of that association. Pier 400 (the first 106 acres of the project) was developed and subsequently completed by Pacific Texas, as part of the Deepwater Oil Terminal Facility for the POLA 2020 Plan, during the summer of 1996. At that time, Pacific Texas raised the necessary project capital and managed a budget in excess of $400 million. Also, of importance is the $187M in tax credits received by the Pacific Texas Pipeline Project as a result of the Tax Reform Bill of 1986. These tax credits were used for project bond financing and to develop the 1100 mile right-of-way from California to Texas. Part of the right-of-way is being used today for our Pacific Texas current projects.