JAMES P. GRAHAM serves as President and Chairman of the Board of Palo Petroleum, Inc. ("Palo").  After graduating with honors from the University of Texas at Austin with a B.B.A. in Petroleum Land Management and Finance, Mr. Graham received a M.B.A. from Southern Methodist University in 1970.  While attending school he worked for Hunt Oil Company as a landman.

Following graduation from SMU, Mr. Graham joined Continental Oil Company’s (Conoco) land department.  In 1971, he went to Cenard Oil & Gas Co. in Dallas and served as Manager of Land and Contracts and Assistant Secretary of Cenard and its subsidiaries. When Cenard was sold to Gulf Oil Corporation in 1975, Mr. Graham went into private consulting, and supervised the acquisition, drilling and completion of oil and gas exploration ventures for his clients.

In 1976, Mr. Graham and Mr. Lonnie R. Holotik formed Palo for the exploration and development of oil and gas prospects.  At that time, Mr. Graham also served as Managing Partner of Graham-Lawrence Petroleum, a joint venture with John Lawrence, former Chairman of the Board of Dresser Industries. As Managing Partner, Mr. Graham supervised participation in 108 wells in seven drilling partnerships. In addition to running Palo, Mr. Graham also currently serves as President of Dallas Natural Gas Company, an oil and gas investment firm. The majority stockholder of Dallas Natural Gas was Louis F. Davis, former Vice-Chairman of Atlantic-Richfield (Arco). In 1982, Mr. Graham, along with First Boston and others, was one of the founding stockholders of Snyder Oil Company Holdings, Inc., a former NYSE-listed company prior to its sale.

Mr. Graham has qualified for Certified Professional Landman status (No. 368) and is a current or past member of the Dallas Association of Petroleum Landmen, the American Association of Petroleum Landmen, the Texas Independent Producers and Royalty Owners Association, the Texas Mid-Continent Oil & Gas Association, the Independent Petroleum Association of America, the West Central Texas Oil & Gas Association, the Rocky Mountain Oil & Gas Association, Dallas Chamber of Commerce, North Dallas Chamber of Commerce, the Advisory Board of Christian Concern Foundation, past President of the North Dallas Chamber of Commerce Soccer Association, member of the Chancellor’s Council and the Littlefield Society at the University of Texas-Austin, past member of Council of Regents-Jesuit College Preparatory School, Member of Charter Society, Football Society and Quadrangle Club-Cornell University, past director and past chairman of the Energy Committee of Union Bank and Trust of Dallas and former director of Grand Bank – Woodall Rogers in Dallas (now BBVA Compass Bank). In addition, Mr. Graham is a past president of the City of Dallas Park Board, past president of Friends of Fair Park, chairman of the World Cup Dallas 1994 Bid Committee, co-chairman with Lamar Hunt of the World Cup Dallas 1994 Host Committee, advisory board member of the Dallas Football Classic, past Chairman of the Board of Schick Shadel Hospital in Seattle, Washington (www.schickshadel.com), and is a past board member and former executive committee member of the Mountain States Legal Foundation (www.mountainstateslegal.org). Mr. Graham currently serves on the board of DonamiSport which has ventured with the Liberian YMCA to bring soccer leagues to the children of Liberia, and as Chairman of Friends of Dallas Parks.