Potential Clients

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	You are a natural person (not legal entity) with not less than US$5,000,000 in investments.
	You are a company with not less than US$5,000,000 in investments and that is owned directly or indirectly by or for: -- Two or more natural persons who are related as siblings or spouses (including former spouses); -- Direct lineal descendants by birth or adoption and spouses of such persons; -- Estates of such persons; -- Foundations, charitable organizations or trusts established by or for the benefit of such persons.
	You are a trust -- not formed for the specific purpose of acquiring interests in any of the Black Diamond Funds -- to which the person authorized to make decisions, and each settlor or individual who has contributed to the trust, is described above or below.
	You are a person or entity acting for his or her own account, or for accounts of other persons described above, who cumulatively own and invest on a discretionary basis not less than US$25,000,000.
	You are a qualified institutional buyer ("QIB") as defined under SEC Rule 144A, except that (i) QIBs which are dealers must own and invests at least US$25,000,000 of QIB securities and (ii) self-directed employee benefit plans cannot be qualified purchasers (i.e. each employee must be a qualified investor).
	You are an entity in which all of the equity owners are persons described above.

ACCESS AGREEMENT

Terms and Conditions

Individuals who access the information made available on the Moncrief Willingham Energy Advisers, L.P. ("Moncrief Willingham") website agree to the following: The information contained herein does not constitute a distribution, an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction in which such distribution or offer is not authorized.  In particular, the information herein is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States ("US") to or for the benefit of any US person (being residents of the US or partnerships or corporations organized under the laws of the US). No information in this website constitutes investment, legal, tax or other advice nor is it to be relied upon in making an investment decision.  Subscriptions for share or units in any Moncrief Willingham portfolios or funds will only be made on the basis of the current prospectus or Moncrief Willingham's offering circular (or other offering document) for the relevant fund.

Risk Factors

Our strategies are available only to qualified investors who have reviewed detailed information concerning investment terms and risks.  These risks may include the following: Performance can be volatile, and an investor could lose a substantial amount of his or her investment. The strategy may use leverage. The investor does not retain any trading authority over assets placed with us. None of our strategies is intended, by itself, to provide an investor with an investment program that is diversified or otherwise tailored to suit any investor's overall investment needs. An investor's account may not be liquid or transferable. Fees and expenses may offset trading profits. We may be subject to certain conflicts of interest.

Investment Performance

The Moncrief Willingham website contains performance and other data.  Unless otherwise specified, all figures are estimated and unaudited.  Net results reflect the net realized and unrealized returns after deduction of all operational expenses (including brokerage commissions), management fees and performance allocations.  Performance data assume reinvestment of all distributions.  Actual returns will vary from one investor to the next in accordance with the terms of governing documents of relevant entities.  Past performance is not necessarily indicative of future results and investors risk loss of their investment.

Investors should seek financial advice regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in this website and should understand that statements regarding future prospects may not be realized. Investors should note that income from such securities may fluctuate and that each security's price or value may rise or fall. Accordingly, investors may receive back less than originally invested. Past performance is not necessary a guide to future performance.

This web site of Moncrief Willingham may contain forward-looking statements on our current expectations and projections about future events.  Statements that are predicative in nature, that depend upon or refer to future events or conditions or that include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," "thinks," and similar expressions are forward-looking statements.  These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results and performance to be materially different from any future results or performance expressed or implied by these forward-looking statements.  These factors include, among other things, those matters discussed as "Risk Factors," in our materials, as well as (1) general economic and business conditions; (2) new governmental regulations and changes in, or the failure to comply with existing governmental regulation, (3) legislative proposals that impact our industry or the way we do business, (4) competition, and (5) our ability to attract and retain qualified personnel.

Although we believe that these statements are based upon reasonable assumptions, we can give no assurance that our goals will be achieved.  Given these uncertainties, prospective investors are cautioned not to place undue reliance on these forward-looking statements.  We assume no obligation to update or revise any forward-looking statements contained on the Moncrief Willingham web site or provide reasons why actual results may differ.

No Warranties

All information and content on this website is furnished "AS IS," without warranty of any kind, expressed or implied, including but not limited to implied warranties of merchantability, fitness for a particular purpose, or investor. Moncrief Willingham, its partners or subsidiaries will not assume any liability for any loss or damage, arising, whether direct or indirect, caused by the use of any part of the information provided.  No permission is granted to copy, distribute, modify, post or frame any text, graphics, video, audio, software code, or user interface design or logos. The entire website is subject to copyright with all rights reserved.  The information contained in the web site shall not be published, rewritten for broadcast or publication or redistributed in any medium without prior written permission from Moncrief Willingham.

Use of Links

This website may contain hyperlinks to websites operated by other parties. Moncrief Willingham does not control the content or accuracy of information on such websites and does not otherwise endorse the material placed on such sites. The hyperlinks are provided for your reference only.