[GBRIMLEY 6/1/2011 2:48:27 PM]

Discussed shares / share value with Gale Stevens on the phone today: He says the
company`s shares are worth 3 acre-feet each; usually when someone hooks up to the city
water they turn over a third of a share valued at 1 acre-foot; and the number of shares
in the company is 975. 



Division of Water Rights will proceed with administrative statements of share ownership
on the basis that the company asserts one share is worth 3 acre-feet.



I see the slight inconsistency with this valuation compared to the 1157.5 acres the
water right says it is worth, but I guess the difference is made up on the ground with
the availability / unavailability of water and the need for some carriage water to stay
in the ditches to the end of the line. According to the Memorandum Decision issued
5/4/1998 on 35-8190 (t21573), Henefer Irrigation Company also owns shares of stock in
the Weber River Water User’s Association which has storage in Echo Reservoir.