February 17, 2012

The public auction of the oil and gas interests of Benny L. Judah and Excel Lease Fund, Inc. has been changed to begin at 2:00 p.m. on May 15, 2012, in the Basement Conference Room of the Lubbock National Bank/Court Place Building, 1001 Main Street, Lubbock, Texas.  See Receivership Court Documents, Docket #486 and #487.  If you are interested in receiving a report about these holdings in preparation for the auction, please contact my office and you can receive a computer disk containing information on each well.  You can also obtain more information on the auction at the auctioneer's website, www.allianceauctioneers.com.

April 25, 2012

Dear Investors:

My First Quarter 2012 Report to the Court, together with the Appendix of Exhibits in Support of the Report, have now been posted to the website.  (See Docket #489 and #490.)  A copy of the Report and Appendix will be mailed with a copy of this eltter to the investors who do not have internet access.

I hope you find this information helpful.  Should you have any questions, please do not hesitate to contact my office.

Sincerely,

Fernando M. Bustos