SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
X ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
----- 1934 (FEE REQUIRED)
For the Fiscal Year ending December 31, 2001
OR
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
----- ACT OF 1934 (NO FEE REQUIRED)
Commission File Number 0-22650
PETROCORP INCORPORATED 401(k) RETIREMENT SAVINGS PLAN
(Full title of the plan)
PETROCORP INCORPORATED
6733 South Yale Avenue
Tulsa, Oklahoma 74136
(Name of Issuer of the Securities Held Pursuant to the Plan and Address of
Principal Executive Offices)
Registrant's Telephone Number, Including Area Code: (918) 491-4500
PETROCORP INCORPORATED
401(k) RETIREMENT SAVINGS PLAN
TABLE OF CONTENTS
-----------------
PAGE NO.
--------
REPORT OF INDEPENDENT ACCOUNTANTS (Not required -- see Note 2.)
FINANCIAL STATEMENTS:
Statement of Net Assets Available for Benefits with Fund Information as of
December 31, 2001 and 2000 2
Statement of Changes in Net Assets Available for Benefits with Fund Information
for the years ended December 31, 2001 and 2000 3
Notes to Financial Statements 4
SUPPLEMENTAL SCHEDULES:
Item 27a - Schedule of Assets Held for Investment (Not required -- see Note 2.)
Item 27d - Schedule of Reportable Transactions (Not required -- see Note 2.)
SIGNATURES 10
PetroCorp Incorporated 401(k) Retirement Savings Plan
Statement of Net Assets Available for Benefits with Fund Information
(Unaudited)
December 31, 2001
--------------------------------------------------------------------------------------
Assets
--------------------------------------------------------------------------------------
Investments, at fair value
------------------------------------------------------------- Guaranteed
Pooled Participant investment
separate Common notes contract, at
accounts stock receivable Total contract value
-------- ----- ---------- ----- --------------
Principal Investments:
Guaranteed Interest Accounts $ -- $ -- $ -- $ -- $ 16,565
Money Market Account 7,427 -- -- 7,427 --
Government Securities Account 125,296 -- -- 125,296 --
Bond & Mortgage Account 38,785 -- -- 38,785 --
Bond Emphasis Balanced Account 3,208 -- -- 3,208 --
Stock Emphasis Balanced Account 53,225 -- -- 53,225 --
Stock Index 500 Account 123,291 -- -- 123,291 --
Large Company Blend Account 189,629 -- -- 189,629 --
Medium Company Value Account 77,808 -- -- 77,808 --
Small Company Blend Account 216,007 -- -- 216,007 --
Medium Company Blend Account 90,482 -- -- 90,482 --
International Stock Account 70,616 -- -- 70,616 --
Real Estate Account 2,302 -- -- 2,302 --
Company Stock -- 28,613 -- 28,613 --
Participant Notes -- -- -- -- --
---------- ---------- ---------- ---------- ----------
$ 998,076 $ 28,613 $ -- $1,026,689 $ 16,565
========== ========== ========== ========== ==========
December 31, 2001
---------------------------------------------------------------
Assets
-----------------------
Net assets
available for
Cash Total Liabilities benefits
---- ----- ----------- --------
Principal Investments:
Guaranteed Interest Accounts $ -- $ 16,565 $ -- $ 16,565
Money Market Account -- 7,427 -- 7,427
Government Securities Account -- 125,296 -- 125,296
Bond & Mortgage Account -- 38,785 -- 38,785
Bond Emphasis Balanced Account -- 3,208 -- 3,208
Stock Emphasis Balanced Account -- 53,225 -- 53,225
Stock Index 500 Account -- 123,291 -- 123,291
Large Company Blend Account -- 189,629 -- 189,629
Medium Company Value Account -- 77,808 -- 77,808
Small Company Blend Account -- 216,007 -- 216,007
Medium Company Blend Account -- 90,482 -- 90,482
International Stock Account -- 70,616 -- 70,616
Real Estate Account -- 2,302 -- 2,302
Company Stock -- 28,613 -- 28,613
Participant Notes -- -- -- --
---------- ---------- ---------- ----------
$ -- $1,043,254 $ -- $1,043,254
========== ========== ========== ==========
December 31, 2000
--------------------------------------------------------------------------------------
Assets
--------------------------------------------------------------------------------------
Investments, at fair value
------------------------------------------------------------- Guaranteed
Pooled Participant investment
separate Common notes contract, at
accounts stock receivable Total contract value
-------- ----- ---------- ----- --------------
Principal Investments:
Guaranteed Interest Accounts $ -- $ -- $ -- $ -- $ 26,361
Money Market Account 33,346 -- -- 33,346 --
Government Securities Account 132,014 -- -- 132,014 --
Bond & Mortgage Account 39,560 -- -- 39,560 --
Bond Emphasis Balanced Account 8,465 -- -- 8,465 --
Stock Emphasis Balanced Account 72,988 -- -- 72,988 --
Stock Index 500 Account 362,561 -- -- 362,561 --
U.S. Stock Account 235,195 -- -- 235,195 --
Medium Company Value Account 95,383 -- -- 95,383 --
Small Company Blend Account 231,213 -- -- 231,213 --
Medium Company Blend Account 124,743 -- -- 124,743 --
International Stock Account 106,999 -- -- 106,999 --
Real Estate Account 2,866 -- -- 2,866 --
Company Stock -- 51,884 -- 51,884 --
Participant Notes -- -- -- -- --
---------- -------- ---------- ---------- ----------
$1,445,333 $ 51,884 $ -- $1,497,217 $ 26,361
========== ======== ========== ========== ==========
December 31, 2000
---------------------------------------------------------------
Assets
-----------------------
Net assets
available for
Cash Total Liabilities benefits
---- ----- ----------- --------
Principal Investments:
Guaranteed Interest Accounts $ -- $ 26,361 $ -- $ 26,361
Money Market Account -- 33,346 -- 33,346
Government Securities Account -- 132,014 -- 132,014
Bond & Mortgage Account -- 39,560 -- 39,560
Bond Emphasis Balanced Account -- 8,465 -- 8,465
Stock Emphasis Balanced Account -- 72,988 -- 72,988
Stock Index 500 Account -- 362,561 -- 362,561
U.S. Stock Account -- 235,195 -- 235,195
Medium Company Value Account -- 95,383 -- 95,383
Small Company Blend Account -- 231,213 -- 231,213
Medium Company Blend Account -- 124,743 -- 124,743
International Stock Account -- 106,999 -- 106,999
Real Estate Account -- 2,866 -- 2,866
Company Stock -- 51,884 -- 51,884
Participant Notes -- -- -- --
-------- ---------- ---------- ----------
$ -- $1,523,578 $ -- $1,523,578
======== ========== ========== ==========
The accompanying notes are an integral part of these financial statements.
2
PetroCorp Incorporated 401(k) Retirement Savings Plan
Statement of Changes in Net Assets Available for Benefits with Fund Information
(Unaudited)
Year ended December 31, 2001
--------------------------------------------------------------------------------------
Additions
--------------------------------------------------------------------------------------
Investment income
----------------------------------
Net appreciation
(depreciation)
in fair value of Contributions
investments --------------------------------- Total
Interest (Note 3) Total Employer Participants Total additions
-------- -------- ----- -------- ------------ ----- ---------
Principal Investments:
Guaranteed Interest Accounts $ 954 $ -- $ 954 $ -- $ -- $ -- $ 954
Money Market Account -- 740 740 -- -- -- 740
Government Securities Account -- 9,070 9,070 -- -- -- 9,070
Bond & Mortgage Account -- 3,013 3,013 -- -- -- 3,013
Bond Emphasis Balanced Account -- (4) (4) -- -- -- (4)
Stock Emphasis Balanced Account -- (4,416) (4,416) -- -- -- (4,416)
Stock Index 500 Account -- (36,764) (36,764) -- -- -- (36,764)
Large Company Blend Account -- (40,706) (40,706) -- -- -- (40,706)
Medium Company Value Account -- 2,652 2,652 -- -- -- 2,652
Small Company Blend Account -- 9,185 9,185 -- -- -- 9,185
Medium Company Blend Account -- (4,007) (4,007) -- -- -- (4,007)
International Stock Account -- (23,347) (23,347) -- -- -- (23,347)
Real Estate Account -- 153 153 -- -- -- 153
Company Stock -- (2,072) (2,072) -- -- -- (2,072)
Participant Notes -- -- -- -- -- -- --
-------- -------- -------- ------------ ----------- -------- --------
$ 954 $(86,503) $(85,549) $ -- $ -- $ -- $(85,549)
======== ======== ======== ============ =========== ======== ========
Year ended December 31, 2001
----------------------------------------------------------------------------------------------
(Deductions)
-------------------------------------------------- Net assets at Net assets at
Participant Admin. Interfund Total Net increase beginning of end of
benefits expenses transfers deductions (decrease) year year
-------- -------- --------- ---------- ---------- ---- ----
Principal Investments:
Guaranteed Interest Accounts $ (9,595) $ (1,155) $ -- $ (10,750) $ (9,796) $ 26,361 $ 16,565
Money Market Account (25,827) (832) -- (26,659) (25,919) 33,346 7,427
Government Securities Account (15,761) (26) -- (15,787) (6,717) 132,013 125,296
Bond & Mortgage Account (3,709) (80) -- (3,789) (776) 39,561 38,785
Bond Emphasis Balanced Account (5,250) (3) -- (5,253) (5,257) 8,465 3,208
Stock Emphasis Balanced Account (16,060) (170) 882 (15,348) (19,764) 72,989 53,225
Stock Index 500 Account (205,384) (201) 3,078 (202,507) (239,271) 362,562 123,291
Large Company Blend Account (3,618) (1,242) -- (4,860) (45,566) 235,195 189,629
Medium Company Value Account (18,046) (31) (2,149) (20,226) (17,574) 95,382 77,808
Small Company Blend Account (24,132) (259) -- (24,391) (15,206) 231,213 216,007
Medium Company Blend Account (28,237) (206) (1,811) (30,254) (34,261) 124,743 90,482
International Stock Account (12,571) (465) -- (13,036) (36,383) 106,999 70,616
Real Estate Account (716) (1) -- (717) (564) 2,866 2,302
Company Stock (21,195) (3) -- (21,198) (23,270) 51,883 28,613
Participant Notes -- -- -- -- -- -- --
----------- -------- --------- --------- --------- ---------- -----------
$ (390,101) $ (4,674) $ -- $(394,775) $(480,324) $1,523,578 $ 1,043,254
=========== ======== ========= ========= ========= ========== ===========
Year ended December 31, 2000
--------------------------------------------------------------------------------------
Additions
--------------------------------------------------------------------------------------
Investment income
----------------------------------
Net appreciation
(depreciation)
in fair value of Contributions
investments --------------------------------- Total
Interest (Note 3) Total Employer Participants Total additions
-------- -------- ----- -------- ------------ ----- ---------
Principal Investments:
Guaranteed Interest Accounts $ 3,418 $ - $ 3,418 $ 1,307 $ 1,937 $ 3,244 $ 6,662
Money Market Account - 2,673 2,673 2,901 2,901 5,802 8,475
Government Securities Account - 13,735 13,735 1,979 4,046 6,025 19,760
Bond & Mortgage Account - 3,158 3,158 2,359 2,809 5,168 8,326
Bond Emphasis Balanced Account - 867 867 786 383 1,169 2,036
Stock Emphasis Balanced Account - 2,270 2,270 676 3,846 4,522 6,792
Stock Index 500 Account - (44,105) (44,105) 10,761 10,841 21,602 (22,503)
U.S. Stock Account - (20,603) (20,603) 1,373 1,209 2,582 (18,021)
Large Company Blend Account - (3,988) (3,988) - - - (3,988)
Medium Company Value Account - 3,017 3,017 2,765 4,822 7,587 10,604
Small Company Blend Account - 35,583 35,583 1,534 4,057 5,591 41,174
Medium Company Blend Account - 17,560 17,560 4,441 5,510 9,951 27,511
International Stock Account - (10,688) (10,688) 5,406 3,742 9,148 (1,540)
Real Estate Account - 335 335 - - - 335
Company Stock - 37,603 37,603 6,505 5,981 12,486 50,089
Participant Notes - - - - - - -
-------- ---------- ----------- ---------- ---------- --------- ----------
$ 3,418 $ 37,417 $ 40,835 $ 42,793 $ 52,084 $ 94,877 $ 135,712
======== ========== =========== ========== ========== ========= ==========
Year ended December 31, 2000
----------------------------------------------------------------------------------------------
(Deductions)
-------------------------------------------------- Net assets at Net assets at
Participant Admin. Interfund Total Net increase beginning of end of
benefits expenses transfers deductions (decrease) year year
-------- -------- --------- ---------- ---------- ---- ----
Principal Investments:
Guaranteed Interest Accounts $ (71,993) $ (37) $ (15,817) $ (87,847) $ (81,185) $ 107,546 $ 26,361
Money Market Account (95,235) (22) (95,380) (190,637) (182,162) 215,508 33,346
Government Securities Account (21,580) (29) (63,062) (84,671) (64,911) 196,924 132,013
Bond & Mortgage Account (16,611) (15) (14,262) (30,888) (22,562) 62,123 39,561
Bond Emphasis Balanced Account (14,938) (5) - (14,943) (12,907) 21,372 8,465
Stock Emphasis Balanced Account (78,584) (40) 17,271 (61,353) (54,561) 127,550 72,989
Stock Index 500 Account (199,843) (132) 89,836 (110,139) (132,642) 495,204 362,562
U.S. Stock Account (31,967) (39) 242,577) (274,583) (292,604) 292,603 (1)
Large Company Blend Account - (11) 239,194 239,183 235,195 - 235,195
Medium Company Value Account (59,627) (34) 10,948 (48,712) (38,108) 133,491 95,383
Small Company Blend Account (131,451) (89) 55,666 (75,874) (34,700) 265,913 231,213
Medium Company Blend Account (103,430) (47) 45,228 (58,249) (30,738) 155,481 124,743
International Stock Account (145,021) (62) 53,517 (91,566) (93,106) 200,105 106,999
Real Estate Account (2,064) (1) - (2,065) (1,730) 4,596 2,866
Company Stock (21,320) - (74,996) (96,316) (46,227) 98,110 51,883
Participant Notes (16,693) - (5,566) (22,259) (22,259) 22,259 -
------------ -------- ---------- ------------ ----------- ------------ -----------
$(1,010,357) $ (563) $ 1 $(1,010,919) $ (875,207) $ 2,398,785 $1,523,578
============ ======== ========== ============ =========== ============ ===========
PETROCORP INCORPORATED 401(k) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
(unaudited)
NOTE 1 - DESCRIPTION OF PLAN:
The following description of the PetroCorp Incorporated 401(k) Retirement
Savings Plan (the Plan) provides only general information. Participants should
refer to the Plan agreement for a more complete description of the Plan's
provisions.
General
The Plan is a defined contribution 401(k) retirement savings plan, adopted
January 1, 1993. Employees of PetroCorp Incorporated (the Company) become
eligible to participate in the Plan after six months of service with the
Company. The entry date for each employee is the first day of the month
following the sixth month of service. The Plan is subject to the provisions of
the Employee Retirement Income Security Act of 1974 (ERISA).
All Plan contributions are invested in separate pooled accounts under an annuity
contract with Principal Mutual Life Insurance Company (Principal) or in common
stock of the Company.
Contributions
Participants may contribute to the Plan subject to certain Internal Revenue Code
limitations. The Company may match up to 100 percent of each participant's
contributions not to exceed six (6) percent of each participant's annual
compensation. Additionally, the Company may make discretionary contributions on
behalf of the participants. In any event, total contributions by the
participant and the Company may not exceed 20 percent of the participant's
annual compensation. During 2001 and 2000, each participant could contribute up
to 14 percent of his annual compensation with the Company matching up to six (6)
percent, except in certain cases subject to Internal Revenue Code limitations.
The Plan also allows participants to "rollover" contributions that have been
made to other qualified plans.
Participant accounts
Each participant's account is credited with the participant's contributions, the
Company's contributions and a pro rata share of the earnings of each fund in
which the participant has invested. The benefit to which a participant is
entitled is the benefit that can be provided from the participant's account.
Vesting
Participants are fully vested at all times in their individual contributions and
"rollover" contributions plus actual earnings thereon.
4
Vesting in employer contributions and related earnings is based on the
participant's employment commencement date and years of continuous service.
Participant's whose employment commencement date occurred before January 1, 1994
are 100% vested. Participant's whose employment commencement date occurred on
or after January 1, 1994 are vested as follows:
Vesting Service Vesting
(whole years) Percentage
------------- ----------
Less than 1 year 0%
1 year 25%
2 years 50%
3 years 75%
4 or more years 100%
In addition, participants also become fully vested in their employer
contributions and related earnings upon retirement, at or after age 65, or upon
death or total disability of the participant.
Investment options
Effective January 1, 1994, upon enrollment in the Plan, a participant may direct
contributions in any of fourteen investment options as follows:
Guaranteed Interest Account - Funds are invested in a guaranteed investment
contract (GIC) with Principal.
Money Market Account - This is a separate pooled account with Principal in
which the funds are invested in high quality commercial paper with average
maturities kept under 30 days to ensure current money market rates.
Government Securities Account - This is a separate pooled account with
Principal in which the funds are invested primarily in very high quality
government mortgage-backed securities.
Bond & Mortgage Account - This is a separate pooled account with Principal
in which the funds are invested in investment grade private placement
bonds, commercial mortgages, public corporate bonds and mortgage-backed
securities, all generally mature within five to 10 years.
Bond Emphasis Balanced Account - This is a separate pooled account with
Principal in which funds are invested in many asset classes, but emphasizes
fixed income. This account invests 50 to 100 percent of the funds in
Principal fixed-income separate pooled accounts, with the remainder in
Principal equity separate pooled accounts.
Stock Emphasis Balanced Account - This is a separate pooled account with
Principal in which funds are invested in many asset classes, but emphasizes
equities. This account invests 50 to 100 percent of the funds in Principal
equity separate pooled accounts, with the remainder in Principal
fixed-income separate pooled accounts.
5
Stock Index 500 Account - This is a separate pooled account with Principal
in which the funds are invested in the same stocks and in the same
proportions as those stocks included in the Standard & Poor's 500 Stock
Index.
Large Company Blend Account - This is a separate pooled account with
Principal in which funds are invested in stocks of very large established
companies.
Medium Company Value Account - This is a separate pooled account with
Principal in which the funds are invested in primarily income-producing
common stocks that are under-valued in the marketplace according to
traditional measures of value.
Small Company Blend Account - This is a separate pooled account with
Principal in which funds are invested in stocks of smaller, fast-growing
companies.
Medium Company Blend Account - This is a separate pooled account with
Principal in which funds are invested in stocks of large, established
companies whose earnings are expected to grow faster than the average
company.
International Stock Account - This is a separate pooled account with
Principal in which the funds are invested in stocks of non-U.S. companies
located primarily in Europe and Southeast Asia.
Real Estate Account - This is a separate pooled account with Principal in
which the funds are invested in equity investments in modern, developed,
income- producing warehouses, office buildings and retail centers in major
U.S. metropolitan areas. Earnings consist of property value changes and net
rental income.
Company Stock - Funds are invested in the common stock of the Company.
Payment of benefits
Distribution of the participant's entire account balance becomes due and payable
upon retirement, at or after age 65, or upon death or total disability of the
participant. Such account balances may be distributed either in a lump-sum
distribution or in installments, as described in the Plan agreement. Upon
termination of employment, a participant may elect to receive a lump-sum
distribution equal to the vested balance of the participant's account or
continue to participate in the Plan investments. If the vested balance is less
than $3,500, payment is made as soon as administratively practicable after
termination. Additionally, participants may make hardship withdrawals from their
individual contribution accounts at specified times during the Plan year,
subject to certain restrictions.
Participants' notes receivable
Under the terms of the Plan, with certain restrictions, participants may borrow
from their accounts a minimum of $1,000 up to a maximum of the lessor of $50,000
or 50 percent of their vested account balances. A loan is secured by the vested
balance in the participant's account and bears interest at the prime interest
rate plus two (2) percent. No loans were made in 2001 or 2000.
6
NOTE 2 - SUMMARY OF ACCOUNTING POLICIES:
Under the Department of Labor Rules and Regulations for Reporting and Disclosure
under ERISA, the Plan files Form 5500-C/R which is required for employee benefit
plans with fewer than 100 participants. Employee benefit plans with 100 or more
participants are required to file Form 5500. Those plans filing Form 5500 are
required to prepare audited financial statements as well as all applicable
schedules required by Section 2520.103-10 of the Department of Labor's Rules and
Regulations for Reporting and Disclosure under ERISA. Such requirements are not
mandated for those plans filing Form 5500-C/R. Accordingly, the attached
financial statements are unaudited and the above mentioned schedules are not
presented.
Method of accounting
The Plan's financial statements are prepared on the accrual basis of accounting.
Investments
Plan investments, other than the GIC's, are stated at fair value. The Company
stock is valued at its quoted market price. Separate pooled accounts are valued
at net asset value representing the value at which units of the account may be
purchased or redeemed.
The Plan's GIC's are valued at contract value. Contract value represents
contributions made under the contract plus interest at the guaranteed rate.
Contributions
Participant contributions are recorded in the period during which the Company
makes payroll deductions from the Plan participants' earnings. Matching Company
contributions are recorded in the same period.
7
NOTE 3 - INVESTMENTS:
Individual investments representing five (5) percent or more of the Plan's net
assets are as follows:
December 31,
------------------------------
2001 2000
------ ------
INVESTMENTS AT FAIR VALUE AS DETERMINED BY QUOTED
MARKET PRICE:
Pooled separate accounts:
Principal:
Government Securities Account $125,296 $132,014
Stock Emphasis Balanced 53,225 -
Stock Index 500 Account 123,291 362,561
Large Company Blend Account 189,629 235,195
Medium Company Value Account 77,808 95,383
Small Company Blend Account 216,007 231,213
Medium Company Blend Account 90,482 124,743
International Stock Account 70,616 106,999
Company Stock:
PetroCorp Incorporated Common Shares $ -* $ -*
INVESTMENTS AT CONTRACT VALUE:
Guaranteed Investment Contract with Principal $ -* $ -*
* less than five (5) percent
The net realized and unrealized appreciation (depreciation) in fair value of
investments included in the statements of changes in net assets available for
Plan benefits were $(86,503) and $37,417 for the years ended December 31, 2001
and 2000, respectively, and consisted of the following:
December 31,
------------------------------
2001 2000
------ ------
NET APPRECIATION (DEPRECIATION) IN INVESTMENTS AT FAIR VALUE AS DETERMINED
BY QUOTED MARKET PRICE:
Pooled separate accounts:
Principal:
Money Market Account $ 740 $ 2,673
Government Securities Account 9,070 13,735
Bond & Mortgage Account 3,013 3,158
Bond Emphasis Balanced Account (4) 867
Stock Emphasis Balanced Account (4,416) 2,270
Stock Index 500 Account (36,764) (44,105)
U.S. Stock Account - (20,603)
Large Company Blend Account (40,706) (3,968)
Medium Company Value Account 2,652 3,017
Small Company Blend Account 9,185 35,583
Medium Company Blend Account (4,007) 17,560
International Stock Account (23,347) (10,688)
Real Estate Account 153 335
Company Stock (2,072) 37,603
-------- --------
$(86,503) $ 37,417
======== ========
8
NOTE 4 - GUARANTEED INVESTMENT CONTRACTS:
The Plan entered into five-year GIC's with Principal in each of the last five
years. The GIC's provide for guaranteed returns ranging from 4.8% to 6.4% on
contributions invested over the five-year terms of the contracts. The GIC's are
included in the financial statements at contract value as reported to the Plan
by Principal.
NOTE 5 - PLAN TERMINATION:
The Company plans to terminate the Plan in 2002, subject to the provisions of
ERISA. At the time of Plan termination, participants will become fully vested in
their accounts. During the winding up phase, anticipated to be 12 months, Plan
assets will be distributed to participants at their election.
NOTE 6 - INCOME TAX STATUS OF PLAN:
The Company had requested the Internal Revenue Service to determine and inform
the Company that the Plan is designed in accordance with applicable sections of
the Internal Revenue Code. On December 14, 1995, the Internal Revenue Service
notified the Company that they had made a favorable determination on the Plan.
9
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the employee benefit plan) have duly
caused this report to be signed on its behalf by the undersigned thereunto duly
authorized.
PETROCORP INCORPORATED 401(k) RETIREMENT
SAVINGS PLAN
Date: June 12, 2002 By: /s/ Steven R. Berlin
------------------- ------------------------------------
Steven R. Berlin
Chief Financial Officer of PetroCorp
Incorporated and Trustee
10