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DATE:   6/27/2004        Comptroller Of Public Accounts             PAGE:      6
TIME: 19:05                  Property Tax Division                   RPT: MIN704
                           2003 Property Value Study
                          Minerals Category Worksheet
                                    107  Henderson
                                107-907  Trinidad

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   PTD Lease Number        Appraised               Market
    or Mineral Type          Value                 Value              Ratio
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Oil & Gas Sample Leases:

PSU107 20035                   5,343,580             5,736,581            .9314
PSU107 20450                     497,710               494,344           1.0068
PSU107 21070                     468,080               465,053           1.0065
PSU107 21843                     210,350               211,280            .9955
TXG05 105150                      86,450               130,833            .6607
TXG05 188998                     632,260               647,513            .9764



                     Total Self-Reported Mineral Value:           7,299,940

                     Divided by ISD Mineral Ratio:                    .9421**

                     Estimated PTD Mineral Value:                 7,748,583


          ** See Stratified Ratio Detail report for more data