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DATE:   6/27/2004        Comptroller Of Public Accounts             PAGE:      2
TIME: 19:25                  Property Tax Division                   RPT: MIN704
                           2003 Property Value Study
                          Minerals Category Worksheet
                                    120  Jackson
                                120-902  Ganado

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

TXG02 183219                     333,680               327,282           1.0195
TXG02 188899                     544,942               540,889           1.0074
TXO02 000516                      69,905                71,399            .9790
TXO02 001444                     296,204               151,970           1.9490
TXO02 001447                     147,982               151,636            .9759
TXO02 003425                     425,011               418,827           1.0147
TXO02 004274                      77,573                77,758            .9976
TXO02 004778                   3,434,909             2,455,313           1.3989
TXO02 006131                     237,422               279,676            .8489
TXO02 007919                     179,663               174,539           1.0293
TXO02 008154                     211,955               213,444            .9930
TXO02 008687                     574,865               710,462            .8091
TXO02 008725                     763,321               768,736            .9929



                     Total Self-Reported Mineral Value:          12,967,870

                     Divided by ISD Mineral Ratio:                   1.0764**

                     Estimated PTD Mineral Value:                12,047,445


          ** See Stratified Ratio Detail report for more data