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DATE:   6/27/2004        Comptroller Of Public Accounts             PAGE:      7
TIME: 20:16                  Property Tax Division                   RPT: MIN704
                           2003 Property Value Study
                          Minerals Category Worksheet
                                    169  Montague
                                169-911  Saint Jo

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

PSU169 990                        51,620                48,018           1.0750
TXO09 004128                     158,340               150,122           1.0547
TXO09 004163                     427,470               409,801           1.0431
TXO09 004164                      27,930                27,040           1.0329
TXO09 004450                     222,620               222,228           1.0017
TXO09 009777                     125,360               119,503           1.0490
TXO09 025914                     426,130               396,657           1.0743
TXO09 026083                     154,440               151,106           1.0220
TXO09 027900                      19,310                23,622            .8174
TXO09 029436                     519,520               502,950           1.0329
TXO09 029970                     353,350               331,385           1.0662
TXO09 030060                   1,542,060             1,531,783           1.0067



                     Total Self-Reported Mineral Value:           8,502,300

                     Divided by ISD Mineral Ratio:                   1.0289**

                     Estimated PTD Mineral Value:                 8,263,485


          ** See Stratified Ratio Detail report for more data