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DATE:   6/27/2004        Comptroller Of Public Accounts             PAGE:      3
TIME: 20:45                  Property Tax Division                   RPT: MIN704
                           2003 Property Value Study
                          Minerals Category Worksheet
                                    195  Reeves
                                195-902  Balmorhea

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

TXG08 061082                     353,030               292,424           1.2072
TXG08 067134                     768,510               835,346            .9199
TXG08 070774                     855,140               813,955           1.0505
TXG08 075639                     236,890               237,142            .9989
TXG08 105773                   2,147,150             2,091,031           1.0268
TXG08 108477                   1,717,760             1,718,451            .9995
TXG08 111484                     335,940               330,946           1.0150
TXG08 114394                     711,400               702,368           1.0128
TXG08 163058                     503,270               508,965            .9888
TXG08 166518                     789,290               774,063           1.0196



                     Total Self-Reported Mineral Value:           8,923,630

                     Divided by ISD Mineral Ratio:                   1.0130**

                     Estimated PTD Mineral Value:                 8,809,112


          ** See Stratified Ratio Detail report for more data