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DATE:   6/27/2004        Comptroller Of Public Accounts             PAGE:      2
TIME: 20:47                  Property Tax Division                   RPT: MIN704
                           2003 Property Value Study
                          Minerals Category Worksheet
                                    198  Robertson
                                198-902  Calvert

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

TXG01 124756                     379,381               384,757            .9860
TXG01 185270                     191,368               189,216           1.0113
TXG01 191072                      27,873                27,186           1.0252
TXG01 191127                     347,260               352,924            .9839
TXG05 180722                      63,373                63,768            .9938
TXO05 000031                      19,500                17,730           1.0998



                     Total Self-Reported Mineral Value:           7,975,290

                     Divided by ISD Mineral Ratio:                    .9991**

                     Estimated PTD Mineral Value:                 7,982,474


          ** See Stratified Ratio Detail report for more data