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DATE:   6/27/2004        Comptroller Of Public Accounts             PAGE:      2
TIME: 21:36                  Property Tax Division                   RPT: MIN704
                           2003 Property Value Study
                          Minerals Category Worksheet
                                    238  Ward
                                238-904  Granfalls-Royalty

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

PSU238     900983              3,911,280             3,413,987           1.1456
PSU238 120005                  2,433,630             2,558,819            .9510
TXG08 033090                     804,520               642,114           1.2529
TXG08 057368                   4,828,520             4,893,213            .9867
TXG08 062113                   1,029,460             1,044,232            .9858
TXG08 062758                   2,443,310             2,406,989           1.0150
TXG08 141021                   2,306,550             2,232,234           1.0332
TXG08 141519                   1,932,360             1,956,313            .9877
TXG08 169106                     750,780               784,057            .9575
TXG08 171320                     505,040               526,576            .9591
TXG08 185625                     103,670               103,923            .9975
TXG08 192270                   1,516,590             1,108,981           1.3675
TXO08 004766                      61,950                56,132           1.1036
TXO08 005321                      67,270                59,623           1.1282
TXO08 007336                   3,322,560             2,808,671           1.1829
TXO08 007350                     267,740               276,044            .9699
TXO08 007360                      71,890                67,023           1.0726
TXO08 011619                     901,790               926,139            .9737
TXO08 024345                     638,480               782,400            .8160
TXO08 024626                     655,570               980,479            .6686
TXO08 025942                     310,330               295,867           1.0488
TXO08 028816                   1,244,340             1,197,715           1.0389
TXO08 034133                   1,043,110             1,071,647            .9733
TXO08 034936                   1,572,220             1,570,768           1.0009
TXO08 036070                   1,033,200             1,049,724            .9842



                     Total Self-Reported Mineral Value:          59,400,630

                     Divided by ISD Mineral Ratio:                   1.0287**

                     Estimated PTD Mineral Value:                57,743,395


          ** See Stratified Ratio Detail report for more data