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DATE:   1/22/2004        Comptroller Of Public Accounts             PAGE:      3
TIME: 13:10                  Property Tax Division                   RPT: MIN704
                           2003 Property Value Study
                          Minerals Category Worksheet
                                    033  Carson
                                033-902  Panhandle

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

TXG10 023130                     702,120               659,834           1.0640
TXG10 023135                   2,449,460             2,163,480           1.1321
TXG10 023147                   1,566,490             1,697,736            .9226
TXG10 023154                   1,161,270             1,013,625           1.1456
TXG10 023195                   1,993,060             1,820,290           1.0949
TXG10 024466                     314,580               270,646           1.1623
TXG10 024497                   1,103,940             1,110,433            .9941
TXG10 024500                     662,300               696,032            .9515
TXG10 041944                   1,496,660             1,278,428           1.1707
TXG10 169451                     979,620               883,946           1.1082
TXG10 170274                     647,330               704,686            .9186
TXG10 179643                     554,840               533,412           1.0401
TXG10 179946                   1,758,080             1,503,154           1.1695
TXG10 189192                   1,825,020             1,808,317           1.0092
TXO10 000046                     197,730               173,079           1.1424
TXO10 003597                     502,930               559,647            .8986
TXO10 004400                     274,210               221,902           1.2357



                     Total Self-Reported Mineral Value:         130,437,430

                     Divided by ISD Mineral Ratio:                   1.0638**

                     Estimated PTD Mineral Value:               122,614,617


          ** See Stratified Ratio Detail report for more data