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DATE:   1/22/2004        Comptroller Of Public Accounts             PAGE:      2
TIME: 13:17                  Property Tax Division                   RPT: MIN704
                           2003 Property Value Study
                          Minerals Category Worksheet
                                    039  Clay
                                039-902  Henrietta

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

PSU039 3150                       77,580                72,017           1.0772
TXG09 021556                     253,110               261,590            .9675
TXG09 048408                     303,220               303,881            .9978
TXO09 001458                  11,715,650            11,430,317           1.0249
TXO09 001905                      75,090                74,915           1.0023
TXO09 001911                     518,300               556,391            .9315
TXO09 011694                      47,450                50,171            .9457
TXO09 015004                     426,740               445,970            .9568
TXO09 016168                     201,460               198,476           1.0150
TXO09 018476                      45,670                57,415            .7954
TXO09 019014                     224,720               282,162            .7964
TXO09 023403                      46,760                48,661            .9609
TXO09 025525                      86,310                85,678           1.0073



                     Total Self-Reported Mineral Value:          15,848,510

                     Divided by ISD Mineral Ratio:                   1.0032**

                     Estimated PTD Mineral Value:                15,797,957


          ** See Stratified Ratio Detail report for more data