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DATE:   1/22/2004        Comptroller Of Public Accounts             PAGE:      2
TIME: 15:46                  Property Tax Division                   RPT: MIN704
                           2003 Property Value Study
                          Minerals Category Worksheet
                                    156  Martin
                                156-902  Stanton

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

TXO08 022003                     176,730               174,036           1.0154
TXO08 022173                     513,630               510,432           1.0062
TXO08 022878                     576,630               595,198            .9688
TXO08 023078                     415,450               457,380            .9083
TXO08 024914                      74,730                74,579           1.0020
TXO08 027493                      76,900                81,374            .9450
TXO08 032882                     160,950               165,281            .9737
TXO08 033061                     134,240               132,112           1.0161
TXO08 035996                     982,870               952,015           1.0324
TXO08 035999                     177,310               170,321           1.0410
TXO08 036040                   3,077,740             2,820,018           1.0913
TXO08 036175                   1,525,650             1,525,402           1.0001



                     Total Self-Reported Mineral Value:          82,062,560

                     Divided by ISD Mineral Ratio:                   1.0305**

                     Estimated PTD Mineral Value:                79,633,731


          ** See Stratified Ratio Detail report for more data