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DATE:   1/22/2004        Comptroller Of Public Accounts             PAGE:      3
TIME: 15:46                  Property Tax Division                   RPT: MIN704
                           2003 Property Value Study
                          Minerals Category Worksheet
                                    156  Martin
                                156-905  Grady

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

TXO08 004010                  15,588,883            13,942,640           1.1180
TXO08 022204                      80,870                78,120           1.0352
TXO08 022220                     229,390               226,345           1.0134
TXO08 022708                   5,864,320             5,832,282           1.0054
TXO08 023188                     523,800               512,712           1.0216
TXO08 023819                   1,918,290             1,923,955            .9970
TXO08 023870                   3,961,710             3,910,088           1.0132
TXO08 031470                     124,920               125,395            .9962
TXO08 032292                   1,071,540             1,071,453           1.0000
TXO08 034660                   2,510,880             2,410,192           1.0417
TXO08 035907                   1,361,280             1,363,849            .9981
TXO08 036430                     518,950               499,891           1.0381



                     Total Self-Reported Mineral Value:         115,167,290

                     Divided by ISD Mineral Ratio:                   1.0582**

                     Estimated PTD Mineral Value:               108,833,198


          ** See Stratified Ratio Detail report for more data