EX-99.2 5 d70886exv99w2.htm EX-99.2 exv99w2
Exhibit 99.2
(RED LOGO)
February 25, 2010
Dominion Black Warrior Trust 1994-1
c/o U.S. Trust, Bank of America Private Wealth Management
P. O. Box 830650
Dallas, Texas 75283
Attn:   Mr. Ron E. Hooper
Sr. Vice President, Trustee
Re: Estimated Reserves and Non Escalated Future
Net Revenue Remaining as of December 31, 2009
Dominion Black Warrior Trust 1994-1
Gentlemen:
At your request the firm of Ralph E. Davis Associates, Inc. of Houston, Texas has prepared an estimate of the natural gas reserves on specific leaseholds in which Dominion Black Warrior Trust 1994-1 (the Trust) has certain interests. The interests evaluated are a royalty interest ownership position applicable to specific gas properties in the Black Warrior Basin, Tuscaloosa County, Alabama. This report presents our estimate of the proved reserves anticipated to be produced from those leaseholds and remaining as of December 31, 2009.
Davis has reviewed 100% of the Trust’s proved developed properties located in the Black Warrior Basin area of Alabama. It is our opinion that these properties represent all of the Trust’s natural gas assets that may be classified as proved as per the Securities Exchange Commission directives as detailed later in this report.
The reserves associated with this review have been classified in accordance with the definitions of the Securities and Exchange Commission as found in Part 210—Form and Content of and Requirements for Financial Statements, Securities Act of 1933, Securities Exchange Act of 1934, Public Utility Holding Company Act of 1935, Investment Company Act of 1940, Investment Advisers Act of 1940, and Energy Policy and Conservation Act of 1975, under Rules of General Application § 210.4-10 Financial accounting and reporting for oil and gas producing activities pursuant to the Federal securities laws and the Energy Policy and Conservation Act of 1975. A summation of these definitions is included as a portion of this letter.
We have also estimated the future net revenue and discounted present value associated with these reserves as of December 31, 2009, utilizing a scenario of non-escalated product prices
(FOOTER)

 


 

     
Dominion Black Warrior Trust 1994-1   February 25, 2010
Mr. Ron E. Hooper, Trustee   Page 2
as well as non-escalated costs of operations, i.e., prices and costs were not escalated above current values as detailed later in this report. The present value is presented for your information and should not be construed as an estimate of the fair market value.
The results of our study may be summarized as follows:
Non Escalated Pricing Scenario
Estimated Reserves and Future Net Income
Net to Dominion Black Warrior Basin Trust 1994-1
As of December 31, 2009
         
    Total Proved
Net Remaining Sales Gas Reserves:
       
Gas: Mcf
    15,749,550  
 
       
Future Revenue:
       
Sales Revenue
  $ 55,145,422  
Tax Credit Revenue
    0  
Total Revenue
  $ 55,145,422  
 
       
Production Taxes
  $ 3,308,725  
Other Deductions
    0  
 
       
Future Net Income
  $ 51,836,703  
Future Net Income Discounted @ 10%
  $ 32,525,078  
The Section 29 Tax Credit that was in effect in previous years is no longer applicable as of January 1, 2003.
Gas volumes are expressed in millions of standard cubic feet (MMSCF) at the official temperature and pressure bases of the areas wherein the gas reserves are located.
DATA SOURCE
Basic well and field data used in the preparation of this report were furnished by HighMount Exploration & Production LLC (HighMount), the operator, or were obtained from commercial sources. Records as they pertain to factual matters such as acreage controlled, the number and depths of wells, production history, the existence of contractual obligations to others and similar matters were accepted as presented.
RALPH E. DAVIS ASSOCIATES, INC.
Texas Registered Engineering Firm F-1529

 


 

     
Dominion Black Warrior Trust 1994-1   February 25, 2010
Mr. Ron E. Hooper, Trustee   Page 3
Ownership interest, operating costs and information related to contractual obligations regarding the sale of produced gas were furnished by HighMount. No physical inspection of the properties was made nor any well tests conducted.
RESERVE ESTIMATES
The estimate of reserves included in this report is based primarily upon production history, or analogy with wells in the area producing from the same or similar formations. Individual well production histories were analyzed and forecast until an anticipated economic limit. The economic limit was based upon an analysis of overall field operating costs and an appropriate daily producing rate was utilized for each individual well. The data utilized, assumptions made and methods and procedures used are considered appropriate for the estimates made and purposes for which this report was prepared.
Future production for the unit was then analyzed as it applies to the total revenue stream. Future production was forecast until the unit operations would no longer be economical, and this future point in time was then utilized as a terminus of production from the area of interest.
The reserves included in this report are estimates only and should not be construed as being exact quantities. The accuracy of the estimates is dependent upon the quality of available data and upon the independent geological and engineering interpretation of that data. The quantities presented herein are estimated reserves of natural gas that geologic and engineering data demonstrate can be recovered from known reservoirs under current economic conditions with reasonable certainty. Reserve estimates presented in this report are calculated using acceptable methods and procedures and are believed to be appropriate and reasonable; however, future reservoir performance may justify revision of these estimates.
PRODUCING RATES
For the purpose of this report, estimated reserves are scheduled for recovery primarily on the basis of actual producing rates or appropriate well test information. They were prepared giving consideration to engineering and geological data such as reservoir pressure, anticipated producing mechanisms, the number and types of completions, as well as past performance of analogous reservoirs.
These and other future rates may be subject to regulation by various agencies, changes in market demand or other factors; consequently, reserves recovered and the actual rates of recovery may vary from the estimates included herein. Scheduled dates of future well completions may vary from that provided by Highmount due to changes in market demand or the availability of materials and/or capital; however, the timing of the wells and their
RALPH E. DAVIS ASSOCIATES, INC.
Texas Registered Engineering Firm F-1529

 


 

     
Dominion Black Warrior Trust 1994-1   February 25, 2010
Mr. Ron E. Hooper, Trustee   Page 4
estimated rates of production are reasonable and consistent with established performance to date.
PRICING PROVISIONS
Prices utilized in the evaluation results presented in the letter portion of this report and summarized in the various tables included in this evaluation were based upon certain data furnished by the operator. Prices received for products sold, adjustments due to the BTU content of the gas, shrinkage for transportation, etc., were accepted as presented.
Natural Gas - The unit price used throughout this report for natural gas is an initial price of $3.68 per MMBTU, based upon the appropriate price in effect the first trading of each month during calendar 2009, and averaged for the year. This price is representative of the price in effect for sales based upon the Sonat T1 price on that trading day. A basis differential was applied to all sales volumes, and this differential as well as the price for gas was held constant throughout the producing life of the property. Prices for gas reserves scheduled for initial production at some future date were estimated using this same price.
FUTURE NET INCOME
Future net income is based upon gross income from future production, less appropriate taxes (production, severance, ad valorem or other). Operating costs and any estimated future capital requirements were not considered in the estimation of net income due to the Trust’s royalty ownership position. No allowance was made for depletion, depreciation, income taxes or administrative expense.
Future net income has been discounted for present worth at values ranging from 0 to 100 percent using monthly discounting. In this report the future net income is discounted at a primary rate of ten (10.0) percent.
GENERAL
HighMount Exploration & Production LLC as operator has provided access to all of its accounts, records, geological and engineering data, reports and other information as required for this investigation. The ownership interests, product classifications relating to prices and other factual data were accepted as furnished without verification.
No consideration was given in this report to either gas contract disputes including take or pay demands or gas sales imbalances.
No consideration was given in this report to potential environmental liabilities which may exist, nor were any costs included for potential liability to restore and clean up damages, if any, caused by past operating practices.
RALPH E. DAVIS ASSOCIATES, INC.
Texas Registered Engineering Firm F-1529

 


 

     
Dominion Black Warrior Trust 1994-1   February 25, 2010
Mr. Ron E. Hooper, Trustee   Page 5
The estimates of reserves and the forecasted rates of production may be subject to regulation by various agencies, changes in market demand or other factors; consequently, the volumes of reserves recovered and the actual rates of recovery may vary from the estimates included herein.
If investments or business decisions are to be made in reliance on these estimates by anyone other than our client, such person with the approval of our client is invited to arrange a visit so that he can evaluate the assumptions made and the completeness and extent of the data available on which the estimates are made.
Neither Ralph E. Davis Associates, Inc. nor its employees has any interest in the subject properties and neither the employment to make this study nor our compensation is contingent on our estimates of reserves and future income for the subject properties.
This report has been prepared for the exclusive use of Dominion Black Warrior Basin Trust 1994-1 and shall not be reproduced, distributed or made available to any other company without the written consent of Ralph E. Davis Associates, Inc. Such consent will not be unreasonably withheld if the report is utilized in its entirety.
Very truly yours,
RALPH E. DAVIS ASSOCIATES, INC.

-s- Allen C. Barron
Allen C. Barron, P.E.
President
RALPH E. DAVIS ASSOCIATES, INC.
Texas Registered Engineering Firm F-1529

 


 

SECURITIES AND EXCHANGE COMMISSION
DEFINITIONS OF RESERVES
The following information is taken from the United States Securities and Exchange Commission:
PART 210—FORM AND CONTENT OF AND REQUIREMENTS FOR FINANCIAL STATEMENTS, SECURITIES ACT OF 1933, SECURITIES EXCHANGE ACT OF 1934, PUBLIC UTILITY HOLDING COMPANY ACT OF 1935, INVESTMENT COMPANY ACT OF 1940, INVESTMENT ADVISERS ACT OF 1940, AND ENERGY POLICY AND CONSERVATION ACT OF 1975
Rules of General Application
§ 210.4-10 Financial accounting and reporting for oil and gas producing activities pursuant to the Federal securities laws and the Energy Policy and Conservation Act of 1975.
Reserves
Reserves are estimated remaining quantities of oil and gas and related substances anticipated to be economically producible, as of a given date, by application of development projects to known accumulations. In addition, there must exist, or there must be a reasonable expectation that there will exist, the legal right to produce or a revenue interest in the production, installed means of delivering oil and gas or related substances to market, and all permits and financing required to implement the project.
Reserves should not be assigned to adjacent reservoirs isolated by major, potentially sealing, faults until those reservoirs are penetrated and evaluated as economically producible. Reserves should not be assigned to areas that are clearly separated from a known accumulation by a non-productive reservoir (i.e., absence of reservoir, structurally low reservoir, or negative test results). Such areas may contain prospective resources (i.e., potentially recoverable resources from undiscovered accumulations).
Proved Oil and Gas Reserves
Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible—from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations—prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time.
(i)   The area of the reservoir considered as proved includes:
     (A) The area identified by drilling and limited by fluid contacts, if any, and
     (B) Adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and to contain economically producible oil or gas on the basis of available geoscience and engineering data.
(ii) In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons (LKH) as seen in a well penetration unless geoscience, engineering, or performance data and reliable technology establishes a lower contact with reasonable certainty.
(iii) Where direct observation from well penetrations has defined a highest known oil (HKO) elevation and the potential exists for an associated gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering, or performance data and reliable technology establish the higher contact with reasonable certainty.
(iv) Reserves which can be produced economically through application of improved recovery techniques (including, but not limited to, fluid injection) are included in the proved classification when:
     (A) Successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the reservoir as a whole, the operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was based; and

 


 

     
Securities and Exchange Commission   Page 2
§210.4-10 Definitions (of Reserves)    
Modified, Effective 2009 for Filings of 12/31/2009 and Thereafter    
     (B) The project has been approved for development by all necessary parties and entities, including governmental entities.
(v) Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price shall be the average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions.
Reasonable certainty. If deterministic methods are used, reasonable certainty means a high degree of confidence that the quantities will be recovered. If probabilistic methods are used, there should be at least a 90% probability that the quantities actually recovered will equal or exceed the estimate. A high degree of confidence exists if the quantity is much more likely to be achieved than not, and, as changes due to increased availability of geoscience (geological, geophysical, and geochemical), engineering, and economic data are made to estimated ultimate recovery (EUR) with time, reasonably certain EUR is much more likely to increase or remain constant than to decrease.
Reliable technology. Reliable technology is a grouping of one or more technologies (including computational methods) that has been field tested and has been demonstrated to provide reasonably certain results with consistency and repeatability in the formation being evaluated or in an analogous formation.
Probable Reserves
Probable reserves are those additional reserves that are less certain to be recovered than proved reserves but which, together with proved reserves, are as likely as not to be recovered.
     (i) When deterministic methods are used, it is as likely as not that actual remaining quantities recovered will exceed the sum of estimated proved plus probable reserves. When probabilistic methods are used, there should be at least a 50% probability that the actual quantities recovered will equal or exceed the proved plus probable reserves estimates.
     (ii) Probable reserves may be assigned to areas of a reservoir adjacent to proved reserves where data control or interpretations of available data are less certain, even if the interpreted reservoir continuity of structure or productivity does not meet the reasonable certainty criterion. Probable reserves may be assigned to areas that are structurally higher than the proved area if these areas are in communication with the proved reservoir.
     (iii) Probable reserves estimates also include potential incremental quantities associated with a greater percentage recovery of the hydrocarbons in place than assumed for proved reserves.
Possible Reserves
Possible reserves are those additional reserves that are less certain to be recovered than probable reserves.
     (i) When deterministic methods are used, the total quantities ultimately recovered from a project have a low probability of exceeding proved plus probable plus possible reserves. When probabilistic methods are used, there should be at least a 10% probability that the total quantities ultimately recovered will equal or exceed the proved plus probable plus possible reserves estimates.
     (ii) Possible reserves may be assigned to areas of a reservoir adjacent to probable reserves where data control and interpretations of available data are progressively less certain. Frequently, this will be in areas where geoscience and engineering data are unable to define clearly the area and vertical limits of commercial production from the reservoir by a defined project.
     (iii) Possible reserves also include incremental quantities associated with a greater percentage recovery of the hydrocarbons in place than the recovery quantities assumed for probable reserves.
     (iv) The proved plus probable and proved plus probable plus possible reserves estimates must be based on reasonable alternative technical and commercial interpretations within the reservoir or subject project that are clearly documented, including comparisons to results in successful similar projects.
     (v) Possible reserves may be assigned where geoscience and engineering data identify directly adjacent portions of a reservoir within the same accumulation that may be separated from proved areas by faults with displacement less than

 


 

     
Securities and Exchange Commission   Page 3
§210.4-10 Definitions (of Reserves)    
Modified, Effective 2009 for Filings of 12/31/2009 and Thereafter    
formation thickness or other geological discontinuities and that have not been penetrated by a wellbore, and the registrant believes that such adjacent portions are in communication with the known (proved) reservoir. Possible reserves may be assigned to areas that are structurally higher or lower than the proved area if these areas are in communication with the proved reservoir.
     (vi) Pursuant to paragraph (a)(22)(iii) of this section, where direct observation has defined a highest known oil (HKO) elevation and the potential exists for an associated gas cap, proved oil reserves should be assigned in the structurally higher portions of the reservoir above the HKO only if the higher contact can be established with reasonable certainty through reliable technology. Portions of the reservoir that do not meet this reasonable certainty criterion may be assigned as probable and possible oil or gas based on reservoir fluid properties and pressure gradient interpretations.
Developed Oil and Gas Reserves
Developed oil and gas reserves are reserves of any category that can be expected to be recovered:
     (i) Through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared to the cost of a new well; and
     (ii) Through installed extraction equipment and infrastructure operational at the time of the reserves estimate if the extraction is by means not involving a well.
Undeveloped Oil and Gas Reserves
Undeveloped oil and gas reserves are reserves of any category that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion.
     (i) Reserves on undrilled acreage shall be limited to those directly offsetting development spacing areas that are reasonably certain of production when drilled, unless evidence using reliable technology exists that establishes reasonable certainty of economic producibility at greater distances.
     (ii) Undrilled locations can be classified as having undeveloped reserves only if a development plan has been adopted indicating that they are scheduled to be drilled within five years, unless the specific circumstances, justify a longer time.
     (iii) Under no circumstances shall estimates for undeveloped reserves be attributable to any acreage for which an application of fluid injection or other improved recovery technique is contemplated, unless such techniques have been proved effective by actual projects in the same reservoir or an analogous reservoir, as defined in paragraph (a)(2) of this section, or by other evidence using reliable technology establishing reasonable certainty.
Additional Definitions:
Deterministic Estimate
The method of estimating reserves or resources is called deterministic when a single value for each parameter (from the geoscience, engineering, or economic data) in the reserves calculation is used in the reserves estimation procedure.
Probabilistic Estimate
The method of estimation of reserves or resources is called probabilistic when the full range of values that could reasonably occur for each unknown parameter (from the geoscience and engineering data) is used to generate a full range of possible outcomes and their associated probabilities of occurrence.
Reasonable Certainty
If deterministic methods are used, reasonable certainty means a high degree of confidence that the quantities will be recovered. If probabilistic methods are used, there should be at least a 90% probability that the quantities actually recovered will equal or exceed the estimate. A high degree of confidence exists if the quantity is much more likely to be achieved than not, and, as changes due to increased availability of geoscience (geological, geophysical, and geochemical), engineering, and economic data are made to estimated ultimate recovery (EUR) with time, reasonably certain EUR is much more likely to increase or remain constant than to decrease.

 


 

DOMINION BLACK WARRIOR TRUST 1994-1
UNESCALATED ANALYSIS
TOTAL ROYALTY INTERESTS
TOTAL PROVED RESERVES
RESERVES AND ECONOMICS
EFFECTIVE DATE: 12/31/2009
                                                                                                 
            -----GROSS PRODUCTION-----   -----NET PRODUCTION-----   -----PRICES-----   -----OPERATIONS, M$-----
---END---   NO. OF   OIL   WELL HEAD   SALES   OIL   SALES   OIL   GAS   OIL   GAS   TAX   TOTAL
MO-YEAR   WELLS   MBBL   GAS, MMCF   GAS, MMCF   MBBL   GAS, MMCF   $/B   $/M   REVENUE   REVENUE   CREDITS   REVENUE
12-2010
    475.2       0.000       4783.229       4200.153       0.000       2237.007       0.00       3.696       0.000       8266.930       0.000       7804.644  
12-2011
    455.7       0.000       4185.707       3675.471       0.000       1959.696       0.00       3.696       0.000       7242.794       0.000       6838.100  
12-2012
    434.5       0.000       3663.226       3216.678       0.000       1716.467       0.00       3.696       0.000       6344.448       0.000       5990.840  
12-2013
    410.6       0.000       3196.429       2806.784       0.000       1499.335       0.00       3.697       0.000       5542.487       0.000       5235.877  
12-2014
    380.8       0.000       2767.399       2430.053       0.000       1298.986       0.00       3.697       0.000       4802.597       0.000       4540.284  
 
                                                                                               
12-2015
    340.2       0.000       2352.969       2066.143       0.000       1106.317       0.00       3.698       0.000       4091.231       0.000       3870.193  
12-2016
    297.5       0.000       1981.380       1739.850       0.000       933.040       0.00       3.699       0.000       3451.483       0.000       3267.811  
12-2017
    257.3       0.000       1660.303       1457.913       0.000       783.737       0.00       3.700       0.000       2900.176       0.000       2746.627  
12-2018
    223.2       0.000       1395.048       1224.991       0.000       659.802       0.00       3.702       0.000       2442.414       0.000       2314.472  
12-2019
    190.0       0.000       1161.442       1019.862       0.000       550.237       0.00       3.703       0.000       2037.715       0.000       1932.936  
 
                                                                                               
12-2020
    164.2       0.000       975.389       856.490       0.000       462.997       0.00       3.705       0.000       1715.324       0.000       1629.743  
12-2021
    142.7       0.000       824.598       724.080       0.000       391.997       0.00       3.706       0.000       1452.842       0.000       1380.790  
12-2022
    120.0       0.000       686.596       602.900       0.000       326.838       0.00       3.708       0.000       1211.980       0.000       1151.497  
12-2023
    100.2       0.000       570.539       500.990       0.000       271.808       0.00       3.710       0.000       1008.503       0.000       958.305  
12-2024
    81.1       0.000       465.555       408.804       0.000       222.436       0.00       3.713       0.000       825.952       0.000       785.206  
 
                                                                                               
  S TOT
    1.8       0.000       30669.811       26931.162       0.000       14420.699       0.00       3.699       0.000       53336.879       0.000       50447.320  
 
                                                                                               
AFTER
    1.8       0.000       2759.472       2423.093       0.000       1328.851       0.00       3.705       0.000       4923.945       0.000       4698.100  
 
                                                                                               
TOTAL
    1.8       0.000       33429.281       29354.254       0.000       15749.550       0.00       3.699       0.000       58260.824       0.000       55145.422  
                                                                                 
    -------OPERATIONS, M$-------   -------CAPITAL COSTS, M$-------           10.0%
---END---   PRODUCTION   AD VALOREM   NET OPER   OPERATION   TANGIBLE   INTANG.   TOTAL   TOTAL   CASH FLOW   DISCOUNTED
---MO-YEAR---   TAXES   EXPENSES   EXPENSES   CASH FLOW   INV.   INV.   BORROW INV   EQUITY INV   BTAX, M$   BTAX, M$
12-2010
    468.278       0.000       0.000       7336.363       0.000       0.000       0.000       0.000       7336.363       7004.635  
12-2011
    410.286       0.000       0.000       6427.813       0.000       0.000       0.000       0.000       6427.813       5579.540  
12-2012
    359.451       0.000       0.000       5631.393       0.000       0.000       0.000       0.000       5631.393       4443.766  
12-2013
    314.153       0.000       0.000       4921.726       0.000       0.000       0.000       0.000       4921.726       3530.913  
12-2014
    272.417       0.000       0.000       4267.867       0.000       0.000       0.000       0.000       4267.867       2783.788  
 
                                                                               
12-2015
    232.212       0.000       0.000       3637.982       0.000       0.000       0.000       0.000       3637.982       2157.324  
12-2016
    196.069       0.000       0.000       3071.743       0.000       0.000       0.000       0.000       3071.743       1656.138  
12-2017
    164.798       0.000       0.000       2581.829       0.000       0.000       0.000       0.000       2581.829       1265.527  
12-2018
    138.868       0.000       0.000       2175.603       0.000       0.000       0.000       0.000       2175.603       969.361  
12-2019
    115.976       0.000       0.000       1816.959       0.000       0.000       0.000       0.000       1816.959       735.936  
 
                                                                               
12-2020
    97.785       0.000       0.000       1531.959       0.000       0.000       0.000       0.000       1531.959       564.041  
12-2021
    82.847       0.000       0.000       1297.942       0.000       0.000       0.000       0.000       1297.942       434.524  
12-2022
    69.090       0.000       0.000       1082.407       0.000       0.000       0.000       0.000       1082.407       329.443  
12-2023
    57.498       0.000       0.000       900.806       0.000       0.000       0.000       0.000       900.806       249.197  
12-2024
    47.112       0.000       0.000       738.094       0.000       0.000       0.000       0.000       738.094       185.755  
 
                                                                               
  S TOT
    3026.839       0.000       0.000       47420.492       0.000       0.000       0.000       0.000       47420.492       31889.889  
 
                                                                               
AFTER
    281.886       0.000       0.000       4416.213       0.000       0.000       0.000       0.000       4416.213       635.191  
 
                                                                               
TOTAL
    3308.725       0.000       0.000       51836.703       0.000       0.000       0.000       0.000       51836.703       32525.078  
                                             
    OIL   GAS               P.W. %   P.W., M$
GROSS WELLS
    0.0       532.0     LIFE, YRS.     42.42       5.00       39776.484  
GROSS ULT., MB & MMF
    0.000       193055.812     DISCOUNT %     10.00       10.00       32525.070  
GROSS CUM., MB & MMF
    0.000       159626.531     UNDISCOUNTED PAYOUT, YRS.     0.00       15.00       27669.428  
GROSS RES., MB & MMF
    0.000       33429.281     DISCOUNTED PAYOUT, YRS.     0.00       18.00       25454.299  
NET RES., MB & MMF
    0.000       15749.551     UNDISCOUNTED NET/INVEST.     0.00       20.00       24185.990  
NET REVENUE, M$
  0.000       58260.824     DISCOUNTED NET/INVEST.     0.00       25.00       21564.266  
INITIAL PRICE, $
  0.000       3.693     RATE-OF-RETURN, PCT.     100.00       40.00       16537.217  
INITIAL N.I., PCT.
    0.000       53.335     INITIAL W.I., PCT.     0.000       60.00       12942.846  
 
                                80.00       10849.019  
 
                                100.00       9473.192  
RALPH E. DAVIS ASSOCIATES, INC.
TEXAS REGISTERED FIRM F-1529


 

     
     
BLACK WARRIOR TRUST 1994-1   RESERVES and REVENUES
TOTAL ROYALTY INTERESTS   AS OF DECEMBER 31, 2009
TOTAL PROVED RESERVES    
                                                                                                         
                            Gross Volumes   Net Volumes   Product   Production   Operating   Future Net Income
    Life   Working   Revenue   Oil   Wellhead Gas   Sales Gas   Oil   Sales Gas   Sales   Taxes   Expense   Undiscounted   Disc. @ 10%
Well Name & Number   Years   Interest   Interest   Bbls   Mcf   Mcf   Bbls   Mcf   $   $   $   $   $
 
ALABAMA BASIC 23-10- 4
    28.3       0.00000 %     56.87502 %     0       285,353       250,568       0       142,511       476,671       28,600       0       448,070       216,384  
ALABAMA BASIC 23-14- 5
    7.0       0.00000 %     56.87502 %     0       42,110       36,977       0       21,031       70,344       4,221       0       66,123       51,165  
ALABAMA BASIC 23-16- 6
    5.5       0.00000 %     56.87502 %     0       30,203       26,521       0       15,084       50,453       3,027       0       47,425       38,402  
ALABAMA BASIC 26- 1- 7
    6.2       0.00000 %     56.87502 %     0       37,025       32,511       0       18,491       61,848       3,711       0       58,137       46,292  
ALABAMA BASIC 27-16- 8
    11.6       0.00000 %     57.20324 %     0       95,991       84,290       0       48,216       161,274       9,676       0       151,598       105,144  
ALABAMA BASIC 34- 3-14
    21.9       0.00000 %     56.79375 %     0       80,757       70,913       0       40,274       450,667       27,040       0       423,627       246,911  
ALABAMA BASIC 36- 2- 2
    4.6       0.00000 %     58.18800 %     0       21,479       18,860       0       10,974       36,707       2,202       0       34,505       28,687  
ALABAMA BASIC 36- 4- 1
    6.6       0.00000 %     58.18800 %     0       33,730       29,618       0       17,234       57,645       3,459       0       54,186       42,083  
ALABAMA BASIC 36- 5- 9
    6.3       0.00000 %     56.26400 %     0       32,554       28,586       0       16,084       53,797       3,228       0       50,569       39,651  
ALABAMA BASIC 36- 9- 3
    10.2       0.00000 %     58.18800 %     0       58,829       51,657       0       30,058       100,539       6,032       0       94,507       65,752  
ALABAMA BASIC 36-13-10
    13.1       0.00000 %     58.18800 %     0       73,384       64,439       0       37,496       137,983       8,279       0       129,704       83,424  
ALABAMA BASIC 36-14-11
    5.3       0.00000 %     58.18800 %     0       22,779       20,002       0       11,639       42,831       2,570       0       40,261       32,563  
ALABAMA BASIC 36-16-12
    16.3       0.00000 %     58.18800 %     0       100,090       87,889       0       51,141       188,198       11,292       0       176,906       105,436  
ALCUS 12- 4- 1
    4.1       0.00000 %     54.84375 %     0       14,500       12,732       0       6,983       25,697       1,542       0       24,155       20,205  
ALCUS 12- 5- 2
    0.0       0.00000 %     54.19375 %     0       0       0       0       0       0       0       0       0       0  
BAUGHMAN 18- 3- 2
    8.4       0.00000 %     56.87500 %     0       62,655       55,017       0       31,291       104,662       6,280       0       98,383       74,046  
BAUGHMAN 18- 6- 3
    16.3       0.00000 %     56.87500 %     0       133,236       116,994       0       66,540       244,869       14,692       0       230,177       142,606  
BAUGHMAN 18- 7- 4
    13.2       0.00000 %     56.87500 %     0       84,501       74,200       0       42,201       155,301       9,318       0       145,983       95,079  
BEAN 14-15- 1
    4.8       0.00000 %     55.76460 %     0       23,140       20,320       0       11,331       37,900       2,274       0       35,626       29,408  
BIGHAM 4-13- 1
    4.3       0.00000 %     56.87500 %     0       26,034       22,860       0       13,002       47,847       2,871       0       44,976       38,453  
CANTLEY 17- 7- 2
    1.3       0.00000 %     56.87500 %     0       4,309       3,784       0       2,152       7,919       475       0       7,444       7,039  
CARNLEY 18- 5- 3
    8.1       0.00000 %     61.70529 %     0       47,918       42,077       0       25,964       86,844       5,211       0       81,633       61,357  
CARNLEY 18-12- 4
    14.3       0.00000 %     61.70528 %     0       140,538       123,406       0       76,148       254,700       15,282       0       239,418       159,331  
CARNLEY 18-14- 5
    8.8       0.00000 %     61.70528 %     0       93,800       82,366       0       50,824       169,996       10,200       0       159,796       123,470  
CASSIDY 19- 1-72
    5.9       0.00000 %     48.75000 %     0       31,005       27,225       0       13,272       48,842       2,931       0       45,911       36,329  
CASSIDY 19- 2-73
    4.5       0.00000 %     48.75000 %     0       22,919       20,125       0       9,811       32,816       1,969       0       30,847       25,508  
CASSIDY 19- 3-74
    8.1       0.00000 %     48.75000 %     0       45,166       39,661       0       19,335       71,151       4,269       0       66,882       49,213  
CASSIDY 19- 6-96
    5.6       0.00000 %     48.75000 %     0       32,428       28,475       0       13,882       46,432       2,786       0       43,646       34,911  
CASSIDY 19- 7-75
    5.2       0.00000 %     48.75000 %     0       27,561       24,202       0       11,798       39,463       2,368       0       37,095       29,971  
CASSIDY 19- 9-76
    9.1       0.00000 %     48.75000 %     0       57,184       50,213       0       24,479       90,082       5,405       0       84,677       61,009  
CASSIDY 19-10-77
    6.3       0.00000 %     48.75000 %     0       31,020       27,239       0       13,279       48,867       2,932       0       45,935       35,585  
CASSIDY 19-11-97
    4.4       0.00000 %     48.75000 %     0       21,393       18,785       0       9,158       30,631       1,838       0       28,793       23,818  
CASSIDY 19-13-78
    13.9       0.00000 %     52.81250 %     0       88,708       77,895       0       41,138       137,599       8,256       0       129,343       79,728  
CASSIDY 19-15-79
    9.0       0.00000 %     48.75000 %     0       46,227       40,592       0       19,789       72,822       4,369       0       68,452       48,286  
CASSIDY 19-16-80
    4.0       0.00000 %     48.75000 %     0       22,388       19,659       0       9,584       32,055       1,923       0       30,132       25,568  
CASSIDY 20- 3-81
    8.5       0.00000 %     48.75000 %     0       50,214       44,093       0       21,495       71,898       4,314       0       67,584       48,625  
CASSIDY 20- 5-82
    3.3       0.00000 %     48.75000 %     0       16,516       14,503       0       7,070       23,649       1,419       0       22,230       19,345  
CASSIDY 20- 6-83
    4.7       0.00000 %     48.75000 %     0       23,082       20,269       0       9,881       33,050       1,983       0       31,067       25,477  
CASSIDY 20- 7-84
    7.8       0.00000 %     48.75000 %     0       41,303       36,268       0       17,681       65,065       3,904       0       61,161       45,301  
CASSIDY 20- 8-85
    13.8       0.00000 %     48.75000 %     0       98,409       86,413       0       42,126       155,025       9,301       0       145,723       92,357  
CASSIDY 20-10-86
    4.4       0.00000 %     48.75000 %     0       24,929       21,890       0       10,671       35,694       2,142       0       33,552       28,021  
CASSIDY 20-12-87
    6.2       0.00000 %     48.75000 %     0       36,565       32,107       0       15,652       52,354       3,141       0       49,213       38,577  
CASSIDY 20-14-88
    2.6       0.00000 %     48.75000 %     0       11,900       10,450       0       5,094       17,039       1,022       0       16,017       14,282  
CASSIDY 20-16-89
    0.0       0.00000 %     48.75000 %     0       0       0       0       0       0       0       0       0       0  
CASSIDY 21- 2-102
    7.2       0.00000 %     48.75000 %     0       40,003       35,126       0       17,124       63,017       3,781       0       59,236       45,003  
CASSIDY 21- 3-116
    12.9       0.00000 %     48.75000 %     0       113,713       99,851       0       48,678       162,817       9,769       0       153,048       100,562  
CASSIDY 21- 4-117
    14.3       0.00000 %     48.75000 %     0       79,178       69,527       0       33,894       124,731       7,484       0       117,247       69,978  
CASSIDY 21- 6-103
    10.3       0.00000 %     48.75000 %     0       72,949       64,056       0       31,227       104,450       6,267       0       98,183       68,080  
CASSIDY 21- 8-104
    1.1       0.00000 %     48.75000 %     0       4,113       3,612       0       1,761       6,480       389       0       6,091       5,794  
CASSIDY 21-10-105
    9.0       0.00000 %     48.75000 %     0       58,238       51,139       0       24,930       83,386       5,003       0       78,383       56,019  
         
    RALPH E. DAVIS ASSOCIATES, INC.
TEXAS REGISTERED FIRM F-1529
  Page 1 of 11

 


 

     
     
BLACK WARRIOR TRUST 1994-1   RESERVES and REVENUES
TOTAL ROYALTY INTERESTS   AS OF DECEMBER 31, 2009
TOTAL PROVED RESERVES    
                                                                                                         
                            Gross Volumes   Net Volumes   Product   Production   Operating   Future Net Income
    Life   Working   Revenue   Oil   Wellhead Gas   Sales Gas   Oil   Sales Gas   Sales   Taxes   Expense   Undiscounted   Disc. @ 10%
Well Name & Number   Years   Interest   Interest   Bbls   Mcf   Mcf   Bbls   Mcf   $   $   $   $   $
 
CASSIDY 21-11-106
    31.8       0.00000 %     48.75000 %     0       240,898       211,533       0       103,122       379,490       22,769       0       356,721       147,601  
CASSIDY 21-14-118
    8.2       0.00000 %     48.75000 %     0       49,938       43,851       0       21,377       78,669       4,720       0       73,949       54,722  
CASSIDY 22- 1-107
    14.3       0.00000 %     48.75000 %     0       81,819       71,845       0       35,024       128,890       7,733       0       121,156       72,701  
CASSIDY 22- 3-108
    3.2       0.00000 %     48.75000 %     0       14,632       12,848       0       6,264       20,950       1,257       0       19,693       17,125  
CASSIDY 22- 6-110
    0.0       0.00000 %     48.75000 %     0       0       0       0       0       0       0       0       0       0  
CASSIDY 22- 7-111
    0.0       0.00000 %     48.90418 %     0       0       0       0       0       0       0       0       0       0  
CASSIDY 22-13-112
    5.5       0.00000 %     48.75000 %     0       23,178       20,353       0       9,922       36,513       2,191       0       34,322       27,124  
CASSIDY 22-14-113
    9.4       0.00000 %     48.75000 %     0       45,799       40,216       0       19,606       72,148       4,329       0       67,819       46,819  
CASSIDY 25- 3-11
    1.3       0.00000 %     48.75000 %     0       5,172       4,541       0       2,214       8,147       489       0       7,659       7,242  
CASSIDY 25- 4-66
    3.3       0.00000 %     48.75000 %     0       16,113       14,149       0       6,897       23,071       1,384       0       21,686       18,858  
CASSIDY 25- 5-67
    3.3       0.00000 %     48.75000 %     0       16,888       14,829       0       7,229       24,180       1,451       0       22,729       19,811  
CASSIDY 25- 6-13
    3.3       0.00000 %     48.75000 %     0       15,621       13,717       0       6,687       22,367       1,342       0       21,025       18,254  
CASSIDY 25-10- 1
    1.0       0.00000 %     48.75000 %     0       4,314       3,788       0       1,847       6,177       371       0       5,806       5,545  
CASSIDY 25-12-14
    1.3       0.00000 %     48.75000 %     0       5,998       5,267       0       2,568       8,588       515       0       8,073       7,599  
CASSIDY 25-14-21
    5.5       0.00000 %     48.75000 %     0       30,137       26,463       0       12,901       47,475       2,849       0       44,627       35,979  
CASSIDY 25-15-20
    0.0       0.00000 %     48.75000 %     0       0       0       0       0       0       0       0       0       0  
CASSIDY 25-16- 1
    2.7       0.00000 %     48.75000 %     0       12,057       10,588       0       5,161       17,264       1,036       0       16,228       14,409  
CASSIDY 26- 8-122
    5.5       0.00000 %     48.75000 %     0       29,684       26,065       0       12,707       42,502       2,550       0       39,952       31,876  
CASSIDY 26-10-123
    2.3       0.00000 %     48.75000 %     0       10,631       9,336       0       4,551       15,222       913       0       14,309       12,957  
CASSIDY 28- 1-114
    17.8       0.00000 %     48.75000 %     0       110,211       96,777       0       47,179       173,617       10,417       0       163,200       89,620  
CASSIDY 28- 7-115
    34.1       0.00000 %     48.75000 %     0       240,967       211,593       0       103,152       379,599       22,776       0       356,823       137,955  
CASSIDY 28- 8-131
    31.5       0.00000 %     47.93020 %     0       345,550       303,427       0       145,433       486,446       29,187       0       457,259       202,959  
CASSIDY 29- 1-95
    3.2       0.00000 %     48.75000 %     0       32,277       28,342       0       13,817       50,846       3,051       0       47,795       43,351  
CASSIDY 29- 2-98
    4.7       0.00000 %     48.75000 %     0       22,215       19,507       0       9,510       34,995       2,100       0       32,895       27,129  
CASSIDY 29- 3-90
    6.2       0.00000 %     48.75000 %     0       29,005       25,470       0       12,416       45,693       2,742       0       42,951       33,363  
CASSIDY 29- 4-91
    1.9       0.00000 %     48.75000 %     0       8,925       7,837       0       3,820       12,778       767       0       12,012       11,030  
CASSIDY 29- 5-92
    6.4       0.00000 %     48.75000 %     0       32,440       28,486       0       13,887       51,103       3,066       0       48,037       37,193  
CASSIDY 29- 6-93
    9.8       0.00000 %     48.75000 %     0       52,734       46,305       0       22,574       83,072       4,984       0       78,088       54,013  
CASSIDY 29- 9-94
    8.8       0.00000 %     48.75000 %     0       67,193       59,002       0       28,763       96,208       5,772       0       90,436       66,138  
CASSIDY 29-10-99
    7.3       0.00000 %     48.75000 %     0       45,401       39,867       0       19,435       71,521       4,291       0       67,230       51,291  
CASSIDY 30- 2-119
    13.6       0.00000 %     48.75000 %     0       137,401       120,652       0       58,818       196,734       11,804       0       184,930       121,508  
CASSIDY 30- 4-120
    12.1       0.00000 %     52.81250 %     0       80,779       70,932       0       37,461       125,300       7,518       0       117,782       77,428  
CASSIDY 30- 8-121
    22.1       0.00000 %     46.51560 %     0       166,430       146,143       0       67,979       250,163       15,010       0       235,153       118,994  
CASSIDY 30-12-15
    5.0       0.00000 %     46.51559 %     0       29,384       25,802       0       12,002       44,167       2,650       0       41,517       34,147  
CASSIDY 30-13- 1
    0.8       0.00000 %     48.75000 %     0       3,493       3,067       0       1,495       5,002       300       0       4,702       4,523  
CASSIDY 30-14- 1
    2.4       0.00000 %     48.75000 %     0       11,120       9,764       0       4,760       17,517       1,051       0       16,466       14,854  
CASSIDY 30-15-12
    4.6       0.00000 %     48.75000 %     0       21,218       18,632       0       9,083       33,426       2,006       0       31,420       25,950  
CASSIDY 31- 1-17
    0.1       0.00000 %     48.75000 %     0       295       259       0       126       465       28       0       437       436  
CASSIDY 31- 2-10
    8.2       0.00000 %     48.75000 %     0       45,546       39,994       0       19,497       71,749       4,305       0       67,444       49,471  
CASSIDY 31- 3-16
    5.8       0.00000 %     48.75000 %     0       25,410       22,312       0       10,877       40,029       2,402       0       37,627       29,422  
CASSIDY 31- 4- 1
    2.4       0.00000 %     48.75000 %     0       9,601       8,431       0       4,110       15,124       907       0       14,217       12,760  
CASSIDY 31- 5- 1A
    6.6       0.00000 %     48.75000 %     0       40,205       35,304       0       17,211       63,335       3,800       0       59,535       46,540  
CASSIDY 31- 6-18
    5.1       0.00000 %     48.75000 %     0       28,661       25,168       0       12,269       41,038       2,462       0       38,576       31,378  
CASSIDY 31- 8-70
    3.0       0.00000 %     48.75000 %     0       13,828       12,142       0       5,919       19,799       1,188       0       18,611       16,299  
CASSIDY 31-10-124
    6.7       0.00000 %     48.75000 %     0       39,642       34,809       0       16,970       56,760       3,406       0       53,354       41,058  
CASSIDY 31-12-125
    7.3       0.00000 %     48.75000 %     0       38,277       33,611       0       16,385       60,298       3,618       0       56,680       42,551  
CASSIDY 31-14-65
    3.3       0.00000 %     48.75000 %     0       16,295       14,309       0       6,976       23,332       1,400       0       21,932       19,074  
CASSIDY 31-16-69
    2.3       0.00000 %     48.75000 %     0       10,578       9,288       0       4,528       15,146       909       0       14,237       12,887  
CASSIDY 32- 1-101
    6.8       0.00000 %     48.75000 %     0       49,677       43,622       0       21,265       71,129       4,268       0       66,861       52,052  
CASSIDY 32- 2-41
    5.4       0.00000 %     48.75000 %     0       29,739       26,114       0       12,731       46,849       2,811       0       44,038       35,617  
         
    RALPH E. DAVIS ASSOCIATES, INC.
TEXAS REGISTERED FIRM F-1529
  Page 2 of 11

 


 

     
     
BLACK WARRIOR TRUST 1994-1   RESERVES and REVENUES
TOTAL ROYALTY INTERESTS   AS OF DECEMBER 31, 2009
TOTAL PROVED RESERVES    
                                                                                                         
                            Gross Volumes   Net Volumes   Product   Production   Operating   Future Net Income
    Life   Working   Revenue   Oil   Wellhead Gas   Sales Gas   Oil   Sales Gas   Sales   Taxes   Expense   Undiscounted   Disc. @ 10%
Well Name & Number   Years   Interest   Interest   Bbls   Mcf   Mcf   Bbls   Mcf   $   $   $   $   $
 
CASSIDY 32- 4-33
    0.0       0.00000 %     48.75000 %     0       0       0       0       0       0       0       0       0       0  
CASSIDY 32- 6-40
    0.3       0.00000 %     48.75000 %     0       1,008       886       0       432       1,444       87       0       1,357       1,341  
CASSIDY 32- 7-39
    4.3       0.00000 %     48.75000 %     0       26,256       23,055       0       11,239       37,594       2,256       0       35,338       29,856  
CASSIDY 32- 8-34
    18.2       0.00000 %     48.75000 %     0       217,992       191,419       0       93,317       312,127       18,728       0       293,399       175,977  
CASSIDY 32- 9-37
    15.5       0.00000 %     48.75000 %     0       197,113       173,085       0       84,379       310,514       18,631       0       291,884       191,131  
CASSIDY 32-10-45
    5.5       0.00000 %     48.75000 %     0       34,015       29,869       0       14,561       48,704       2,922       0       45,782       36,910  
CASSIDY 32-11-35
    0.0       0.00000 %     48.75000 %     0       0       0       0       0       0       0       0       0       0  
CASSIDY 32-12-62
    0.1       0.00000 %     48.75000 %     0       293       257       0       126       462       28       0       434       432  
CASSIDY 32-13-46
    2.8       0.00000 %     48.75000 %     0       13,358       11,730       0       5,718       19,126       1,148       0       17,979       15,948  
CASSIDY 32-14-36
    6.8       0.00000 %     48.75000 %     0       35,536       31,204       0       15,212       55,979       3,359       0       52,621       40,379  
CASSIDY 32-15-38
    7.4       0.00000 %     48.75000 %     0       51,319       45,064       0       21,968       73,480       4,409       0       69,071       52,494  
CASSIDY 36- 1-19
    1.3       0.00000 %     48.75000 %     0       4,936       4,335       0       2,113       7,776       467       0       7,310       6,908  
CASSIDY 36- 2- 1
    3.3       0.00000 %     48.75000 %     0       14,767       12,967       0       6,322       21,144       1,269       0       19,876       17,127  
CASSIDY 36- 3-23
    1.9       0.00000 %     48.75000 %     0       13,974       12,271       0       5,982       22,014       1,321       0       20,693       19,285  
CASSIDY 36- 4-22
    7.8       0.00000 %     48.75000 %     0       49,675       43,619       0       21,264       78,253       4,695       0       73,558       55,498  
CASSIDY 36- 5-24
    7.9       0.00000 %     48.75000 %     0       43,138       37,879       0       18,466       67,955       4,077       0       63,878       47,162  
CASSIDY 36- 7-25
    2.1       0.00000 %     48.75000 %     0       8,002       7,027       0       3,426       12,606       756       0       11,850       10,779  
CASSIDY 36- 8- 4
    4.0       0.00000 %     48.75000 %     0       18,868       16,568       0       8,077       27,016       1,621       0       25,395       21,341  
CASSIDY 36- 9-71
    6.8       0.00000 %     48.75000 %     0       30,642       26,907       0       13,117       48,271       2,896       0       45,375       34,353  
CASSIDY 36-10-28
    0.8       0.00000 %     48.75000 %     0       3,072       2,697       0       1,315       4,839       290       0       4,548       4,375  
CASSIDY 36-11-27
    4.9       0.00000 %     48.75000 %     0       21,933       19,260       0       9,389       34,552       2,073       0       32,479       26,401  
CASSIDY 36-12-26
    0.9       0.00000 %     48.75000 %     0       3,466       3,044       0       1,484       5,460       328       0       5,132       4,920  
CASSIDY 36-13-29
    2.6       0.00000 %     48.75000 %     0       13,458       11,818       0       5,761       19,270       1,156       0       18,114       16,227  
CASSIDY 36-14-30
    0.0       0.00000 %     48.75000 %     0       0       0       0       0       0       0       0       0       0  
CASSIDY 36-15-31
    4.1       0.00000 %     48.75000 %     0       19,364       17,004       0       8,289       30,505       1,830       0       28,675       24,194  
CASSIDY 36-16- 3
    11.0       0.00000 %     47.91200 %     0       66,202       58,132       0       27,852       102,496       6,150       0       96,346       64,588  
CASSIDY 5- 2-126
    9.3       0.00000 %     48.75000 %     0       65,014       57,089       0       27,831       102,418       6,145       0       96,273       69,741  
CASSIDY 5- 4-49
    5.5       0.00000 %     48.75000 %     0       32,855       28,850       0       14,064       47,042       2,823       0       44,219       35,557  
CASSIDY 5- 5-50
    5.5       0.00000 %     48.75000 %     0       34,015       29,869       0       14,561       48,704       2,922       0       45,782       36,910  
CASSIDY 5- 6-61
    9.5       0.00000 %     48.75000 %     0       78,102       68,581       0       33,433       111,828       6,710       0       105,118       75,885  
CASSIDY 5-11-56
    7.3       0.00000 %     48.75000 %     0       43,638       38,318       0       18,680       62,481       3,749       0       58,733       44,298  
CASSIDY 5-13-48
    1.4       0.00000 %     48.75000 %     0       6,339       5,567       0       2,714       9,077       545       0       8,532       8,003  
CASSIDY 5-14-57
    1.2       0.00000 %     48.75000 %     0       4,738       4,160       0       2,028       6,784       407       0       6,377       6,038  
CASSIDY 6- 2-64
    7.0       0.00000 %     48.75000 %     0       41,465       36,411       0       17,750       59,371       3,562       0       55,808       42,413  
CASSIDY 6- 3-44
    6.2       0.00000 %     48.75000 %     0       33,630       29,531       0       14,396       52,978       3,179       0       49,799       39,148  
CASSIDY 6- 4-42
    0.4       0.00000 %     48.75000 %     0       1,708       1,500       0       731       2,445       147       0       2,299       2,254  
CASSIDY 6- 5-43
    0.0       0.00000 %     48.75000 %     0       0       0       0       0       0       0       0       0       0  
CASSIDY 6- 6-53
    9.2       0.00000 %     48.75000 %     0       55,303       48,561       0       23,674       79,184       4,751       0       74,433       52,442  
CASSIDY 6- 7-129
    1.7       0.00000 %     48.75000 %     0       7,567       6,644       0       3,239       10,834       650       0       10,184       9,450  
CASSIDY 6- 9-47
    4.2       0.00000 %     48.75000 %     0       22,633       19,874       0       9,689       32,407       1,944       0       30,462       25,635  
CASSIDY 6-10-52
    3.2       0.00000 %     48.75000 %     0       16,737       14,697       0       7,165       23,964       1,438       0       22,527       19,718  
CASSIDY 6-11-54
    0.0       0.00000 %     48.75000 %     0       0       0       0       0       0       0       0       0       0  
CASSIDY 6-13-51
    1.3       0.00000 %     48.75000 %     0       5,253       4,613       0       2,249       8,276       497       0       7,779       7,323  
CASSIDY 6-14-55
    5.6       0.00000 %     48.75000 %     0       32,323       28,383       0       13,837       46,281       2,777       0       43,504       34,796  
CASSIDY 6-16-68
    7.6       0.00000 %     48.75000 %     0       33,127       29,089       0       14,181       52,185       3,131       0       49,054       35,803  
CASSIDY 8- 4-63
    1.1       0.00000 %     48.75000 %     0       4,583       4,024       0       1,962       6,561       394       0       6,168       5,866  
CASSIDY 8- 5-60
    8.0       0.00000 %     48.75000 %     0       44,677       39,231       0       19,125       63,970       3,838       0       60,132       43,777  
CASSIDY 8-12-58
    5.9       0.00000 %     48.75000 %     0       27,385       24,046       0       11,723       39,210       2,353       0       36,857       28,571  
CASSIDY 8-13-59
    8.1       0.00000 %     48.75000 %     0       41,830       36,731       0       17,906       65,895       3,954       0       61,942       45,193  
CHEVRON 23-16-18
    6.0       0.00000 %     56.87500 %     0       33,451       29,373       0       16,706       55,879       3,353       0       52,526       41,840  
         
    RALPH E. DAVIS ASSOCIATES, INC.
TEXAS REGISTERED FIRM F-1529
  Page 3 of 11

 


 

     
     
BLACK WARRIOR TRUST 1994-1   RESERVES and REVENUES
TOTAL ROYALTY INTERESTS   AS OF DECEMBER 31, 2009
TOTAL PROVED RESERVES    
                                                                                                         
                            Gross Volumes   Net Volumes   Product   Production   Operating   Future Net Income
    Life   Working   Revenue   Oil   Wellhead Gas   Sales Gas   Oil   Sales Gas   Sales   Taxes   Expense   Undiscounted   Disc. @ 10%
Well Name & Number   Years   Interest   Interest   Bbls   Mcf   Mcf   Bbls   Mcf   $   $   $   $   $
 
CHEVRON 24-16-16
    11.0       0.00000 %     56.87500 %     0       65,392       57,421       0       32,658       120,182       7,211       0       112,971       77,662  
CHEVRON 25- 2- 1
    2.7       0.00000 %     56.87500 %     0       9,910       8,702       0       4,949       18,213       1,093       0       17,120       15,267  
CHEVRON 25- 8- 2
    3.8       0.00000 %     56.87500 %     0       17,521       15,385       0       8,750       29,267       1,756       0       27,511       23,478  
CHEVRON 25-11- 3
    4.9       0.00000 %     56.87500 %     0       22,321       19,600       0       11,148       41,023       2,461       0       38,562       31,768  
CHEVRON 26- 5- 9
    10.3       0.00000 %     56.87500 %     0       60,645       53,253       0       30,287       111,458       6,687       0       104,771       73,442  
CHEVRON 27- 1-10
    5.9       0.00000 %     56.87500 %     0       31,572       27,723       0       15,768       52,740       3,164       0       49,575       39,480  
CHEVRON 30-10- 8
    3.3       0.00000 %     56.87500 %     0       12,091       10,618       0       6,039       22,222       1,333       0       20,889       18,177  
CHRISTIAN 12- 5- 2
    7.4       0.00000 %     56.87500 %     0       42,906       37,676       0       21,428       71,673       4,300       0       67,373       51,203  
CLEMENTS 34-11- 1
    12.7       0.00000 %     56.87500 %     0       97,736       85,822       0       48,811       179,626       10,778       0       168,849       114,267  
CLEMENTS 34-15- 1
    11.3       0.00000 %     56.87500 %     0       82,794       72,701       0       41,349       138,304       8,298       0       130,005       89,724  
CLEMENTS 34-16- 2
    11.5       0.00000 %     56.87500 %     0       78,858       69,245       0       39,383       144,930       8,696       0       136,234       93,926  
COLBURN 15- 9- 1
    19.2       0.00000 %     56.87500 %     0       117,814       103,452       0       58,838       216,526       12,992       0       203,534       111,751  
COLBURN 15-15- 2
    30.0       0.00000 %     56.87500 %     0       273,182       239,881       0       136,433       456,340       27,380       0       428,960       195,950  
CUNNINGHAM 10- 1- 1
    42.3       0.00000 %     56.87500 %     0       605,040       531,285       0       302,169       1,010,695       60,642       0       950,053       392,429  
CUNNINGHAM 10- 2- 2
    19.6       0.00000 %     56.87500 %     0       159,671       140,207       0       79,743       266,723       16,003       0       250,720       140,415  
CUNNINGHAM 28-15- 3
    6.7       0.00000 %     56.87500 %     0       33,086       29,053       0       16,524       60,807       3,648       0       57,159       44,491  
CUNNINGHAM 34- 8- 2
    14.2       0.00000 %     56.87500 %     0       96,533       84,766       0       48,211       161,255       9,675       0       151,580       95,115  
CUNNINGHAM 35-12- 1
    8.7       0.00000 %     57.60302 %     0       48,489       42,578       0       24,526       82,036       4,922       0       77,114       56,082  
DAVANT 1-12-10
    5.4       0.00000 %     56.87500 %     0       30,894       27,128       0       15,429       51,607       3,096       0       48,511       39,516  
DAVANT 1-13-11
    7.4       0.00000 %     54.84375 %     0       49,556       43,515       0       23,865       79,825       4,790       0       75,036       57,550  
DAVANT 21-16-16
    16.8       0.00000 %     56.87500 %     0       140,064       122,990       0       69,951       257,419       15,445       0       241,974       148,558  
DAVANT 23- 2- 9
    10.3       0.00000 %     56.87500 %     0       62,759       55,109       0       31,343       104,837       6,290       0       98,547       68,598  
DAVANT 23- 7- 7
    3.5       0.00000 %     56.87500 %     0       13,518       11,870       0       6,751       24,845       1,491       0       23,354       20,157  
DAVANT 23-13- 8
    13.3       0.00000 %     56.87500 %     0       78,393       68,837       0       39,151       144,076       8,645       0       135,431       86,693  
DAVANT 3- 1-12
    8.9       0.00000 %     56.87500 %     0       66,343       58,255       0       33,133       110,823       6,649       0       104,173       77,197  
DAVANT 3- 2-13
    14.5       0.00000 %     56.87500 %     0       99,820       87,652       0       49,852       183,456       11,007       0       172,449       109,257  
DAVANT 7- 4- 2
    0.0       0.00000 %     56.87500 %     0       0       0       0       0       0       0       0       0       0  
DAVANT 7- 5- 3
    0.0       0.00000 %     56.87500 %     0       0       0       0       0       0       0       0       0       0  
DAVANT 7-11- 4
    12.8       0.00000 %     56.87500 %     0       73,672       64,692       0       36,793       135,400       8,124       0       127,276       82,345  
DAVANT 7-12- 5
    2.0       0.00000 %     56.87500 %     0       7,363       6,466       0       3,677       12,300       738       0       11,562       10,562  
DAVANT 7-13- 6
    16.9       0.00000 %     56.87500 %     0       137,520       120,756       0       68,680       229,721       13,783       0       215,938       129,275  
DAVANT 7-14- 1
    11.8       0.00000 %     56.87500 %     0       56,881       49,947       0       28,407       104,539       6,272       0       98,266       64,161  
DAVIS 24- 7- 1
    11.0       0.00000 %     56.87500 %     0       71,990       63,214       0       35,953       120,256       7,215       0       113,041       77,481  
DAVIS 24- 8- 2
    6.4       0.00000 %     56.87500 %     0       32,504       28,542       0       16,233       54,296       3,258       0       51,039       39,737  
DAVIS 24- 9- 3
    10.1       0.00000 %     56.87500 %     0       57,136       50,171       0       28,535       95,443       5,727       0       89,717       62,179  
DAVIS 24-10- 4
    10.8       0.00000 %     56.74805 %     0       69,137       60,709       0       34,451       115,233       6,914       0       108,319       74,383  
DEAL 27- 4- 1
    15.1       0.00000 %     56.87500 %     0       95,050       83,464       0       47,470       174,689       10,481       0       164,208       101,099  
DEAL 27- 5- 2
    42.4       0.00000 %     55.86750 %     0       624,805       548,642       0       306,512       1,127,966       67,678       0       1,060,288       450,664  
DRUMMOND 6- 1- 1
    0.0       0.00000 %     48.75000 %     0       0       0       0       0       0       0       0       0       0  
EARNEST 15-10- 2
    7.4       0.00000 %     56.87500 %     0       44,907       39,433       0       22,428       75,016       4,501       0       70,515       53,837  
EARNEST 15-15- 5
    1.9       0.00000 %     56.87500 %     0       7,142       6,272       0       3,567       11,931       716       0       11,215       10,289  
EARNEST 15-16- 4
    8.9       0.00000 %     56.87500 %     0       40,923       35,934       0       20,438       75,211       4,513       0       70,698       50,421  
EARNEST 24-13- 1
    8.8       0.00000 %     56.62111 %     0       57,392       50,396       0       28,535       95,443       5,727       0       89,716       65,780  
FEDERAL 8- 9-10
    7.2       0.00000 %     56.87500 %     0       33,493       29,410       0       16,727       61,556       3,693       0       57,863       43,990  
FEDERAL 8-16-12
    6.5       0.00000 %     56.87500 %     0       37,909       33,288       0       18,932       63,325       3,800       0       59,526       46,757  
FEDERAL 9- 4- 5
    22.5       0.00000 %     56.87500 %     0       238,566       209,485       0       119,145       398,515       23,911       0       374,604       205,959  
FEDERAL 9-12- 7
    16.3       0.00000 %     56.87500 %     0       132,386       116,248       0       66,116       221,146       13,269       0       207,877       126,610  
FEDERAL 9-14- 8
    11.4       0.00000 %     56.87500 %     0       58,963       51,776       0       29,447       108,366       6,502       0       101,864       67,883  
FGLIC 26- 2- 1
    12.5       0.00000 %     56.87500 %     0       72,994       64,096       0       36,455       134,154       8,049       0       126,104       82,619  
FGLIC 26- 6- 3
    12.9       0.00000 %     56.87500 %     0       84,961       74,604       0       42,431       156,146       9,369       0       146,777       96,582  
         
    RALPH E. DAVIS ASSOCIATES, INC.
TEXAS REGISTERED FIRM F-1529
  Page 4 of 11

 


 

     
     
BLACK WARRIOR TRUST 1994-1   RESERVES and REVENUES
TOTAL ROYALTY INTERESTS   AS OF DECEMBER 31, 2009
TOTAL PROVED RESERVES    
                                                                                                         
                            Gross Volumes   Net Volumes   Product   Production   Operating   Future Net Income
    Life   Working   Revenue   Oil   Wellhead Gas   Sales Gas   Oil   Sales Gas   Sales   Taxes   Expense   Undiscounted   Disc. @ 10%
Well Name & Number   Years   Interest   Interest   Bbls   Mcf   Mcf   Bbls   Mcf   $   $   $   $   $
 
FIRST ALABAMA BANK 10- 9-23
    3.8       0.00000 %     61.70528 %     0       15,453       13,570       0       8,373       28,007       1,680       0       26,326       22,434  
FIRST ALABAMA BANK 10-15-24
    6.1       0.00000 %     61.70528 %     0       26,395       23,178       0       14,302       47,837       2,870       0       44,967       35,260  
FIRST ALABAMA BANK 10-16-25A
    9.3       0.00000 %     61.70528 %     0       56,765       49,846       0       30,757       102,877       6,173       0       96,705       70,220  
FIRST ALABAMA BANK 12- 1-4
    8.3       0.00000 %     60.09516 %     0       49,431       43,405       0       26,084       87,247       5,235       0       82,012       61,196  
FIRST ALABAMA BANK 12- 2-5
    4.8       0.00000 %     60.09516 %     0       21,977       19,298       0       11,597       38,790       2,327       0       36,462       30,172  
FIRST ALABAMA BANK 25- 1-13
    9.7       0.00000 %     50.70000 %     0       90,210       79,214       0       40,161       134,332       8,060       0       126,272       92,825  
FIRST ALABAMA BANK 25- 2-14
    0.9       0.00000 %     51.89977 %     0       3,530       3,100       0       1,609       5,381       323       0       5,058       4,849  
FIRST ALABAMA BANK 25- 4-19
    9.2       0.00000 %     51.89977 %     0       64,887       56,978       0       29,571       108,822       6,529       0       102,293       75,237  
FIRST ALABAMA BANK 25- 7-15
    7.8       0.00000 %     51.89977 %     0       41,218       36,194       0       18,785       62,831       3,770       0       59,061       43,677  
FIRST ALABAMA BANK 25-10-17
    7.6       0.00000 %     51.89977 %     0       47,710       41,894       0       21,743       72,726       4,364       0       68,363       51,724  
FIRST ALABAMA BANK 25-11-2
    6.5       0.00000 %     51.89977 %     0       34,389       30,197       0       15,672       52,421       3,145       0       49,276       38,154  
FIRST ALABAMA BANK 25-12-20
    8.6       0.00000 %     51.89977 %     0       63,836       56,054       0       29,092       97,307       5,838       0       91,468       67,977  
FIRST ALABAMA BANK 25-14-1
    7.2       0.00000 %     51.89977 %     0       40,725       35,761       0       18,560       62,079       3,725       0       58,354       44,356  
FIRST ALABAMA BANK 25-15-3A
    0.0       0.00000 %     51.89977 %     0       0       0       0       0       0       0       0       0       0  
FIRST ALABAMA BANK 25-16-22
    19.5       0.00000 %     51.89980 %     0       136,666       120,006       0       62,283       208,325       12,499       0       195,825       105,166  
FIRST ALABAMA BANK 26-16-18
    11.3       0.00000 %     63.78578 %     0       69,416       60,954       0       38,880       143,079       8,585       0       134,494       93,683  
FIRST ALABAMA BANK 27- 9-27
    6.0       0.00000 %     61.70528 %     0       39,049       34,289       0       21,158       77,861       4,672       0       73,189       59,781  
FIRST ALABAMA BANK 27-16-28
    7.5       0.00000 %     61.70528 %     0       35,432       31,113       0       19,198       70,649       4,239       0       66,410       50,398  
FIRST ALABAMA BANK 34- 1-6
    11.3       0.00000 %     42.83960 %     0       82,351       72,312       0       30,978       103,616       6,217       0       97,399       68,175  
FIRST ALABAMA BANK 34-12-7
    14.2       0.00000 %     42.83960 %     0       115,962       101,827       0       43,622       145,907       8,754       0       137,153       89,947  
FIRST ALABAMA BANK 34-13-21
    14.4       0.00000 %     61.70528 %     0       92,538       81,258       0       50,140       167,709       10,063       0       157,647       98,740  
FIRST ALABAMA BANK 35- 2-8
    0.0       0.00000 %     42.83960 %     0       0       0       0       0       0       0       0       0       0  
FIRST ALABAMA BANK 35- 3-9
    12.6       0.00000 %     42.83960 %     0       79,480       69,791       0       29,898       110,025       6,602       0       103,424       69,473  
FIRST ALABAMA BANK 35- 5-10
    6.1       0.00000 %     42.83960 %     0       26,727       23,469       0       10,054       36,999       2,220       0       34,779       27,622  
FIRST NATIONAL BANK 1- 3-1
    10.4       0.00000 %     56.87500 %     0       62,174       54,595       0       31,051       103,859       6,232       0       97,628       67,355  
FRIEDMAN 10-10-28
    12.3       0.00000 %     53.54375 %     0       77,046       67,654       0       36,224       133,306       7,998       0       125,308       82,506  
FRIEDMAN 10-15-29
    4.8       0.00000 %     53.54375 %     0       21,672       19,030       0       10,190       34,082       2,045       0       32,037       26,117  
FRIEDMAN 11-10- 8
    10.6       0.00000 %     53.54375 %     0       53,292       46,795       0       25,056       92,206       5,532       0       86,674       58,579  
FRIEDMAN 11-11-17
    24.2       0.00000 %     53.54375 %     0       168,290       147,776       0       79,125       291,179       17,471       0       273,708       134,498  
FRIEDMAN 11-13-18
    16.3       0.00000 %     53.54375 %     0       96,838       85,034       0       45,530       167,551       10,053       0       157,498       91,752  
FRIEDMAN 12- 1- 9
    1.7       0.00000 %     53.54375 %     0       5,888       5,171       0       2,769       10,188       611       0       9,577       8,881  
FRIEDMAN 12- 2-50
    1.6       0.00000 %     53.54375 %     0       6,545       5,747       0       3,077       10,293       618       0       9,676       9,015  
FRIEDMAN 12- 8-10
    0.0       0.00000 %     53.54375 %     0       0       0       0       0       0       0       0       0       0  
FRIEDMAN 13-13- 3
    1.9       0.00000 %     53.54375 %     0       7,529       6,611       0       3,540       11,840       710       0       11,129       10,203  
FRIEDMAN 14- 6-33
    20.0       0.00000 %     53.54375 %     0       165,289       145,140       0       77,714       259,937       15,596       0       244,341       133,996  
FRIEDMAN 14-12-34
    5.4       0.00000 %     53.54375 %     0       31,170       27,370       0       14,655       53,930       3,236       0       50,694       41,475  
FRIEDMAN 14-13-35
    9.9       0.00000 %     53.54375 %     0       68,080       59,781       0       32,009       107,065       6,424       0       100,641       71,140  
FRIEDMAN 18- 2- 5
    0.0       0.00000 %     53.54375 %     0       0       0       0       0       0       0       0       0       0  
FRIEDMAN 18- 3-31
    5.7       0.00000 %     53.54375 %     0       29,672       26,055       0       13,951       46,663       2,800       0       43,864       35,005  
FRIEDMAN 18- 7-30
    8.6       0.00000 %     53.54375 %     0       38,606       33,900       0       18,151       66,798       4,008       0       62,790       44,850  
FRIEDMAN 18- 8- 2
    0.0       0.00000 %     53.54375 %     0       0       0       0       0       0       0       0       0       0  
FRIEDMAN 18- 9- 1
    8.1       0.00000 %     53.54375 %     0       38,884       34,144       0       18,282       67,278       4,037       0       63,241       46,348  
FRIEDMAN 18-15- 4
    21.3       0.00000 %     53.54375 %     0       212,452       186,554       0       99,888       334,106       20,046       0       314,059       173,363  
FRIEDMAN 2- 1-15
    2.4       0.00000 %     53.54375 %     0       10,255       9,005       0       4,822       16,127       968       0       15,159       13,629  
FRIEDMAN 2- 5-42
    10.3       0.00000 %     53.54375 %     0       69,985       61,454       0       32,905       110,060       6,604       0       103,456       72,326  
FRIEDMAN 2- 9-16
    14.6       0.00000 %     55.76460 %     0       95,877       84,190       0       46,948       157,033       9,422       0       147,611       90,668  
FRIEDMAN 2-12-21
    12.5       0.00000 %     53.54375 %     0       74,166       65,125       0       34,870       128,323       7,699       0       120,624       78,477  
FRIEDMAN 2-14-22
    5.9       0.00000 %     53.54375 %     0       31,162       27,363       0       14,651       49,006       2,940       0       46,066       36,451  
FRIEDMAN 22- 4-52
    8.2       0.00000 %     53.54375 %     0       48,370       42,474       0       22,742       76,068       4,564       0       71,504       52,695  
FRIEDMAN 22-12-53
    13.9       0.00000 %     53.54375 %     0       129,816       113,991       0       61,035       204,151       12,249       0       191,902       125,428  
         
    RALPH E. DAVIS ASSOCIATES, INC.
TEXAS REGISTERED FIRM F-1529
  Page 5 of 11

 


 

     
     
BLACK WARRIOR TRUST 1994-1   RESERVES and REVENUES
TOTAL ROYALTY INTERESTS   AS OF DECEMBER 31, 2009
TOTAL PROVED RESERVES    
                                                                                                         
                            Gross Volumes   Net Volumes   Product   Production   Operating   Future Net Income
    Life   Working   Revenue   Oil   Wellhead Gas   Sales Gas   Oil   Sales Gas   Sales   Taxes   Expense   Undiscounted   Disc. @ 10%
Well Name & Number   Years   Interest   Interest   Bbls   Mcf   Mcf   Bbls   Mcf   $   $   $   $   $
 
FRIEDMAN 22-14-38
    0.0       0.00000 %     53.54375 %     0       0       0       0       0       0       0       0       0       0  
FRIEDMAN 22-15-39
    16.5       0.00000 %     53.54375 %     0       93,087       81,739       0       43,766       146,390       8,783       0       137,607       76,993  
FRIEDMAN 22-15-54
    15.9       0.00000 %     55.20937 %     0       122,886       107,907       0       59,575       199,265       11,956       0       187,309       113,581  
FRIEDMAN 22-16-55
    14.2       0.00000 %     53.54375 %     0       82,196       72,176       0       38,646       129,262       7,756       0       121,507       73,411  
FRIEDMAN 23- 4-41
    14.5       0.00000 %     55.20937 %     0       139,796       122,754       0       67,772       249,401       14,964       0       234,437       154,772  
FRIEDMAN 23- 5-40
    7.3       0.00000 %     45.87100 %     0       43,277       38,002       0       17,432       64,149       3,849       0       60,300       45,643  
FRIEDMAN 3- 6-23
    16.7       0.00000 %     53.54375 %     0       107,735       94,602       0       50,653       186,405       11,184       0       175,220       102,480  
FRIEDMAN 30- 4-45
    11.9       0.00000 %     54.34000 %     0       127,073       111,583       0       60,634       202,809       12,169       0       190,640       133,909  
FRIEDMAN 30- 5-46
    6.5       0.00000 %     54.34000 %     0       50,689       44,510       0       24,187       80,900       4,854       0       76,046       60,787  
FRIEDMAN 30-12-47
    14.3       0.00000 %     54.34000 %     0       118,387       103,955       0       56,489       207,880       12,473       0       195,408       126,659  
FRIEDMAN 30-13-48
    17.9       0.00000 %     54.34000 %     0       172,823       151,756       0       82,464       275,826       16,550       0       259,277       154,248  
FRIEDMAN 31-12-49
    9.0       0.00000 %     54.34000 %     0       51,940       45,609       0       24,784       91,204       5,472       0       85,732       62,217  
FRIEDMAN 3-15-26
    1.5       0.00000 %     53.17812 %     0       5,990       5,260       0       2,797       9,355       561       0       8,794       8,215  
FRIEDMAN 34-10-57
    10.5       0.00000 %     53.54375 %     0       72,836       63,957       0       34,245       114,543       6,873       0       107,671       74,839  
FRIEDMAN 34-15-58
    13.1       0.00000 %     53.54375 %     0       67,360       59,149       0       31,670       105,932       6,356       0       99,576       60,994  
FRIEDMAN 36- 1-43
    6.8       0.00000 %     54.34000 %     0       29,646       26,032       0       14,146       52,056       3,123       0       48,933       37,386  
FRIEDMAN 36- 3- 1
    6.3       0.00000 %     54.34000 %     0       31,875       27,989       0       15,209       55,970       3,358       0       52,612       41,274  
FRIEDMAN 36- 7-44
    0.0       0.00000 %     56.26400 %     0       0       0       0       0       0       0       0       0       0  
FRIEDMAN 36- 8- 2
    0.0       0.00000 %     54.34000 %     0       0       0       0       0       0       0       0       0       0  
FRIEDMAN 36-11-56
    7.4       0.00000 %     56.26400 %     0       43,516       38,211       0       21,499       71,910       4,315       0       67,596       51,373  
FRIEDMAN 4- 8-59
    21.8       0.00000 %     55.20937 %     0       166,945       146,594       0       80,934       297,837       17,870       0       279,966       149,617  
FRIEDMAN 6- 4-11
    15.8       0.00000 %     53.54375 %     0       144,607       126,979       0       67,990       227,412       13,645       0       213,767       132,553  
FRIEDMAN 6- 5-12
    3.2       0.00000 %     53.54375 %     0       12,264       10,769       0       5,766       21,219       1,273       0       19,945       17,390  
FRIEDMAN 6-12-13
    0.0       0.00000 %     53.54375 %     0       0       0       0       0       0       0       0       0       0  
FRIEDMAN 6-13-14
    0.0       0.00000 %     53.54375 %     0       0       0       0       0       0       0       0       0       0  
FRIEDMAN-ROSENAU 2- 7- 2
    17.7       0.00000 %     55.20937 %     0       119,940       105,319       0       58,146       213,978       12,839       0       201,139       116,169  
FRIEDMAN-ROSENAU 2-15- 1
    10.0       0.00000 %     56.87500 %     0       47,637       41,830       0       23,791       87,550       5,253       0       82,297       56,855  
FRIEDMAN-ROSENAU 2-16- 3
    9.8       0.00000 %     56.87500 %     0       50,764       44,576       0       25,352       84,799       5,088       0       79,711       55,294  
GILBERT 15- 5- 1
    18.5       0.00000 %     46.51560 %     0       127,073       111,583       0       51,903       191,004       11,460       0       179,544       98,880  
GILBERT 15- 6- 3
    29.9       0.00000 %     56.87500 %     0       272,678       239,439       0       136,181       501,145       30,069       0       471,077       221,634  
GILBERT 15-12- 2
    1.6       0.00000 %     46.51560 %     0       6,738       5,917       0       2,752       10,129       608       0       9,521       8,868  
HALLMAN 17- 2- 2
    0.8       0.00000 %     56.87500 %     0       2,869       2,519       0       1,433       5,273       316       0       4,956       4,775  
HALLMAN 34- 8- 1
    9.0       0.00000 %     56.87500 %     0       52,214       45,849       0       26,077       95,962       5,758       0       90,204       65,870  
HALLMAN 8-14- 1
    17.4       0.00000 %     56.87500 %     0       145,589       127,842       0       72,710       243,200       14,592       0       228,608       135,791  
HAYES 18-13- 3
    13.8       0.00000 %     56.87500 %     0       73,931       64,919       0       36,923       135,876       8,153       0       127,723       79,636  
HAYES 18-14- 4
    9.0       0.00000 %     56.87500 %     0       63,413       55,683       0       31,670       105,929       6,356       0       99,573       73,190  
HAYES 7-16- 2
    12.3       0.00000 %     56.87500 %     0       114,831       100,833       0       57,349       191,820       11,509       0       180,311       124,571  
HINDS 12- 6- 1
    2.0       0.00000 %     56.87500 %     0       6,739       5,918       0       3,366       12,386       743       0       11,643       10,647  
HINDS 12- 7- 2
    5.6       0.00000 %     56.87500 %     0       27,425       24,082       0       13,697       45,812       2,749       0       43,064       34,511  
HINDS 12-11- 3
    6.4       0.00000 %     56.87500 %     0       37,427       32,864       0       18,692       62,520       3,751       0       58,769       46,268  
HINDS 14- 5- 4
    8.9       0.00000 %     56.87500 %     0       57,953       50,889       0       28,943       96,809       5,809       0       91,000       66,590  
HINDS 14- 6- 5
    4.5       0.00000 %     56.87500 %     0       19,740       17,333       0       9,858       36,279       2,177       0       34,102       28,476  
HOBSON 22- 9- 1
    15.9       0.00000 %     56.87500 %     0       114,322       100,386       0       57,095       190,970       11,458       0       179,512       108,149  
HOLMAN 10-11- 1
    39.6       0.00000 %     56.87500 %     0       264,624       232,366       0       132,158       442,044       26,523       0       415,521       144,846  
HOLMAN 13- 7-19
    16.9       0.00000 %     56.87500 %     0       128,277       112,640       0       64,064       235,755       14,145       0       221,609       133,784  
HOLMAN 13-11-20
    10.0       0.00000 %     56.87500 %     0       74,862       65,736       0       37,387       125,053       7,503       0       117,550       84,350  
HOLMAN 13-14-21
    5.0       0.00000 %     56.87500 %     0       20,622       18,108       0       10,299       37,900       2,274       0       35,626       29,080  
HOLMAN 13-15-22
    13.3       0.00000 %     56.87500 %     0       93,143       81,789       0       46,517       155,592       9,336       0       146,256       94,596  
HOLMAN 14- 3- 2
    3.1       0.00000 %     56.87500 %     0       13,428       11,791       0       6,706       22,432       1,346       0       21,086       18,504  
HOLMAN 14- 4- 1
    6.3       0.00000 %     56.87500 %     0       35,023       30,754       0       17,491       58,505       3,510       0       54,994       43,248  
         
    RALPH E. DAVIS ASSOCIATES, INC.
TEXAS REGISTERED FIRM F-1529
  Page 6 of 11

 


 

     
     
BLACK WARRIOR TRUST 1994-1   RESERVES and REVENUES
TOTAL ROYALTY INTERESTS   AS OF DECEMBER 31, 2009
TOTAL PROVED RESERVES    
                                                                                                         
                            Gross Volumes   Net Volumes   Product   Production   Operating   Future Net Income
    Life   Working   Revenue   Oil   Wellhead Gas   Sales Gas   Oil   Sales Gas   Sales   Taxes   Expense   Undiscounted   Disc. @ 10%
Well Name & Number   Years   Interest   Interest   Bbls   Mcf   Mcf   Bbls   Mcf   $   $   $   $   $
 
HOLMAN 15- 1-28
    11.5       0.00000 %     45.98240 %     0       79,310       69,642       0       32,023       117,845       7,071       0       110,774       73,940  
HOLMAN 15- 8-25
    0.3       0.00000 %     45.98240 %     0       1,097       963       0       443       1,482       89       0       1,393       1,376  
HOLMAN 17-11-31
    8.8       0.00000 %     56.87500 %     0       53,157       46,677       0       26,547       88,796       5,328       0       83,468       60,952  
HOLMAN 17-12-15
    8.9       0.00000 %     56.87500 %     0       58,525       51,391       0       29,229       97,764       5,866       0       91,898       67,247  
HOLMAN 17-13-16
    8.4       0.00000 %     56.87500 %     0       49,652       43,599       0       24,797       82,941       4,976       0       77,964       57,412  
HOLMAN 18- 3- 2
    7.1       0.00000 %     56.87500 %     0       40,689       35,729       0       20,321       67,970       4,078       0       63,891       49,107  
HOLMAN 24- 1-26
    22.8       0.00000 %     56.87500 %     0       161,743       142,026       0       80,778       297,261       17,836       0       279,426       144,661  
HOLMAN 24- 3-27
    8.5       0.00000 %     56.87500 %     0       56,398       49,523       0       28,166       94,211       5,653       0       88,559       65,790  
HOLMAN 26- 4-23
    9.8       0.00000 %     49.24920 %     0       60,751       53,345       0       26,272       87,875       5,272       0       82,602       58,153  
HOLMAN 26- 5-29
    3.6       0.00000 %     49.24920 %     0       17,976       15,785       0       7,774       26,003       1,560       0       24,442       21,116  
HOLMAN 26- 6-24
    7.3       0.00000 %     49.24920 %     0       44,427       39,011       0       19,213       64,263       3,856       0       60,407       46,013  
HOLMAN 34- 6- 3
    12.1       0.00000 %     60.09516 %     0       88,897       78,060       0       46,910       156,906       9,414       0       147,492       100,169  
HOLMAN 35-12- 4
    6.8       0.00000 %     56.87500 %     0       36,095       31,695       0       18,027       66,338       3,980       0       62,358       48,462  
HOWELL 12- 9- 1
    18.1       0.00000 %     56.87500 %     0       131,742       115,683       0       65,795       242,124       14,527       0       227,597       132,544  
HOWELL 12-14- 2
    4.3       0.00000 %     56.87500 %     0       17,823       15,650       0       8,901       32,756       1,965       0       30,791       25,813  
HOWELL 12-15- 3
    8.3       0.00000 %     56.87500 %     0       42,927       37,694       0       21,439       78,894       4,734       0       74,161       54,673  
MAYFIELD 1- 3- 3
    3.9       0.00000 %     56.87500 %     0       18,024       15,827       0       9,002       30,109       1,807       0       28,303       24,083  
MAYFIELD 1- 7- 4
    5.3       0.00000 %     56.87500 %     0       27,877       24,479       0       13,922       46,568       2,794       0       43,774       35,564  
MAYFIELD 12- 9- 2
    4.8       0.00000 %     54.51875 %     0       19,976       17,541       0       9,563       35,192       2,112       0       33,080       27,078  
MAYFIELD 12-10- 5
    0.0       0.00000 %     56.87500 %     0       0       0       0       0       0       0       0       0       0  
MAYFIELD 14- 1- 1
    0.0       0.00000 %     54.51875 %     0       0       0       0       0       0       0       0       0       0  
MAYFIELD 8- 3- 1
    15.3       0.00000 %     55.69688 %     0       101,413       89,051       0       49,598       182,522       10,951       0       171,571       105,210  
MCDANIEL 18- 4- 1
    0.0       0.00000 %     56.55000 %     0       0       0       0       0       0       0       0       0       0  
MCDANIEL 18- 5- 2
    14.9       0.00000 %     56.55000 %     0       81,378       71,458       0       40,409       148,706       8,922       0       139,784       84,332  
MCDANIEL 18- 6- 3
    0.0       0.00000 %     56.55000 %     0       0       0       0       0       0       0       0       0       0  
MCGUIRE 26-12- 6
    3.8       0.00000 %     56.87500 %     0       17,133       15,044       0       8,556       28,619       1,717       0       26,902       23,030  
MCGUIRE 26-13- 3
    6.8       0.00000 %     56.87500 %     0       34,625       30,404       0       17,292       63,636       3,818       0       59,818       46,533  
MCGUIRE 26-16- 1
    7.8       0.00000 %     56.87500 %     0       44,706       39,256       0       22,327       74,680       4,481       0       70,199       52,765  
MCGUIRE 27- 9- 4
    4.9       0.00000 %     56.87500 %     0       23,414       20,560       0       11,693       39,112       2,347       0       36,766       30,155  
MCGUIRE 34- 9- 5
    13.0       0.00000 %     56.87500 %     0       76,921       67,545       0       38,416       128,494       7,710       0       120,785       76,785  
MILLS 22-14- 1
    21.3       0.00000 %     56.87500 %     0       263,177       231,096       0       131,436       439,627       26,378       0       413,250       239,438  
MOODY 22- 6- 1
    21.3       0.00000 %     56.87500 %     0       225,953       198,409       0       112,845       377,445       22,647       0       354,798       200,137  
MOORE 13- 1- 1
    7.3       0.00000 %     45.09190 %     0       58,899       51,719       0       23,321       85,822       5,149       0       80,672       62,652  
MOORE 13- 9- 2
    10.3       0.00000 %     45.09190 %     0       73,141       64,225       0       28,960       106,574       6,394       0       100,179       69,448  
NAUGHER 34- 7- 1
    12.2       0.00000 %     60.09516 %     0       75,982       66,720       0       40,095       147,551       8,853       0       138,698       93,403  
PAYNE 17-15- 1
    11.3       0.00000 %     56.87500 %     0       67,711       59,457       0       33,816       124,443       7,467       0       116,977       79,966  
PETTUS 8- 5- 3
    13.1       0.00000 %     56.87500 %     0       105,408       92,559       0       52,643       176,079       10,565       0       165,515       109,652  
PETTUS 8- 6- 2
    8.3       0.00000 %     56.87500 %     0       41,353       36,312       0       20,652       76,001       4,560       0       71,441       52,446  
PRICE 1- 1- 1
    4.7       0.00000 %     56.87500 %     0       18,448       16,199       0       9,213       30,817       1,849       0       28,968       23,690  
RICE 2- 6- 1
    14.8       0.00000 %     55.04687 %     0       89,675       78,744       0       43,346       144,984       8,699       0       136,285       81,984  
SEALY 18- 1- 1
    12.1       0.00000 %     56.87500 %     0       88,819       77,992       0       44,358       163,236       9,794       0       153,442       104,831  
SEARCY 11- 9-14
    0.0       0.00000 %     56.87500 %     0       0       0       0       0       0       0       0       0       0  
SEARCY 12- 3-16
    0.0       0.00000 %     56.87500 %     0       0       0       0       0       0       0       0       0       0  
SEARCY 12- 6-19
    2.8       0.00000 %     56.87500 %     0       9,896       8,689       0       4,942       18,187       1,091       0       17,095       15,172  
SEARCY 17- 5- 7
    14.5       0.00000 %     56.87500 %     0       80,858       71,001       0       40,382       148,605       8,916       0       139,689       85,651  
SEARCY 17- 6-20
    22.9       0.00000 %     56.87500 %     0       157,338       138,158       0       78,578       289,166       17,350       0       271,816       139,258  
SEARCY 17-11- 8
    39.7       0.00000 %     56.87500 %     0       567,784       498,571       0       283,562       1,043,510       62,611       0       980,899       433,092  
SEARCY 17-14- 9
    39.0       0.00000 %     56.87500 %     0       437,617       384,271       0       218,554       731,021       43,861       0       687,160       281,799  
SEARCY 18-11-18
    28.3       0.00000 %     56.87500 %     0       316,033       277,509       0       157,833       580,826       34,850       0       545,976       276,780  
SEARCY 18-13- 6
    0.0       0.00000 %     56.87500 %     0       0       0       0       0       0       0       0       0       0  
         
    RALPH E. DAVIS ASSOCIATES, INC.
TEXAS REGISTERED FIRM F-1529
  Page 7 of 11

 


 

     
     
BLACK WARRIOR TRUST 1994-1   RESERVES and REVENUES
TOTAL ROYALTY INTERESTS   AS OF DECEMBER 31, 2009
TOTAL PROVED RESERVES    
                                                                                                         
                            Gross Volumes   Net Volumes   Product   Production   Operating   Future Net Income
    Life   Working   Revenue   Oil   Wellhead Gas   Sales Gas   Oil   Sales Gas   Sales   Taxes   Expense   Undiscounted   Disc. @ 10%
Well Name & Number   Years   Interest   Interest   Bbls   Mcf   Mcf   Bbls   Mcf   $   $   $   $   $
 
SEARCY 18-14- 5
    26.8       0.00000 %     56.87500 %     0       261,274       229,425       0       130,485       480,186       28,811       0       451,375       229,214  
SEARCY 19- 4- 1
    0.0       0.00000 %     56.87500 %     0       0       0       0       0       0       0       0       0       0  
SEARCY 19-10- 3
    30.8       0.00000 %     56.87500 %     0       408,962       359,109       0       204,244       683,155       40,989       0       642,165       314,463  
SEARCY 20- 3-10
    3.8       0.00000 %     56.87500 %     0       13,771       12,092       0       6,877       25,309       1,519       0       23,791       20,262  
SEARCY 20- 4-11
    12.5       0.00000 %     56.87500 %     0       74,723       65,614       0       37,318       137,330       8,240       0       129,090       84,930  
SEARCY 20- 5-12
    40.1       0.00000 %     56.87500 %     0       566,086       497,080       0       282,715       1,040,390       62,423       0       977,966       427,989  
SEARCY 20- 6-13
    25.7       0.00000 %     56.87500 %     0       388,351       341,011       0       193,950       713,735       42,824       0       670,911       375,329  
SEARCY 24- 1- 2
    6.8       0.00000 %     56.87500 %     0       30,688       26,947       0       15,326       56,400       3,384       0       53,016       40,802  
SEARCY 7- 6-17
    4.3       0.00000 %     56.87500 %     0       18,186       15,969       0       9,082       33,423       2,005       0       31,418       26,456  
SEARCY 7-15-15
    7.3       0.00000 %     56.87500 %     0       39,512       34,696       0       19,733       66,004       3,960       0       62,043       47,187  
SESSIONS 35- 8- 1
    5.9       0.00000 %     56.87500 %     0       26,835       23,564       0       13,402       44,827       2,690       0       42,138       33,132  
SESSIONS 35- 9- 2
    7.4       0.00000 %     56.87500 %     0       40,348       35,430       0       20,151       74,154       4,449       0       69,705       53,238  
SESSIONS 35-15- 3
    10.4       0.00000 %     56.87500 %     0       84,212       73,947       0       42,057       140,673       8,440       0       132,233       94,470  
STEDMAN 1- 9- 1
    5.0       0.00000 %     52.81250 %     0       27,722       24,343       0       12,856       43,000       2,580       0       40,420       33,174  
STEDMAN 11- 1- 5
    5.4       0.00000 %     52.81250 %     0       30,850       27,089       0       14,306       47,852       2,871       0       44,981       36,430  
STEDMAN 11- 2- 6
    7.8       0.00000 %     52.81250 %     0       51,184       44,944       0       23,736       79,393       4,764       0       74,629       56,095  
STEDMAN 11- 3-24
    6.4       0.00000 %     52.81250 %     0       42,163       37,023       0       19,553       65,401       3,924       0       61,477       48,518  
STEDMAN 11- 4- 7
    14.4       0.00000 %     52.81250 %     0       82,678       72,599       0       38,342       141,097       8,466       0       132,631       80,803  
STEDMAN 11- 5- 8
    5.7       0.00000 %     52.81250 %     0       25,491       22,384       0       11,821       39,540       2,372       0       37,168       29,269  
STEDMAN 11- 9- 9
    0.0       0.00000 %     52.81250 %     0       0       0       0       0       0       0       0       0       0  
STEDMAN 1-11- 3
    0.6       0.00000 %     52.81250 %     0       1,959       1,720       0       909       3,343       201       0       3,143       3,058  
STEDMAN 11-10-10
    4.9       0.00000 %     52.81250 %     0       26,555       23,318       0       12,315       41,190       2,471       0       38,719       31,827  
STEDMAN 11-12-11
    6.6       0.00000 %     52.81250 %     0       37,984       33,353       0       17,615       58,918       3,535       0       55,383       43,012  
STEDMAN 11-14-12
    11.7       0.00000 %     52.81250 %     0       71,859       63,099       0       33,324       122,633       7,358       0       115,275       77,103  
STEDMAN 11-16-13
    2.4       0.00000 %     52.81250 %     0       10,837       9,516       0       5,026       16,810       1,009       0       15,802       14,227  
STEDMAN 1-15-14
    5.2       0.00000 %     52.81250 %     0       23,570       20,697       0       10,930       40,224       2,413       0       37,811       30,694  
STEDMAN 1-16- 4
    5.6       0.00000 %     52.81250 %     0       29,712       26,090       0       13,779       46,088       2,765       0       43,322       34,682  
STEDMAN 13- 1-15
    7.6       0.00000 %     52.81250 %     0       41,645       36,568       0       19,313       64,597       3,876       0       60,721       45,292  
STEDMAN 13- 2-16
    9.7       0.00000 %     52.81250 %     0       68,410       60,071       0       31,725       106,113       6,367       0       99,746       71,235  
STEDMAN 13- 4-17
    10.9       0.00000 %     52.81250 %     0       95,928       84,234       0       44,486       148,798       8,928       0       139,870       98,416  
STEDMAN 13- 6-18
    3.3       0.00000 %     52.81250 %     0       16,123       14,158       0       7,477       25,009       1,501       0       23,508       20,530  
STEDMAN 13- 9-19
    9.7       0.00000 %     52.81250 %     0       73,446       64,493       0       34,060       113,925       6,836       0       107,090       77,040  
STEDMAN 13-12-20
    9.3       0.00000 %     52.81250 %     0       57,250       50,271       0       26,549       97,702       5,862       0       91,840       66,105  
STEDMAN 13-14-21
    18.9       0.00000 %     52.81250 %     0       159,544       140,096       0       73,988       272,276       16,337       0       255,940       147,480  
STEDMAN 13-15-22
    14.9       0.00000 %     52.81250 %     0       183,519       161,148       0       85,106       284,664       17,080       0       267,584       176,497  
STOTHART 24-12- 1
    3.8       0.00000 %     56.13633 %     0       16,819       14,769       0       8,291       27,731       1,664       0       26,067       22,185  
STOTHART 24-13- 2
    4.3       0.00000 %     56.50567 %     0       21,964       19,287       0       10,898       36,452       2,187       0       34,265       28,944  
SULLIVAN 4-11- 2
    15.2       0.00000 %     56.29461 %     0       220,784       193,870       0       109,139       365,047       21,903       0       343,145       231,656  
THORNHILL 12-13- 1
    0.0       0.00000 %     56.87500 %     0       0       0       0       0       0       0       0       0       0  
TURNER 17-10- 1
    11.4       0.00000 %     56.87500 %     0       69,797       61,288       0       34,858       128,277       7,697       0       120,580       82,089  
TURNER 17-16- 1
    12.3       0.00000 %     56.87500 %     0       62,641       55,005       0       31,284       104,639       6,278       0       98,361       62,345  
USX 14- 3-45
    16.1       0.00000 %     48.75000 %     0       166,989       146,633       0       71,484       239,099       14,346       0       224,753       138,823  
USX 14- 5-24
    3.9       0.00000 %     48.75000 %     0       19,469       17,096       0       8,334       27,876       1,673       0       26,204       22,158  
USX 14-10-43
    5.1       0.00000 %     47.51680 %     0       24,886       21,852       0       10,383       38,211       2,293       0       35,918       29,201  
USX 14-11-25
    7.4       0.00000 %     48.75000 %     0       42,308       37,151       0       18,111       66,648       3,999       0       62,649       47,284  
USX 14-13-37
    0.0       0.00000 %     46.51560 %     0       0       0       0       0       0       0       0       0       0  
USX 14-14-44
    6.0       0.00000 %     48.75000 %     0       40,344       35,426       0       17,270       57,766       3,466       0       54,300       43,253  
USX 15-13-27
    1.6       0.00000 %     48.75000 %     0       6,936       6,090       0       2,969       9,930       596       0       9,335       8,686  
USX 16- 2A-40
    6.8       0.00000 %     48.75000 %     0       38,770       34,044       0       16,596       55,511       3,331       0       52,180       39,756  
USX 16- 4-29
    0.0       0.00000 %     48.75000 %     0       0       0       0       0       0       0       0       0       0  
         
    RALPH E. DAVIS ASSOCIATES, INC.
TEXAS REGISTERED FIRM F-1529
  Page 8 of 11

 


 

     
     
BLACK WARRIOR TRUST 1994-1   RESERVES and REVENUES
TOTAL ROYALTY INTERESTS   AS OF DECEMBER 31, 2009
TOTAL PROVED RESERVES    
                                                                                                         
                            Gross Volumes   Net Volumes   Product   Production   Operating   Future Net Income
    Life   Working   Revenue   Oil   Wellhead Gas   Sales Gas   Oil   Sales Gas   Sales   Taxes   Expense   Undiscounted   Disc. @ 10%
Well Name & Number   Years   Interest   Interest   Bbls   Mcf   Mcf   Bbls   Mcf   $   $   $   $   $
 
USX 16- 5-30
    14.4       0.00000 %     48.75000 %     0       109,637       96,273       0       46,933       172,713       10,363       0       162,350       101,882  
USX 16- 7-31
    4.6       0.00000 %     48.75000 %     0       23,742       20,848       0       10,164       33,995       2,040       0       31,955       26,377  
USX 16- 8-28
    11.8       0.00000 %     48.75000 %     0       79,875       70,139       0       34,193       114,367       6,862       0       107,505       70,329  
USX 16-11-33
    18.9       0.00000 %     48.75000 %     0       177,676       156,017       0       76,059       254,401       15,264       0       239,137       135,109  
USX 16-13-34
    12.0       0.00000 %     48.75000 %     0       100,229       88,011       0       42,905       157,891       9,473       0       148,418       100,954  
USX 16-15-35
    11.3       0.00000 %     48.75000 %     0       66,078       58,023       0       28,286       104,093       6,246       0       97,847       65,072  
USX 21-15-11
    7.3       0.00000 %     48.75000 %     0       44,039       38,671       0       18,852       63,056       3,783       0       59,273       44,549  
USX 21-16-12
    6.0       0.00000 %     48.75000 %     0       31,430       27,599       0       13,454       45,002       2,700       0       42,302       33,035  
USX 22- 4-36
    14.0       0.00000 %     48.75000 %     0       98,557       86,543       0       42,190       141,116       8,467       0       132,649       81,608  
USX 22-11-13
    0.1       0.00000 %     48.75000 %     0       340       299       0       146       487       29       0       458       456  
USX 22-12-14
    2.5       0.00000 %     48.75000 %     0       10,278       9,026       0       4,400       16,192       972       0       15,220       13,625  
USX 23- 4-41
    10.7       0.00000 %     47.90550 %     0       88,353       77,583       0       37,166       124,314       7,459       0       116,855       81,716  
USX 28- 3-15
    3.6       0.00000 %     48.75000 %     0       18,476       16,224       0       7,909       26,455       1,587       0       24,867       21,364  
USX 28- 4-16
    1.2       0.00000 %     48.75000 %     0       5,010       4,400       0       2,145       7,174       430       0       6,744       6,391  
USX 28- 5-17
    5.1       0.00000 %     48.75000 %     0       24,675       21,667       0       10,563       38,870       2,332       0       36,538       29,679  
USX 29- 8- 6
    5.1       0.00000 %     48.75000 %     0       26,054       22,878       0       11,153       41,043       2,463       0       38,580       31,449  
USX 29-11- 7
    4.4       0.00000 %     48.75000 %     0       25,519       22,409       0       10,924       36,539       2,192       0       34,347       28,735  
USX 29-13- 9
    4.9       0.00000 %     48.75000 %     0       26,521       23,288       0       11,353       37,974       2,278       0       35,695       29,138  
USX 29-14-10
    3.6       0.00000 %     48.75000 %     0       18,612       16,343       0       7,967       26,649       1,599       0       25,050       21,530  
USX 30- 9-18
    6.6       0.00000 %     48.75000 %     0       36,007       31,618       0       15,414       56,723       3,403       0       53,319       41,302  
USX 5- 7- 1
    11.3       0.00000 %     48.75000 %     0       88,867       78,034       0       38,042       139,993       8,400       0       131,593       90,871  
USX 5-10- 2
    11.4       0.00000 %     48.75000 %     0       94,630       83,095       0       40,509       135,493       8,130       0       127,364       86,758  
USX 5-15- 3
    12.8       0.00000 %     48.75000 %     0       81,029       71,152       0       34,686       127,646       7,659       0       119,987       76,690  
USX 8- 6- 4
    7.3       0.00000 %     48.75000 %     0       54,471       47,831       0       23,318       77,994       4,680       0       73,314       56,398  
USX 8-11- 5
    8.2       0.00000 %     48.75000 %     0       54,154       47,553       0       23,182       77,539       4,652       0       72,886       53,746  
USX 8-14-39
    5.4       0.00000 %     46.73630 %     0       36,453       32,009       0       14,960       50,038       3,002       0       47,036       38,117  
USX 9- 6-20
    7.3       0.00000 %     48.75000 %     0       46,203       40,571       0       19,778       66,154       3,969       0       62,185       47,152  
USX 9- 7-21
    23.1       0.00000 %     48.75000 %     0       318,759       279,903       0       136,452       456,407       27,384       0       429,022       236,384  
USX 9-10-22
    9.8       0.00000 %     48.75000 %     0       77,699       68,227       0       33,261       122,400       7,344       0       115,056       82,943  
USX 9-15-23
    7.0       0.00000 %     48.75000 %     0       40,856       35,875       0       17,489       64,360       3,862       0       60,499       46,426  
USX 9-16-38
    10.0       0.00000 %     48.75000 %     0       86,400       75,867       0       36,985       123,709       7,423       0       116,286       83,058  
WEST 1- 1-24
    2.8       0.00000 %     52.81250 %     0       11,875       10,428       0       5,507       20,266       1,216       0       19,050       16,886  
WEST 1- 2-25
    1.4       0.00000 %     52.81250 %     0       5,713       5,017       0       2,649       8,862       532       0       8,330       7,812  
WEST 1- 6-39
    8.0       0.00000 %     52.81250 %     0       45,340       39,813       0       21,026       70,328       4,220       0       66,109       48,705  
WEST 1- 8-27
    0.4       0.00000 %     52.81250 %     0       1,565       1,375       0       726       2,428       146       0       2,283       2,238  
WEST 1- 9-28
    0.0       0.00000 %     52.81250 %     0       0       0       0       0       0       0       0       0       0  
WEST 11- 1-34
    0.0       0.00000 %     52.81250 %     0       0       0       0       0       0       0       0       0       0  
WEST 11- 2-35
    3.6       0.00000 %     52.81250 %     0       15,746       13,826       0       7,302       24,424       1,465       0       22,958       19,660  
WEST 11- 4-41
    19.8       0.00000 %     52.81250 %     0       208,095       182,728       0       96,503       322,785       19,367       0       303,418       174,423  
WEST 11- 5-42
    14.8       0.00000 %     52.81250 %     0       111,390       97,812       0       51,657       172,782       10,367       0       162,415       100,414  
WEST 11- 8-36
    0.0       0.00000 %     52.81250 %     0       0       0       0       0       0       0       0       0       0  
WEST 1-10-29
    2.4       0.00000 %     52.81250 %     0       9,613       8,441       0       4,458       16,406       984       0       15,421       13,890  
WEST 1-11-30
    0.1       0.00000 %     52.81250 %     0       301       264       0       139       466       28       0       438       437  
WEST 11-15-37
    0.0       0.00000 %     52.81250 %     0       0       0       0       0       0       0       0       0       0  
WEST 1-13-31
    8.6       0.00000 %     52.81250 %     0       47,047       41,312       0       21,818       80,290       4,817       0       75,472       55,017  
WEST 1-14-32
    0.0       0.00000 %     52.81250 %     0       0       0       0       0       0       0       0       0       0  
WEST 1-16-33
    0.0       0.00000 %     52.81250 %     0       0       0       0       0       0       0       0       0       0  
WEST 13- 1-15
    5.7       0.00000 %     52.81250 %     0       23,921       21,005       0       11,093       40,824       2,449       0       38,374       30,365  
WEST 13- 2-16
    7.5       0.00000 %     52.81250 %     0       45,975       40,371       0       21,321       71,314       4,279       0       67,035       50,691  
WEST 13- 4-17
    2.5       0.00000 %     52.81250 %     0       13,317       11,694       0       6,176       20,657       1,239       0       19,418       17,522  
         
    RALPH E. DAVIS ASSOCIATES, INC.
TEXAS REGISTERED FIRM F-1529
  Page 9 of 11

 


 

     
     
BLACK WARRIOR TRUST 1994-1   RESERVES and REVENUES
TOTAL ROYALTY INTERESTS   AS OF DECEMBER 31, 2009
TOTAL PROVED RESERVES    
                                                                                                         
                            Gross Volumes   Net Volumes   Product   Production   Operating   Future Net Income
    Life   Working   Revenue   Oil   Wellhead Gas   Sales Gas   Oil   Sales Gas   Sales   Taxes   Expense   Undiscounted   Disc. @ 10%
Well Name & Number   Years   Interest   Interest   Bbls   Mcf   Mcf   Bbls   Mcf   $   $   $   $   $
 
WEST 13- 5- 3
    0.0       0.00000 %     52.81250 %     0       0       0       0       0       0       0       0       0       0  
WEST 13- 6- 1
    0.0       0.00000 %     52.81250 %     0       0       0       0       0       0       0       0       0       0  
WEST 13- 7-38
    3.6       0.00000 %     52.81250 %     0       14,539       12,767       0       6,742       22,552       1,353       0       21,199       18,079  
WEST 13- 8-14
    7.7       0.00000 %     52.81250 %     0       41,563       36,497       0       19,275       64,471       3,868       0       60,602       44,977  
WEST 13- 9- 9
    4.6       0.00000 %     52.81250 %     0       21,155       18,576       0       9,810       32,814       1,969       0       30,845       25,428  
WEST 13-11- 6
    10.0       0.00000 %     52.81250 %     0       67,916       59,637       0       31,496       105,347       6,321       0       99,026       69,623  
WEST 13-12- 4A
    6.5       0.00000 %     52.81250 %     0       31,798       27,922       0       14,746       49,323       2,959       0       46,364       35,600  
WEST 13-15-23
    4.4       0.00000 %     52.81250 %     0       22,464       19,726       0       10,418       34,845       2,091       0       32,755       27,344  
WEST 15- 1-51
    9.1       0.00000 %     54.84375 %     0       52,222       45,856       0       25,149       84,120       5,047       0       79,072       56,509  
WEST 15- 1-83
    8.6       0.00000 %     52.81250 %     0       56,216       49,363       0       26,070       87,199       5,232       0       81,967       60,101  
WEST 15- 2-52
    0.7       0.00000 %     52.81250 %     0       2,472       2,171       0       1,147       3,835       230       0       3,605       3,494  
WEST 15- 3-68
    8.8       0.00000 %     45.80470 %     0       47,429       41,647       0       19,076       70,201       4,212       0       65,989       46,527  
WEST 15- 3-84
    15.4       0.00000 %     52.81250 %     0       121,239       106,460       0       56,224       188,058       11,284       0       176,775       107,948  
WEST 15- 5-85
    11.5       0.00000 %     52.81250 %     0       106,213       93,265       0       49,256       181,261       10,876       0       170,386       120,274  
WEST 15- 6-53
    0.0       0.00000 %     52.81250 %     0       0       0       0       0       0       0       0       0       0  
WEST 15- 6-86
    11.0       0.00000 %     52.81250 %     0       74,358       65,293       0       34,483       115,339       6,920       0       108,419       73,818  
WEST 15- 8-55
    6.1       0.00000 %     52.81250 %     0       40,634       35,680       0       18,844       63,029       3,782       0       59,247       47,387  
WEST 15- 9-87
    10.3       0.00000 %     52.81250 %     0       63,066       55,378       0       29,246       97,824       5,869       0       91,954       63,137  
WEST 15-10-88
    8.7       0.00000 %     52.81250 %     0       55,358       48,609       0       25,672       85,867       5,152       0       80,715       58,876  
WEST 15-11-89
    12.3       0.00000 %     52.81250 %     0       68,623       60,258       0       31,824       106,444       6,387       0       100,057       63,487  
WEST 15-13-58
    11.3       0.00000 %     52.81250 %     0       77,778       68,297       0       36,069       120,644       7,239       0       113,406       76,410  
WEST 15-14-90A
    11.3       0.00000 %     52.81250 %     0       78,422       68,862       0       36,368       121,643       7,299       0       114,345       77,271  
WEST 15-16-91
    6.6       0.00000 %     52.81250 %     0       43,224       37,955       0       20,045       73,766       4,426       0       69,340       54,944  
WEST 17-12-20
    0.0       0.00000 %     52.81250 %     0       0       0       0       0       0       0       0       0       0  
WEST 17-13-21
    14.8       0.00000 %     52.81250 %     0       106,042       93,116       0       49,177       164,487       9,869       0       154,617       94,881  
WEST 19- 1-19
    12.5       0.00000 %     52.81250 %     0       75,869       66,620       0       35,184       117,683       7,061       0       110,622       70,733  
WEST 19- 2-10
    0.0       0.00000 %     52.81250 %     0       0       0       0       0       0       0       0       0       0  
WEST 19- 3- 7
    0.0       0.00000 %     52.81250 %     0       0       0       0       0       0       0       0       0       0  
WEST 19- 6-18
    12.0       0.00000 %     52.81250 %     0       108,135       94,954       0       50,147       167,733       10,064       0       157,669       107,913  
WEST 19- 7- 1
    4.6       0.00000 %     52.81250 %     0       19,563       17,178       0       9,072       30,345       1,821       0       28,524       23,389  
WEST 19- 8-12
    14.8       0.00000 %     52.81250 %     0       129,360       113,591       0       59,990       200,655       12,039       0       188,616       118,897  
WEST 19-11-13
    30.1       0.00000 %     52.81250 %     0       263,671       231,529       0       122,276       408,991       24,539       0       384,451       169,946  
WEST 19-12-11
    22.0       0.00000 %     52.81250 %     0       259,106       227,521       0       120,159       401,910       24,115       0       377,795       210,575  
WEST 21- 8-71
    0.0       0.00000 %     52.81250 %     0       0       0       0       0       0       0       0       0       0  
WEST 23- 3-93
    13.8       0.00000 %     53.40400 %     0       134,618       118,208       0       63,128       211,150       12,669       0       198,481       131,246  
WEST 23- 5-94
    1.7       0.00000 %     53.40400 %     0       6,801       5,972       0       3,189       11,737       704       0       11,033       10,270  
WEST 23- 6-95
    9.7       0.00000 %     55.13947 %     0       47,983       42,134       0       23,233       85,496       5,130       0       80,366       55,946  
WEST 23- 7-96
    6.5       0.00000 %     53.40400 %     0       34,844       30,596       0       16,340       60,130       3,608       0       56,522       44,266  
WEST 23- 8-92
    9.3       0.00000 %     41.72187 %     0       80,608       70,782       0       29,532       98,777       5,927       0       92,851       66,544  
WEST 27- 1-59
    15.3       0.00000 %     52.81250 %     0       87,782       77,081       0       40,708       136,162       8,170       0       127,992       74,192  
WEST 27- 2-60
    7.7       0.00000 %     52.81250 %     0       41,043       36,040       0       19,033       63,663       3,820       0       59,844       44,371  
WEST 27- 2-97
    20.3       0.00000 %     53.40400 %     0       184,923       162,380       0       86,718       290,054       17,403       0       272,650       151,074  
WEST 27- 4-62
    9.9       0.00000 %     52.81250 %     0       50,797       44,605       0       23,557       78,794       4,728       0       74,066       50,390  
WEST 27- 4-98
    14.2       0.00000 %     53.40400 %     0       98,118       86,157       0       46,011       169,322       10,159       0       159,162       100,768  
WEST 27- 5-65
    12.3       0.00000 %     52.81250 %     0       59,006       51,813       0       27,364       100,699       6,042       0       94,657       59,759  
WEST 27- 5-99
    10.1       0.00000 %     53.40400 %     0       64,586       56,713       0       30,287       111,457       6,687       0       104,769       74,093  
WEST 27- 7-100
    22.4       0.00000 %     53.40400 %     0       226,114       198,550       0       106,034       354,662       21,280       0       333,382       179,354  
WEST 27- 8-101
    13.4       0.00000 %     53.40400 %     0       154,848       135,972       0       72,615       242,882       14,573       0       228,309       155,277  
WEST 27-11-102
    13.0       0.00000 %     53.87200 %     0       102,776       90,248       0       48,618       162,619       9,757       0       152,862       100,266  
WEST 27-13-103
    9.9       0.00000 %     53.40400 %     0       62,326       54,728       0       29,227       97,759       5,866       0       91,893       64,253  
         
    RALPH E. DAVIS ASSOCIATES, INC.
TEXAS REGISTERED FIRM F-1529
  Page 10 of 11

 


 

     
     
BLACK WARRIOR TRUST 1994-1   RESERVES and REVENUES
TOTAL ROYALTY INTERESTS   AS OF DECEMBER 31, 2009
TOTAL PROVED RESERVES    
                                                                                                         
                            Gross Volumes   Net Volumes   Product   Production   Operating   Future Net Income
    Life   Working   Revenue   Oil   Wellhead Gas   Sales Gas   Oil   Sales Gas   Sales   Taxes   Expense   Undiscounted   Disc. @ 10%
Well Name & Number   Years   Interest   Interest   Bbls   Mcf   Mcf   Bbls   Mcf   $   $   $   $   $
 
WEST 27-14-104
    14.8       0.00000 %     53.40400 %     0       126,784       111,329       0       59,454       198,862       11,932       0       186,930       117,834  
WEST 3- 2-44
    4.9       0.00000 %     53.17812 %     0       23,332       20,488       0       10,895       36,442       2,187       0       34,256       27,927  
WEST 3- 3-22
    9.3       0.00000 %     52.81250 %     0       51,829       45,511       0       24,036       80,395       4,824       0       75,571       53,045  
WEST 3- 4-45
    0.0       0.00000 %     52.81250 %     0       0       0       0       0       0       0       0       0       0  
WEST 3- 8-48
    13.3       0.00000 %     52.81250 %     0       84,815       74,476       0       39,332       131,559       7,894       0       123,666       77,909  
WEST 31- 5-82
    6.0       0.00000 %     53.87200 %     0       29,407       25,822       0       13,911       46,529       2,792       0       43,737       34,270  
WEST 3-10-49
    5.3       0.00000 %     53.17812 %     0       27,420       24,077       0       12,804       42,827       2,570       0       40,257       32,466  
WEST 3-12-67
    18.7       0.00000 %     52.81250 %     0       156,633       137,539       0       72,638       267,307       16,038       0       251,269       145,669  
WEST 3-13-50
    18.6       0.00000 %     54.84375 %     0       124,352       109,193       0       59,886       200,306       12,018       0       188,287       103,394  
WEST 33- 2-112
    4.8       0.00000 %     52.81250 %     0       25,346       22,257       0       11,754       39,316       2,359       0       36,957       30,546  
WEST 33- 3-120
    3.5       0.00000 %     52.81250 %     0       15,055       13,220       0       6,982       25,693       1,542       0       24,152       20,863  
WEST 33- 6-114
    9.3       0.00000 %     52.81250 %     0       56,988       50,042       0       26,428       88,397       5,304       0       83,093       58,987  
WEST 33- 8-115
    8.2       0.00000 %     52.81250 %     0       51,876       45,552       0       24,057       88,531       5,312       0       83,219       62,438  
WEST 33-10-116
    12.8       0.00000 %     52.81250 %     0       97,685       85,777       0       45,301       151,523       9,091       0       142,432       93,198  
WEST 33-16-119
    15.6       0.00000 %     54.84375 %     0       110,316       96,868       0       53,126       177,696       10,662       0       167,035       100,549  
WEST 35- 2-105
    10.8       0.00000 %     53.40400 %     0       80,864       71,007       0       37,920       126,837       7,610       0       119,226       82,995  
WEST 35- 4-106
    12.4       0.00000 %     38.92440 %     0       79,629       69,922       0       27,217       100,157       6,009       0       94,148       61,318  
WEST 35- 6-107
    9.3       0.00000 %     53.40400 %     0       56,340       49,472       0       26,420       88,371       5,302       0       83,068       58,969  
WEST 35- 8-108
    13.8       0.00000 %     53.40400 %     0       83,454       73,281       0       39,135       144,016       8,641       0       135,375       84,749  
WEST 35- 9-109
    15.8       0.00000 %     53.40400 %     0       109,820       96,433       0       51,499       189,516       11,371       0       178,145       108,047  
WEST 35-10-110
    7.2       0.00000 %     53.40400 %     0       37,949       33,323       0       17,796       59,523       3,571       0       55,952       42,269  
WEST 35-14-111
    26.9       0.00000 %     53.40400 %     0       148,587       130,474       0       69,678       256,416       15,385       0       241,031       104,563  
WEST 7- 2-74
    6.0       0.00000 %     52.81250 %     0       31,088       27,298       0       14,417       48,222       2,893       0       45,328       35,653  
WEST 7- 3-75
    15.3       0.00000 %     52.81250 %     0       91,633       80,463       0       42,495       142,136       8,528       0       133,608       78,329  
WEST 7- 6-76
    8.0       0.00000 %     52.81250 %     0       52,655       46,236       0       24,419       81,675       4,901       0       76,775       57,460  
WEST 7- 8-77
    5.2       0.00000 %     52.81250 %     0       26,213       23,018       0       12,156       40,660       2,440       0       38,221       30,986  
WEST 7-11-78
    6.3       0.00000 %     52.81250 %     0       30,695       26,953       0       14,235       47,612       2,857       0       44,756       34,698  
WEST 7-12-79
    6.4       0.00000 %     52.81250 %     0       32,755       28,762       0       15,190       55,900       3,354       0       52,546       41,041  
WEST 7-13-80
    4.5       0.00000 %     52.81250 %     0       22,506       19,763       0       10,437       34,910       2,095       0       32,816       27,280  
WEST 7-15-81
    4.6       0.00000 %     52.81250 %     0       23,858       20,950       0       11,064       37,007       2,220       0       34,787       28,901  
WEYERHAEUSER 5-15- 2
    8.9       0.00000 %     55.25000 %     0       80,792       70,944       0       39,196       131,104       7,866       0       123,238       92,752  
WEYERHAEUSER 5-16- 1
    12.0       0.00000 %     55.25000 %     0       84,461       74,165       0       40,976       137,058       8,223       0       128,834       86,080  
 
                                                                                                       
TOTAL ALL PROPERTIES
                            0       33,429,281       29,354,253       0       157,495,503       55,145,422       3,308,725       0       51,836,703       32,525,078  
         
    RALPH E. DAVIS ASSOCIATES, INC.
TEXAS REGISTERED FIRM F-1529
  Page 11 of 11