Exhibit 99.2
 
  
 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




---



##### 



Dominion Black Warrior Trust 1994-1
    
    February 25, 2010Mr. Ron E. Hooper, Trustee
    
    Page 2
   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 ProvedNet Remaining Sales Gas Reserves:Gas: Mcf
    
    
    15,749,550Future Revenue:Sales Revenue
    
    $
    55,145,422Tax Credit Revenue
    
    
    0Total Revenue
    
    $
    55,145,422Production Taxes
    
    $
    3,308,725Other Deductions
    
    
    0Future Net Income
    
    $
    51,836,703Future Net Income Discounted @ 10%
    
    $
    32,525,078
   DATA SOURCE




---



##### 



Dominion Black Warrior Trust 1994-1
    
    February 25, 2010Mr. Ron E. Hooper, Trustee
    
    Page 3
  RESERVE ESTIMATES
    PRODUCING RATES




---



##### 



Dominion Black Warrior Trust 1994-1
    
    February 25, 2010Mr. Ron E. Hooper, Trustee
    
    Page 4
  PRICING PROVISIONS
  Natural Gas
 FUTURE NET INCOME
   GENERAL




---



##### 



Dominion Black Warrior Trust 1994-1
    
    February 25, 2010Mr. Ron E. Hooper, Trustee
    
    Page 5
      RALPH E. DAVIS ASSOCIATES, INC.




---



##### 



SECURITIES AND EXCHANGE COMMISSION  DEFINITIONS OF RESERVES
  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
  (i.e., (i.e.,
 Proved Oil and Gas Reserves
  (i)
    
    The area of the reservoir considered as proved includes:




---



##### 



Securities and Exchange Commission
    
    Page 2§210.4-10 Definitions (of Reserves)Modified, Effective 2009 for Filings of 12/31/2009 and Thereafter
   Reasonable certainty.
 Reliable technology.
 Probable Reserves
     Possible Reserves




---



##### 



Securities and Exchange Commission
    
    Page 3§210.4-10 Definitions (of Reserves)Modified, Effective 2009 for Filings of 12/31/2009 and Thereafter
   Developed Oil and Gas Reserves
    Undeveloped Oil and Gas Reserves
      Deterministic Estimate
  Probabilistic Estimate
  Reasonable Certainty




---



##### 



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
    
    TOTALMO-YEAR
    
    WELLS
    
    MBBL
    
    GAS, MMCF
    
    GAS, MMCF
    
    MBBL
    
    GAS, MMCF
    
    $/B
    
    $/M
    
    REVENUE
    
    REVENUE
    
    CREDITS
    
    REVENUE12-2010
    
    
    475.2
    
    
    
    0.000
    
    
    
    4783.229
    
    
    
    4200.153
    
    
    
    0.000
    
    
    
    2237.007
    
    
    
    0.00
    
    
    
    3.696
    
    
    
    0.000
    
    
    
    8266.930
    
    
    
    0.000
    
    
    
    7804.64412-2011
    
    
    455.7
    
    
    
    0.000
    
    
    
    4185.707
    
    
    
    3675.471
    
    
    
    0.000
    
    
    
    1959.696
    
    
    
    0.00
    
    
    
    3.696
    
    
    
    0.000
    
    
    
    7242.794
    
    
    
    0.000
    
    
    
    6838.10012-2012
    
    
    434.5
    
    
    
    0.000
    
    
    
    3663.226
    
    
    
    3216.678
    
    
    
    0.000
    
    
    
    1716.467
    
    
    
    0.00
    
    
    
    3.696
    
    
    
    0.000
    
    
    
    6344.448
    
    
    
    0.000
    
    
    
    5990.84012-2013
    
    
    410.6
    
    
    
    0.000
    
    
    
    3196.429
    
    
    
    2806.784
    
    
    
    0.000
    
    
    
    1499.335
    
    
    
    0.00
    
    
    
    3.697
    
    
    
    0.000
    
    
    
    5542.487
    
    
    
    0.000
    
    
    
    5235.87712-2014
    
    
    380.8
    
    
    
    0.000
    
    
    
    2767.399
    
    
    
    2430.053
    
    
    
    0.000
    
    
    
    1298.986
    
    
    
    0.00
    
    
    
    3.697
    
    
    
    0.000
    
    
    
    4802.597
    
    
    
    0.000
    
    
    
    4540.28412-2015
    
    
    340.2
    
    
    
    0.000
    
    
    
    2352.969
    
    
    
    2066.143
    
    
    
    0.000
    
    
    
    1106.317
    
    
    
    0.00
    
    
    
    3.698
    
    
    
    0.000
    
    
    
    4091.231
    
    
    
    0.000
    
    
    
    3870.19312-2016
    
    
    297.5
    
    
    
    0.000
    
    
    
    1981.380
    
    
    
    1739.850
    
    
    
    0.000
    
    
    
    933.040
    
    
    
    0.00
    
    
    
    3.699
    
    
    
    0.000
    
    
    
    3451.483
    
    
    
    0.000
    
    
    
    3267.81112-2017
    
    
    257.3
    
    
    
    0.000
    
    
    
    1660.303
    
    
    
    1457.913
    
    
    
    0.000
    
    
    
    783.737
    
    
    
    0.00
    
    
    
    3.700
    
    
    
    0.000
    
    
    
    2900.176
    
    
    
    0.000
    
    
    
    2746.62712-2018
    
    
    223.2
    
    
    
    0.000
    
    
    
    1395.048
    
    
    
    1224.991
    
    
    
    0.000
    
    
    
    659.802
    
    
    
    0.00
    
    
    
    3.702
    
    
    
    0.000
    
    
    
    2442.414
    
    
    
    0.000
    
    
    
    2314.47212-2019
    
    
    190.0
    
    
    
    0.000
    
    
    
    1161.442
    
    
    
    1019.862
    
    
    
    0.000
    
    
    
    550.237
    
    
    
    0.00
    
    
    
    3.703
    
    
    
    0.000
    
    
    
    2037.715
    
    
    
    0.000
    
    
    
    1932.93612-2020
    
    
    164.2
    
    
    
    0.000
    
    
    
    975.389
    
    
    
    856.490
    
    
    
    0.000
    
    
    
    462.997
    
    
    
    0.00
    
    
    
    3.705
    
    
    
    0.000
    
    
    
    1715.324
    
    
    
    0.000
    
    
    
    1629.74312-2021
    
    
    142.7
    
    
    
    0.000
    
    
    
    824.598
    
    
    
    724.080
    
    
    
    0.000
    
    
    
    391.997
    
    
    
    0.00
    
    
    
    3.706
    
    
    
    0.000
    
    
    
    1452.842
    
    
    
    0.000
    
    
    
    1380.79012-2022
    
    
    120.0
    
    
    
    0.000
    
    
    
    686.596
    
    
    
    602.900
    
    
    
    0.000
    
    
    
    326.838
    
    
    
    0.00
    
    
    
    3.708
    
    
    
    0.000
    
    
    
    1211.980
    
    
    
    0.000
    
    
    
    1151.49712-2023
    
    
    100.2
    
    
    
    0.000
    
    
    
    570.539
    
    
    
    500.990
    
    
    
    0.000
    
    
    
    271.808
    
    
    
    0.00
    
    
    
    3.710
    
    
    
    0.000
    
    
    
    1008.503
    
    
    
    0.000
    
    
    
    958.30512-2024
    
    
    81.1
    
    
    
    0.000
    
    
    
    465.555
    
    
    
    408.804
    
    
    
    0.000
    
    
    
    222.436
    
    
    
    0.00
    
    
    
    3.713
    
    
    
    0.000
    
    
    
    825.952
    
    
    
    0.000
    
    
    
    785.206S TOT
    
    
    1.8
    
    
    
    0.000
    
    
    
    30669.811
    
    
    
    26931.162
    
    
    
    0.000
    
    
    
    14420.699
    
    
    
    0.00
    
    
    
    3.699
    
    
    
    0.000
    
    
    
    53336.879
    
    
    
    0.000
    
    
    
    50447.320AFTER
    
    
    1.8
    
    
    
    0.000
    
    
    
    2759.472
    
    
    
    2423.093
    
    
    
    0.000
    
    
    
    1328.851
    
    
    
    0.00
    
    
    
    3.705
    
    
    
    0.000
    
    
    
    4923.945
    
    
    
    0.000
    
    
    
    4698.100TOTAL
    
    
    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
    
    
    
    7004.63512-2011
    
    
    410.286
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    6427.813
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    6427.813
    
    
    
    5579.54012-2012
    
    
    359.451
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    5631.393
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    5631.393
    
    
    
    4443.76612-2013
    
    
    314.153
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    4921.726
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    4921.726
    
    
    
    3530.91312-2014
    
    
    272.417
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    4267.867
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    4267.867
    
    
    
    2783.78812-2015
    
    
    232.212
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    3637.982
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    3637.982
    
    
    
    2157.32412-2016
    
    
    196.069
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    3071.743
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    3071.743
    
    
    
    1656.13812-2017
    
    
    164.798
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    2581.829
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    2581.829
    
    
    
    1265.52712-2018
    
    
    138.868
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    2175.603
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    2175.603
    
    
    
    969.36112-2019
    
    
    115.976
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    1816.959
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    1816.959
    
    
    
    735.93612-2020
    
    
    97.785
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    1531.959
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    1531.959
    
    
    
    564.04112-2021
    
    
    82.847
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    1297.942
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    1297.942
    
    
    
    434.52412-2022
    
    
    69.090
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    1082.407
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    1082.407
    
    
    
    329.44312-2023
    
    
    57.498
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    900.806
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    900.806
    
    
    
    249.19712-2024
    
    
    47.112
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    738.094
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    738.094
    
    
    
    185.755S TOT
    
    
    3026.839
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    47420.492
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    47420.492
    
    
    
    31889.889AFTER
    
    
    281.886
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    4416.213
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    4416.213
    
    
    
    635.191TOTAL
    
    
    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
    
    
    
    39776.484GROSS ULT., MB & MMF
    
    
    0.000
    
    
    
    193055.812
    
    
    DISCOUNT %
    
    
    10.00
    
    
    
    10.00
    
    
    
    32525.070GROSS CUM., MB & MMF
    
    
    0.000
    
    
    
    159626.531
    
    
    UNDISCOUNTED PAYOUT, YRS.
    
    
    0.00
    
    
    
    15.00
    
    
    
    27669.428GROSS RES., MB & MMF
    
    
    0.000
    
    
    
    33429.281
    
    
    DISCOUNTED PAYOUT, YRS.
    
    
    0.00
    
    
    
    18.00
    
    
    
    25454.299NET RES., MB & MMF
    
    
    0.000
    
    
    
    15749.551
    
    
    UNDISCOUNTED NET/INVEST.
    
    
    0.00
    
    
    
    20.00
    
    
    
    24185.990NET REVENUE, M$
    
    
    0.000
    
    
    
    58260.824
    
    
    DISCOUNTED NET/INVEST.
    
    
    0.00
    
    
    
    25.00
    
    
    
    21564.266INITIAL
PRICE, $
    
    
    0.000
    
    
    
    3.693
    
    
    RATE-OF-RETURN, PCT.
    
    
    100.00
    
    
    
    40.00
    
    
    
    16537.217INITIAL N.I., PCT.
    
    
    0.000
    
    
    
    53.335
    
    
    INITIAL W.I., PCT.
    
    
    0.000
    
    
    
    60.00
    
    
    
    12942.84680.00
    
    
    
    10849.019100.00
    
    
    
    9473.192




---



##### 



BLACK WARRIOR TRUST 1994-1
    
    RESERVES and REVENUESTOTAL ROYALTY INTERESTS
    
    AS OF DECEMBER 31, 2009TOTAL PROVED RESERVES
 Gross Volumes
    
    Net Volumes
    
    Product
    
    Production
    
    Operating
    
    Future Net IncomeLife
    
    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
    
    
    
    216,384ALABAMA 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
    
    
    
    51,165ALABAMA 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
    
    
    
    38,402ALABAMA 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
    
    
    
    46,292ALABAMA 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
    
    
    
    105,144ALABAMA 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
    
    
    
    246,911ALABAMA 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
    
    
    
    28,687ALABAMA 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
    
    
    
    42,083ALABAMA 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
    
    
    
    39,651ALABAMA 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
    
    
    
    65,752ALABAMA 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
    
    
    
    83,424ALABAMA 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
    
    
    
    32,563ALABAMA 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
    
    
    
    105,436ALCUS 12- 4- 1
    
    
    4.1
    
    
    
    0.00000
    %
    
    
    54.84375
    %
    
    
    0
    
    
    
    14,500
    
    
    
    12,732
    
    
    
    0
    
    
    
    6,983
    
    
    
    25,697
    
    
    
    1,542
    
    
    
    0
    
    
    
    24,155
    
    
    
    20,205ALCUS 12- 5- 2
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    54.19375
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0BAUGHMAN 18- 3- 2
    
    
    8.4
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    62,655
    
    
    
    55,017
    
    
    
    0
    
    
    
    31,291
    
    
    
    104,662
    
    
    
    6,280
    
    
    
    0
    
    
    
    98,383
    
    
    
    74,046BAUGHMAN 18- 6- 3
    
    
    16.3
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    133,236
    
    
    
    116,994
    
    
    
    0
    
    
    
    66,540
    
    
    
    244,869
    
    
    
    14,692
    
    
    
    0
    
    
    
    230,177
    
    
    
    142,606BAUGHMAN 18- 7- 4
    
    
    13.2
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    84,501
    
    
    
    74,200
    
    
    
    0
    
    
    
    42,201
    
    
    
    155,301
    
    
    
    9,318
    
    
    
    0
    
    
    
    145,983
    
    
    
    95,079BEAN 14-15- 1
    
    
    4.8
    
    
    
    0.00000
    %
    
    
    55.76460
    %
    
    
    0
    
    
    
    23,140
    
    
    
    20,320
    
    
    
    0
    
    
    
    11,331
    
    
    
    37,900
    
    
    
    2,274
    
    
    
    0
    
    
    
    35,626
    
    
    
    29,408BIGHAM 4-13- 1
    
    
    4.3
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    26,034
    
    
    
    22,860
    
    
    
    0
    
    
    
    13,002
    
    
    
    47,847
    
    
    
    2,871
    
    
    
    0
    
    
    
    44,976
    
    
    
    38,453CANTLEY 17- 7- 2
    
    
    1.3
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    4,309
    
    
    
    3,784
    
    
    
    0
    
    
    
    2,152
    
    
    
    7,919
    
    
    
    475
    
    
    
    0
    
    
    
    7,444
    
    
    
    7,039CARNLEY 18- 5- 3
    
    
    8.1
    
    
    
    0.00000
    %
    
    
    61.70529
    %
    
    
    0
    
    
    
    47,918
    
    
    
    42,077
    
    
    
    0
    
    
    
    25,964
    
    
    
    86,844
    
    
    
    5,211
    
    
    
    0
    
    
    
    81,633
    
    
    
    61,357CARNLEY 18-12- 4
    
    
    14.3
    
    
    
    0.00000
    %
    
    
    61.70528
    %
    
    
    0
    
    
    
    140,538
    
    
    
    123,406
    
    
    
    0
    
    
    
    76,148
    
    
    
    254,700
    
    
    
    15,282
    
    
    
    0
    
    
    
    239,418
    
    
    
    159,331CARNLEY 18-14- 5
    
    
    8.8
    
    
    
    0.00000
    %
    
    
    61.70528
    %
    
    
    0
    
    
    
    93,800
    
    
    
    82,366
    
    
    
    0
    
    
    
    50,824
    
    
    
    169,996
    
    
    
    10,200
    
    
    
    0
    
    
    
    159,796
    
    
    
    123,470CASSIDY 19- 1-72
    
    
    5.9
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    31,005
    
    
    
    27,225
    
    
    
    0
    
    
    
    13,272
    
    
    
    48,842
    
    
    
    2,931
    
    
    
    0
    
    
    
    45,911
    
    
    
    36,329CASSIDY 19- 2-73
    
    
    4.5
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    22,919
    
    
    
    20,125
    
    
    
    0
    
    
    
    9,811
    
    
    
    32,816
    
    
    
    1,969
    
    
    
    0
    
    
    
    30,847
    
    
    
    25,508CASSIDY 19- 3-74
    
    
    8.1
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    45,166
    
    
    
    39,661
    
    
    
    0
    
    
    
    19,335
    
    
    
    71,151
    
    
    
    4,269
    
    
    
    0
    
    
    
    66,882
    
    
    
    49,213CASSIDY 19- 6-96
    
    
    5.6
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    32,428
    
    
    
    28,475
    
    
    
    0
    
    
    
    13,882
    
    
    
    46,432
    
    
    
    2,786
    
    
    
    0
    
    
    
    43,646
    
    
    
    34,911CASSIDY 19- 7-75
    
    
    5.2
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    27,561
    
    
    
    24,202
    
    
    
    0
    
    
    
    11,798
    
    
    
    39,463
    
    
    
    2,368
    
    
    
    0
    
    
    
    37,095
    
    
    
    29,971CASSIDY 19- 9-76
    
    
    9.1
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    57,184
    
    
    
    50,213
    
    
    
    0
    
    
    
    24,479
    
    
    
    90,082
    
    
    
    5,405
    
    
    
    0
    
    
    
    84,677
    
    
    
    61,009CASSIDY 19-10-77
    
    
    6.3
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    31,020
    
    
    
    27,239
    
    
    
    0
    
    
    
    13,279
    
    
    
    48,867
    
    
    
    2,932
    
    
    
    0
    
    
    
    45,935
    
    
    
    35,585CASSIDY 19-11-97
    
    
    4.4
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    21,393
    
    
    
    18,785
    
    
    
    0
    
    
    
    9,158
    
    
    
    30,631
    
    
    
    1,838
    
    
    
    0
    
    
    
    28,793
    
    
    
    23,818CASSIDY 19-13-78
    
    
    13.9
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    88,708
    
    
    
    77,895
    
    
    
    0
    
    
    
    41,138
    
    
    
    137,599
    
    
    
    8,256
    
    
    
    0
    
    
    
    129,343
    
    
    
    79,728CASSIDY 19-15-79
    
    
    9.0
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    46,227
    
    
    
    40,592
    
    
    
    0
    
    
    
    19,789
    
    
    
    72,822
    
    
    
    4,369
    
    
    
    0
    
    
    
    68,452
    
    
    
    48,286CASSIDY 19-16-80
    
    
    4.0
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    22,388
    
    
    
    19,659
    
    
    
    0
    
    
    
    9,584
    
    
    
    32,055
    
    
    
    1,923
    
    
    
    0
    
    
    
    30,132
    
    
    
    25,568CASSIDY 20- 3-81
    
    
    8.5
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    50,214
    
    
    
    44,093
    
    
    
    0
    
    
    
    21,495
    
    
    
    71,898
    
    
    
    4,314
    
    
    
    0
    
    
    
    67,584
    
    
    
    48,625CASSIDY 20- 5-82
    
    
    3.3
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    16,516
    
    
    
    14,503
    
    
    
    0
    
    
    
    7,070
    
    
    
    23,649
    
    
    
    1,419
    
    
    
    0
    
    
    
    22,230
    
    
    
    19,345CASSIDY 20- 6-83
    
    
    4.7
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    23,082
    
    
    
    20,269
    
    
    
    0
    
    
    
    9,881
    
    
    
    33,050
    
    
    
    1,983
    
    
    
    0
    
    
    
    31,067
    
    
    
    25,477CASSIDY 20- 7-84
    
    
    7.8
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    41,303
    
    
    
    36,268
    
    
    
    0
    
    
    
    17,681
    
    
    
    65,065
    
    
    
    3,904
    
    
    
    0
    
    
    
    61,161
    
    
    
    45,301CASSIDY 20- 8-85
    
    
    13.8
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    98,409
    
    
    
    86,413
    
    
    
    0
    
    
    
    42,126
    
    
    
    155,025
    
    
    
    9,301
    
    
    
    0
    
    
    
    145,723
    
    
    
    92,357CASSIDY 20-10-86
    
    
    4.4
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    24,929
    
    
    
    21,890
    
    
    
    0
    
    
    
    10,671
    
    
    
    35,694
    
    
    
    2,142
    
    
    
    0
    
    
    
    33,552
    
    
    
    28,021CASSIDY 20-12-87
    
    
    6.2
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    36,565
    
    
    
    32,107
    
    
    
    0
    
    
    
    15,652
    
    
    
    52,354
    
    
    
    3,141
    
    
    
    0
    
    
    
    49,213
    
    
    
    38,577CASSIDY 20-14-88
    
    
    2.6
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    11,900
    
    
    
    10,450
    
    
    
    0
    
    
    
    5,094
    
    
    
    17,039
    
    
    
    1,022
    
    
    
    0
    
    
    
    16,017
    
    
    
    14,282CASSIDY 20-16-89
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0CASSIDY 21- 2-102
    
    
    7.2
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    40,003
    
    
    
    35,126
    
    
    
    0
    
    
    
    17,124
    
    
    
    63,017
    
    
    
    3,781
    
    
    
    0
    
    
    
    59,236
    
    
    
    45,003CASSIDY 21- 3-116
    
    
    12.9
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    113,713
    
    
    
    99,851
    
    
    
    0
    
    
    
    48,678
    
    
    
    162,817
    
    
    
    9,769
    
    
    
    0
    
    
    
    153,048
    
    
    
    100,562CASSIDY 21- 4-117
    
    
    14.3
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    79,178
    
    
    
    69,527
    
    
    
    0
    
    
    
    33,894
    
    
    
    124,731
    
    
    
    7,484
    
    
    
    0
    
    
    
    117,247
    
    
    
    69,978CASSIDY 21- 6-103
    
    
    10.3
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    72,949
    
    
    
    64,056
    
    
    
    0
    
    
    
    31,227
    
    
    
    104,450
    
    
    
    6,267
    
    
    
    0
    
    
    
    98,183
    
    
    
    68,080CASSIDY 21- 8-104
    
    
    1.1
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    4,113
    
    
    
    3,612
    
    
    
    0
    
    
    
    1,761
    
    
    
    6,480
    
    
    
    389
    
    
    
    0
    
    
    
    6,091
    
    
    
    5,794CASSIDY 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 REVENUESTOTAL ROYALTY INTERESTS
    
    AS OF DECEMBER 31, 2009TOTAL PROVED RESERVES
 Gross Volumes
    
    Net Volumes
    
    Product
    
    Production
    
    Operating
    
    Future Net IncomeLife
    
    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
    
    
    
    147,601CASSIDY 21-14-118
    
    
    8.2
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    49,938
    
    
    
    43,851
    
    
    
    0
    
    
    
    21,377
    
    
    
    78,669
    
    
    
    4,720
    
    
    
    0
    
    
    
    73,949
    
    
    
    54,722CASSIDY 22- 1-107
    
    
    14.3
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    81,819
    
    
    
    71,845
    
    
    
    0
    
    
    
    35,024
    
    
    
    128,890
    
    
    
    7,733
    
    
    
    0
    
    
    
    121,156
    
    
    
    72,701CASSIDY 22- 3-108
    
    
    3.2
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    14,632
    
    
    
    12,848
    
    
    
    0
    
    
    
    6,264
    
    
    
    20,950
    
    
    
    1,257
    
    
    
    0
    
    
    
    19,693
    
    
    
    17,125CASSIDY 22- 6-110
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0CASSIDY 22- 7-111
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    48.90418
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0CASSIDY 22-13-112
    
    
    5.5
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    23,178
    
    
    
    20,353
    
    
    
    0
    
    
    
    9,922
    
    
    
    36,513
    
    
    
    2,191
    
    
    
    0
    
    
    
    34,322
    
    
    
    27,124CASSIDY 22-14-113
    
    
    9.4
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    45,799
    
    
    
    40,216
    
    
    
    0
    
    
    
    19,606
    
    
    
    72,148
    
    
    
    4,329
    
    
    
    0
    
    
    
    67,819
    
    
    
    46,819CASSIDY 25- 3-11
    
    
    1.3
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    5,172
    
    
    
    4,541
    
    
    
    0
    
    
    
    2,214
    
    
    
    8,147
    
    
    
    489
    
    
    
    0
    
    
    
    7,659
    
    
    
    7,242CASSIDY 25- 4-66
    
    
    3.3
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    16,113
    
    
    
    14,149
    
    
    
    0
    
    
    
    6,897
    
    
    
    23,071
    
    
    
    1,384
    
    
    
    0
    
    
    
    21,686
    
    
    
    18,858CASSIDY 25- 5-67
    
    
    3.3
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    16,888
    
    
    
    14,829
    
    
    
    0
    
    
    
    7,229
    
    
    
    24,180
    
    
    
    1,451
    
    
    
    0
    
    
    
    22,729
    
    
    
    19,811CASSIDY 25- 6-13
    
    
    3.3
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    15,621
    
    
    
    13,717
    
    
    
    0
    
    
    
    6,687
    
    
    
    22,367
    
    
    
    1,342
    
    
    
    0
    
    
    
    21,025
    
    
    
    18,254CASSIDY 25-10- 1
    
    
    1.0
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    4,314
    
    
    
    3,788
    
    
    
    0
    
    
    
    1,847
    
    
    
    6,177
    
    
    
    371
    
    
    
    0
    
    
    
    5,806
    
    
    
    5,545CASSIDY 25-12-14
    
    
    1.3
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    5,998
    
    
    
    5,267
    
    
    
    0
    
    
    
    2,568
    
    
    
    8,588
    
    
    
    515
    
    
    
    0
    
    
    
    8,073
    
    
    
    7,599CASSIDY 25-14-21
    
    
    5.5
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    30,137
    
    
    
    26,463
    
    
    
    0
    
    
    
    12,901
    
    
    
    47,475
    
    
    
    2,849
    
    
    
    0
    
    
    
    44,627
    
    
    
    35,979CASSIDY 25-15-20
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0CASSIDY 25-16- 1
    
    
    2.7
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    12,057
    
    
    
    10,588
    
    
    
    0
    
    
    
    5,161
    
    
    
    17,264
    
    
    
    1,036
    
    
    
    0
    
    
    
    16,228
    
    
    
    14,409CASSIDY 26- 8-122
    
    
    5.5
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    29,684
    
    
    
    26,065
    
    
    
    0
    
    
    
    12,707
    
    
    
    42,502
    
    
    
    2,550
    
    
    
    0
    
    
    
    39,952
    
    
    
    31,876CASSIDY 26-10-123
    
    
    2.3
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    10,631
    
    
    
    9,336
    
    
    
    0
    
    
    
    4,551
    
    
    
    15,222
    
    
    
    913
    
    
    
    0
    
    
    
    14,309
    
    
    
    12,957CASSIDY 28- 1-114
    
    
    17.8
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    110,211
    
    
    
    96,777
    
    
    
    0
    
    
    
    47,179
    
    
    
    173,617
    
    
    
    10,417
    
    
    
    0
    
    
    
    163,200
    
    
    
    89,620CASSIDY 28- 7-115
    
    
    34.1
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    240,967
    
    
    
    211,593
    
    
    
    0
    
    
    
    103,152
    
    
    
    379,599
    
    
    
    22,776
    
    
    
    0
    
    
    
    356,823
    
    
    
    137,955CASSIDY 28- 8-131
    
    
    31.5
    
    
    
    0.00000
    %
    
    
    47.93020
    %
    
    
    0
    
    
    
    345,550
    
    
    
    303,427
    
    
    
    0
    
    
    
    145,433
    
    
    
    486,446
    
    
    
    29,187
    
    
    
    0
    
    
    
    457,259
    
    
    
    202,959CASSIDY 29- 1-95
    
    
    3.2
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    32,277
    
    
    
    28,342
    
    
    
    0
    
    
    
    13,817
    
    
    
    50,846
    
    
    
    3,051
    
    
    
    0
    
    
    
    47,795
    
    
    
    43,351CASSIDY 29- 2-98
    
    
    4.7
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    22,215
    
    
    
    19,507
    
    
    
    0
    
    
    
    9,510
    
    
    
    34,995
    
    
    
    2,100
    
    
    
    0
    
    
    
    32,895
    
    
    
    27,129CASSIDY 29- 3-90
    
    
    6.2
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    29,005
    
    
    
    25,470
    
    
    
    0
    
    
    
    12,416
    
    
    
    45,693
    
    
    
    2,742
    
    
    
    0
    
    
    
    42,951
    
    
    
    33,363CASSIDY 29- 4-91
    
    
    1.9
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    8,925
    
    
    
    7,837
    
    
    
    0
    
    
    
    3,820
    
    
    
    12,778
    
    
    
    767
    
    
    
    0
    
    
    
    12,012
    
    
    
    11,030CASSIDY 29- 5-92
    
    
    6.4
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    32,440
    
    
    
    28,486
    
    
    
    0
    
    
    
    13,887
    
    
    
    51,103
    
    
    
    3,066
    
    
    
    0
    
    
    
    48,037
    
    
    
    37,193CASSIDY 29- 6-93
    
    
    9.8
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    52,734
    
    
    
    46,305
    
    
    
    0
    
    
    
    22,574
    
    
    
    83,072
    
    
    
    4,984
    
    
    
    0
    
    
    
    78,088
    
    
    
    54,013CASSIDY 29- 9-94
    
    
    8.8
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    67,193
    
    
    
    59,002
    
    
    
    0
    
    
    
    28,763
    
    
    
    96,208
    
    
    
    5,772
    
    
    
    0
    
    
    
    90,436
    
    
    
    66,138CASSIDY 29-10-99
    
    
    7.3
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    45,401
    
    
    
    39,867
    
    
    
    0
    
    
    
    19,435
    
    
    
    71,521
    
    
    
    4,291
    
    
    
    0
    
    
    
    67,230
    
    
    
    51,291CASSIDY 30- 2-119
    
    
    13.6
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    137,401
    
    
    
    120,652
    
    
    
    0
    
    
    
    58,818
    
    
    
    196,734
    
    
    
    11,804
    
    
    
    0
    
    
    
    184,930
    
    
    
    121,508CASSIDY 30- 4-120
    
    
    12.1
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    80,779
    
    
    
    70,932
    
    
    
    0
    
    
    
    37,461
    
    
    
    125,300
    
    
    
    7,518
    
    
    
    0
    
    
    
    117,782
    
    
    
    77,428CASSIDY 30- 8-121
    
    
    22.1
    
    
    
    0.00000
    %
    
    
    46.51560
    %
    
    
    0
    
    
    
    166,430
    
    
    
    146,143
    
    
    
    0
    
    
    
    67,979
    
    
    
    250,163
    
    
    
    15,010
    
    
    
    0
    
    
    
    235,153
    
    
    
    118,994CASSIDY 30-12-15
    
    
    5.0
    
    
    
    0.00000
    %
    
    
    46.51559
    %
    
    
    0
    
    
    
    29,384
    
    
    
    25,802
    
    
    
    0
    
    
    
    12,002
    
    
    
    44,167
    
    
    
    2,650
    
    
    
    0
    
    
    
    41,517
    
    
    
    34,147CASSIDY 30-13- 1
    
    
    0.8
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    3,493
    
    
    
    3,067
    
    
    
    0
    
    
    
    1,495
    
    
    
    5,002
    
    
    
    300
    
    
    
    0
    
    
    
    4,702
    
    
    
    4,523CASSIDY 30-14- 1
    
    
    2.4
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    11,120
    
    
    
    9,764
    
    
    
    0
    
    
    
    4,760
    
    
    
    17,517
    
    
    
    1,051
    
    
    
    0
    
    
    
    16,466
    
    
    
    14,854CASSIDY 30-15-12
    
    
    4.6
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    21,218
    
    
    
    18,632
    
    
    
    0
    
    
    
    9,083
    
    
    
    33,426
    
    
    
    2,006
    
    
    
    0
    
    
    
    31,420
    
    
    
    25,950CASSIDY 31- 1-17
    
    
    0.1
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    295
    
    
    
    259
    
    
    
    0
    
    
    
    126
    
    
    
    465
    
    
    
    28
    
    
    
    0
    
    
    
    437
    
    
    
    436CASSIDY 31- 2-10
    
    
    8.2
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    45,546
    
    
    
    39,994
    
    
    
    0
    
    
    
    19,497
    
    
    
    71,749
    
    
    
    4,305
    
    
    
    0
    
    
    
    67,444
    
    
    
    49,471CASSIDY 31- 3-16
    
    
    5.8
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    25,410
    
    
    
    22,312
    
    
    
    0
    
    
    
    10,877
    
    
    
    40,029
    
    
    
    2,402
    
    
    
    0
    
    
    
    37,627
    
    
    
    29,422CASSIDY 31- 4- 1
    
    
    2.4
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    9,601
    
    
    
    8,431
    
    
    
    0
    
    
    
    4,110
    
    
    
    15,124
    
    
    
    907
    
    
    
    0
    
    
    
    14,217
    
    
    
    12,760CASSIDY 31- 5- 1A
    
    
    6.6
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    40,205
    
    
    
    35,304
    
    
    
    0
    
    
    
    17,211
    
    
    
    63,335
    
    
    
    3,800
    
    
    
    0
    
    
    
    59,535
    
    
    
    46,540CASSIDY 31- 6-18
    
    
    5.1
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    28,661
    
    
    
    25,168
    
    
    
    0
    
    
    
    12,269
    
    
    
    41,038
    
    
    
    2,462
    
    
    
    0
    
    
    
    38,576
    
    
    
    31,378CASSIDY 31- 8-70
    
    
    3.0
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    13,828
    
    
    
    12,142
    
    
    
    0
    
    
    
    5,919
    
    
    
    19,799
    
    
    
    1,188
    
    
    
    0
    
    
    
    18,611
    
    
    
    16,299CASSIDY 31-10-124
    
    
    6.7
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    39,642
    
    
    
    34,809
    
    
    
    0
    
    
    
    16,970
    
    
    
    56,760
    
    
    
    3,406
    
    
    
    0
    
    
    
    53,354
    
    
    
    41,058CASSIDY 31-12-125
    
    
    7.3
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    38,277
    
    
    
    33,611
    
    
    
    0
    
    
    
    16,385
    
    
    
    60,298
    
    
    
    3,618
    
    
    
    0
    
    
    
    56,680
    
    
    
    42,551CASSIDY 31-14-65
    
    
    3.3
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    16,295
    
    
    
    14,309
    
    
    
    0
    
    
    
    6,976
    
    
    
    23,332
    
    
    
    1,400
    
    
    
    0
    
    
    
    21,932
    
    
    
    19,074CASSIDY 31-16-69
    
    
    2.3
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    10,578
    
    
    
    9,288
    
    
    
    0
    
    
    
    4,528
    
    
    
    15,146
    
    
    
    909
    
    
    
    0
    
    
    
    14,237
    
    
    
    12,887CASSIDY 32- 1-101
    
    
    6.8
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    49,677
    
    
    
    43,622
    
    
    
    0
    
    
    
    21,265
    
    
    
    71,129
    
    
    
    4,268
    
    
    
    0
    
    
    
    66,861
    
    
    
    52,052CASSIDY 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 REVENUESTOTAL ROYALTY INTERESTS
    
    AS OF DECEMBER 31, 2009TOTAL PROVED RESERVES
 Gross Volumes
    
    Net Volumes
    
    Product
    
    Production
    
    Operating
    
    Future Net IncomeLife
    
    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
    
    
    
    0CASSIDY 32- 6-40
    
    
    0.3
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    1,008
    
    
    
    886
    
    
    
    0
    
    
    
    432
    
    
    
    1,444
    
    
    
    87
    
    
    
    0
    
    
    
    1,357
    
    
    
    1,341CASSIDY 32- 7-39
    
    
    4.3
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    26,256
    
    
    
    23,055
    
    
    
    0
    
    
    
    11,239
    
    
    
    37,594
    
    
    
    2,256
    
    
    
    0
    
    
    
    35,338
    
    
    
    29,856CASSIDY 32- 8-34
    
    
    18.2
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    217,992
    
    
    
    191,419
    
    
    
    0
    
    
    
    93,317
    
    
    
    312,127
    
    
    
    18,728
    
    
    
    0
    
    
    
    293,399
    
    
    
    175,977CASSIDY 32- 9-37
    
    
    15.5
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    197,113
    
    
    
    173,085
    
    
    
    0
    
    
    
    84,379
    
    
    
    310,514
    
    
    
    18,631
    
    
    
    0
    
    
    
    291,884
    
    
    
    191,131CASSIDY 32-10-45
    
    
    5.5
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    34,015
    
    
    
    29,869
    
    
    
    0
    
    
    
    14,561
    
    
    
    48,704
    
    
    
    2,922
    
    
    
    0
    
    
    
    45,782
    
    
    
    36,910CASSIDY 32-11-35
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0CASSIDY 32-12-62
    
    
    0.1
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    293
    
    
    
    257
    
    
    
    0
    
    
    
    126
    
    
    
    462
    
    
    
    28
    
    
    
    0
    
    
    
    434
    
    
    
    432CASSIDY 32-13-46
    
    
    2.8
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    13,358
    
    
    
    11,730
    
    
    
    0
    
    
    
    5,718
    
    
    
    19,126
    
    
    
    1,148
    
    
    
    0
    
    
    
    17,979
    
    
    
    15,948CASSIDY 32-14-36
    
    
    6.8
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    35,536
    
    
    
    31,204
    
    
    
    0
    
    
    
    15,212
    
    
    
    55,979
    
    
    
    3,359
    
    
    
    0
    
    
    
    52,621
    
    
    
    40,379CASSIDY 32-15-38
    
    
    7.4
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    51,319
    
    
    
    45,064
    
    
    
    0
    
    
    
    21,968
    
    
    
    73,480
    
    
    
    4,409
    
    
    
    0
    
    
    
    69,071
    
    
    
    52,494CASSIDY 36- 1-19
    
    
    1.3
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    4,936
    
    
    
    4,335
    
    
    
    0
    
    
    
    2,113
    
    
    
    7,776
    
    
    
    467
    
    
    
    0
    
    
    
    7,310
    
    
    
    6,908CASSIDY 36- 2- 1
    
    
    3.3
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    14,767
    
    
    
    12,967
    
    
    
    0
    
    
    
    6,322
    
    
    
    21,144
    
    
    
    1,269
    
    
    
    0
    
    
    
    19,876
    
    
    
    17,127CASSIDY 36- 3-23
    
    
    1.9
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    13,974
    
    
    
    12,271
    
    
    
    0
    
    
    
    5,982
    
    
    
    22,014
    
    
    
    1,321
    
    
    
    0
    
    
    
    20,693
    
    
    
    19,285CASSIDY 36- 4-22
    
    
    7.8
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    49,675
    
    
    
    43,619
    
    
    
    0
    
    
    
    21,264
    
    
    
    78,253
    
    
    
    4,695
    
    
    
    0
    
    
    
    73,558
    
    
    
    55,498CASSIDY 36- 5-24
    
    
    7.9
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    43,138
    
    
    
    37,879
    
    
    
    0
    
    
    
    18,466
    
    
    
    67,955
    
    
    
    4,077
    
    
    
    0
    
    
    
    63,878
    
    
    
    47,162CASSIDY 36- 7-25
    
    
    2.1
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    8,002
    
    
    
    7,027
    
    
    
    0
    
    
    
    3,426
    
    
    
    12,606
    
    
    
    756
    
    
    
    0
    
    
    
    11,850
    
    
    
    10,779CASSIDY 36- 8- 4
    
    
    4.0
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    18,868
    
    
    
    16,568
    
    
    
    0
    
    
    
    8,077
    
    
    
    27,016
    
    
    
    1,621
    
    
    
    0
    
    
    
    25,395
    
    
    
    21,341CASSIDY 36- 9-71
    
    
    6.8
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    30,642
    
    
    
    26,907
    
    
    
    0
    
    
    
    13,117
    
    
    
    48,271
    
    
    
    2,896
    
    
    
    0
    
    
    
    45,375
    
    
    
    34,353CASSIDY 36-10-28
    
    
    0.8
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    3,072
    
    
    
    2,697
    
    
    
    0
    
    
    
    1,315
    
    
    
    4,839
    
    
    
    290
    
    
    
    0
    
    
    
    4,548
    
    
    
    4,375CASSIDY 36-11-27
    
    
    4.9
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    21,933
    
    
    
    19,260
    
    
    
    0
    
    
    
    9,389
    
    
    
    34,552
    
    
    
    2,073
    
    
    
    0
    
    
    
    32,479
    
    
    
    26,401CASSIDY 36-12-26
    
    
    0.9
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    3,466
    
    
    
    3,044
    
    
    
    0
    
    
    
    1,484
    
    
    
    5,460
    
    
    
    328
    
    
    
    0
    
    
    
    5,132
    
    
    
    4,920CASSIDY 36-13-29
    
    
    2.6
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    13,458
    
    
    
    11,818
    
    
    
    0
    
    
    
    5,761
    
    
    
    19,270
    
    
    
    1,156
    
    
    
    0
    
    
    
    18,114
    
    
    
    16,227CASSIDY 36-14-30
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0CASSIDY 36-15-31
    
    
    4.1
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    19,364
    
    
    
    17,004
    
    
    
    0
    
    
    
    8,289
    
    
    
    30,505
    
    
    
    1,830
    
    
    
    0
    
    
    
    28,675
    
    
    
    24,194CASSIDY 36-16- 3
    
    
    11.0
    
    
    
    0.00000
    %
    
    
    47.91200
    %
    
    
    0
    
    
    
    66,202
    
    
    
    58,132
    
    
    
    0
    
    
    
    27,852
    
    
    
    102,496
    
    
    
    6,150
    
    
    
    0
    
    
    
    96,346
    
    
    
    64,588CASSIDY 5- 2-126
    
    
    9.3
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    65,014
    
    
    
    57,089
    
    
    
    0
    
    
    
    27,831
    
    
    
    102,418
    
    
    
    6,145
    
    
    
    0
    
    
    
    96,273
    
    
    
    69,741CASSIDY 5- 4-49
    
    
    5.5
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    32,855
    
    
    
    28,850
    
    
    
    0
    
    
    
    14,064
    
    
    
    47,042
    
    
    
    2,823
    
    
    
    0
    
    
    
    44,219
    
    
    
    35,557CASSIDY 5- 5-50
    
    
    5.5
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    34,015
    
    
    
    29,869
    
    
    
    0
    
    
    
    14,561
    
    
    
    48,704
    
    
    
    2,922
    
    
    
    0
    
    
    
    45,782
    
    
    
    36,910CASSIDY 5- 6-61
    
    
    9.5
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    78,102
    
    
    
    68,581
    
    
    
    0
    
    
    
    33,433
    
    
    
    111,828
    
    
    
    6,710
    
    
    
    0
    
    
    
    105,118
    
    
    
    75,885CASSIDY 5-11-56
    
    
    7.3
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    43,638
    
    
    
    38,318
    
    
    
    0
    
    
    
    18,680
    
    
    
    62,481
    
    
    
    3,749
    
    
    
    0
    
    
    
    58,733
    
    
    
    44,298CASSIDY 5-13-48
    
    
    1.4
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    6,339
    
    
    
    5,567
    
    
    
    0
    
    
    
    2,714
    
    
    
    9,077
    
    
    
    545
    
    
    
    0
    
    
    
    8,532
    
    
    
    8,003CASSIDY 5-14-57
    
    
    1.2
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    4,738
    
    
    
    4,160
    
    
    
    0
    
    
    
    2,028
    
    
    
    6,784
    
    
    
    407
    
    
    
    0
    
    
    
    6,377
    
    
    
    6,038CASSIDY 6- 2-64
    
    
    7.0
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    41,465
    
    
    
    36,411
    
    
    
    0
    
    
    
    17,750
    
    
    
    59,371
    
    
    
    3,562
    
    
    
    0
    
    
    
    55,808
    
    
    
    42,413CASSIDY 6- 3-44
    
    
    6.2
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    33,630
    
    
    
    29,531
    
    
    
    0
    
    
    
    14,396
    
    
    
    52,978
    
    
    
    3,179
    
    
    
    0
    
    
    
    49,799
    
    
    
    39,148CASSIDY 6- 4-42
    
    
    0.4
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    1,708
    
    
    
    1,500
    
    
    
    0
    
    
    
    731
    
    
    
    2,445
    
    
    
    147
    
    
    
    0
    
    
    
    2,299
    
    
    
    2,254CASSIDY 6- 5-43
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0CASSIDY 6- 6-53
    
    
    9.2
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    55,303
    
    
    
    48,561
    
    
    
    0
    
    
    
    23,674
    
    
    
    79,184
    
    
    
    4,751
    
    
    
    0
    
    
    
    74,433
    
    
    
    52,442CASSIDY 6- 7-129
    
    
    1.7
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    7,567
    
    
    
    6,644
    
    
    
    0
    
    
    
    3,239
    
    
    
    10,834
    
    
    
    650
    
    
    
    0
    
    
    
    10,184
    
    
    
    9,450CASSIDY 6- 9-47
    
    
    4.2
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    22,633
    
    
    
    19,874
    
    
    
    0
    
    
    
    9,689
    
    
    
    32,407
    
    
    
    1,944
    
    
    
    0
    
    
    
    30,462
    
    
    
    25,635CASSIDY 6-10-52
    
    
    3.2
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    16,737
    
    
    
    14,697
    
    
    
    0
    
    
    
    7,165
    
    
    
    23,964
    
    
    
    1,438
    
    
    
    0
    
    
    
    22,527
    
    
    
    19,718CASSIDY 6-11-54
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0CASSIDY 6-13-51
    
    
    1.3
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    5,253
    
    
    
    4,613
    
    
    
    0
    
    
    
    2,249
    
    
    
    8,276
    
    
    
    497
    
    
    
    0
    
    
    
    7,779
    
    
    
    7,323CASSIDY 6-14-55
    
    
    5.6
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    32,323
    
    
    
    28,383
    
    
    
    0
    
    
    
    13,837
    
    
    
    46,281
    
    
    
    2,777
    
    
    
    0
    
    
    
    43,504
    
    
    
    34,796CASSIDY 6-16-68
    
    
    7.6
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    33,127
    
    
    
    29,089
    
    
    
    0
    
    
    
    14,181
    
    
    
    52,185
    
    
    
    3,131
    
    
    
    0
    
    
    
    49,054
    
    
    
    35,803CASSIDY 8- 4-63
    
    
    1.1
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    4,583
    
    
    
    4,024
    
    
    
    0
    
    
    
    1,962
    
    
    
    6,561
    
    
    
    394
    
    
    
    0
    
    
    
    6,168
    
    
    
    5,866CASSIDY 8- 5-60
    
    
    8.0
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    44,677
    
    
    
    39,231
    
    
    
    0
    
    
    
    19,125
    
    
    
    63,970
    
    
    
    3,838
    
    
    
    0
    
    
    
    60,132
    
    
    
    43,777CASSIDY 8-12-58
    
    
    5.9
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    27,385
    
    
    
    24,046
    
    
    
    0
    
    
    
    11,723
    
    
    
    39,210
    
    
    
    2,353
    
    
    
    0
    
    
    
    36,857
    
    
    
    28,571CASSIDY 8-13-59
    
    
    8.1
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    41,830
    
    
    
    36,731
    
    
    
    0
    
    
    
    17,906
    
    
    
    65,895
    
    
    
    3,954
    
    
    
    0
    
    
    
    61,942
    
    
    
    45,193CHEVRON 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 REVENUESTOTAL ROYALTY INTERESTS
    
    AS OF DECEMBER 31, 2009TOTAL PROVED RESERVES
 Gross Volumes
    
    Net Volumes
    
    Product
    
    Production
    
    Operating
    
    Future Net IncomeLife
    
    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
    
    
    
    77,662CHEVRON 25- 2- 1
    
    
    2.7
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    9,910
    
    
    
    8,702
    
    
    
    0
    
    
    
    4,949
    
    
    
    18,213
    
    
    
    1,093
    
    
    
    0
    
    
    
    17,120
    
    
    
    15,267CHEVRON 25- 8- 2
    
    
    3.8
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    17,521
    
    
    
    15,385
    
    
    
    0
    
    
    
    8,750
    
    
    
    29,267
    
    
    
    1,756
    
    
    
    0
    
    
    
    27,511
    
    
    
    23,478CHEVRON 25-11- 3
    
    
    4.9
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    22,321
    
    
    
    19,600
    
    
    
    0
    
    
    
    11,148
    
    
    
    41,023
    
    
    
    2,461
    
    
    
    0
    
    
    
    38,562
    
    
    
    31,768CHEVRON 26- 5- 9
    
    
    10.3
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    60,645
    
    
    
    53,253
    
    
    
    0
    
    
    
    30,287
    
    
    
    111,458
    
    
    
    6,687
    
    
    
    0
    
    
    
    104,771
    
    
    
    73,442CHEVRON 27- 1-10
    
    
    5.9
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    31,572
    
    
    
    27,723
    
    
    
    0
    
    
    
    15,768
    
    
    
    52,740
    
    
    
    3,164
    
    
    
    0
    
    
    
    49,575
    
    
    
    39,480CHEVRON 30-10- 8
    
    
    3.3
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    12,091
    
    
    
    10,618
    
    
    
    0
    
    
    
    6,039
    
    
    
    22,222
    
    
    
    1,333
    
    
    
    0
    
    
    
    20,889
    
    
    
    18,177CHRISTIAN 12- 5- 2
    
    
    7.4
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    42,906
    
    
    
    37,676
    
    
    
    0
    
    
    
    21,428
    
    
    
    71,673
    
    
    
    4,300
    
    
    
    0
    
    
    
    67,373
    
    
    
    51,203CLEMENTS 34-11- 1
    
    
    12.7
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    97,736
    
    
    
    85,822
    
    
    
    0
    
    
    
    48,811
    
    
    
    179,626
    
    
    
    10,778
    
    
    
    0
    
    
    
    168,849
    
    
    
    114,267CLEMENTS 34-15- 1
    
    
    11.3
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    82,794
    
    
    
    72,701
    
    
    
    0
    
    
    
    41,349
    
    
    
    138,304
    
    
    
    8,298
    
    
    
    0
    
    
    
    130,005
    
    
    
    89,724CLEMENTS 34-16- 2
    
    
    11.5
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    78,858
    
    
    
    69,245
    
    
    
    0
    
    
    
    39,383
    
    
    
    144,930
    
    
    
    8,696
    
    
    
    0
    
    
    
    136,234
    
    
    
    93,926COLBURN 15- 9- 1
    
    
    19.2
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    117,814
    
    
    
    103,452
    
    
    
    0
    
    
    
    58,838
    
    
    
    216,526
    
    
    
    12,992
    
    
    
    0
    
    
    
    203,534
    
    
    
    111,751COLBURN 15-15- 2
    
    
    30.0
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    273,182
    
    
    
    239,881
    
    
    
    0
    
    
    
    136,433
    
    
    
    456,340
    
    
    
    27,380
    
    
    
    0
    
    
    
    428,960
    
    
    
    195,950CUNNINGHAM 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
    
    
    
    392,429CUNNINGHAM 10- 2- 2
    
    
    19.6
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    159,671
    
    
    
    140,207
    
    
    
    0
    
    
    
    79,743
    
    
    
    266,723
    
    
    
    16,003
    
    
    
    0
    
    
    
    250,720
    
    
    
    140,415CUNNINGHAM 28-15- 3
    
    
    6.7
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    33,086
    
    
    
    29,053
    
    
    
    0
    
    
    
    16,524
    
    
    
    60,807
    
    
    
    3,648
    
    
    
    0
    
    
    
    57,159
    
    
    
    44,491CUNNINGHAM 34- 8- 2
    
    
    14.2
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    96,533
    
    
    
    84,766
    
    
    
    0
    
    
    
    48,211
    
    
    
    161,255
    
    
    
    9,675
    
    
    
    0
    
    
    
    151,580
    
    
    
    95,115CUNNINGHAM 35-12- 1
    
    
    8.7
    
    
    
    0.00000
    %
    
    
    57.60302
    %
    
    
    0
    
    
    
    48,489
    
    
    
    42,578
    
    
    
    0
    
    
    
    24,526
    
    
    
    82,036
    
    
    
    4,922
    
    
    
    0
    
    
    
    77,114
    
    
    
    56,082DAVANT 1-12-10
    
    
    5.4
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    30,894
    
    
    
    27,128
    
    
    
    0
    
    
    
    15,429
    
    
    
    51,607
    
    
    
    3,096
    
    
    
    0
    
    
    
    48,511
    
    
    
    39,516DAVANT 1-13-11
    
    
    7.4
    
    
    
    0.00000
    %
    
    
    54.84375
    %
    
    
    0
    
    
    
    49,556
    
    
    
    43,515
    
    
    
    0
    
    
    
    23,865
    
    
    
    79,825
    
    
    
    4,790
    
    
    
    0
    
    
    
    75,036
    
    
    
    57,550DAVANT 21-16-16
    
    
    16.8
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    140,064
    
    
    
    122,990
    
    
    
    0
    
    
    
    69,951
    
    
    
    257,419
    
    
    
    15,445
    
    
    
    0
    
    
    
    241,974
    
    
    
    148,558DAVANT 23- 2- 9
    
    
    10.3
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    62,759
    
    
    
    55,109
    
    
    
    0
    
    
    
    31,343
    
    
    
    104,837
    
    
    
    6,290
    
    
    
    0
    
    
    
    98,547
    
    
    
    68,598DAVANT 23- 7- 7
    
    
    3.5
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    13,518
    
    
    
    11,870
    
    
    
    0
    
    
    
    6,751
    
    
    
    24,845
    
    
    
    1,491
    
    
    
    0
    
    
    
    23,354
    
    
    
    20,157DAVANT 23-13- 8
    
    
    13.3
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    78,393
    
    
    
    68,837
    
    
    
    0
    
    
    
    39,151
    
    
    
    144,076
    
    
    
    8,645
    
    
    
    0
    
    
    
    135,431
    
    
    
    86,693DAVANT 3- 1-12
    
    
    8.9
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    66,343
    
    
    
    58,255
    
    
    
    0
    
    
    
    33,133
    
    
    
    110,823
    
    
    
    6,649
    
    
    
    0
    
    
    
    104,173
    
    
    
    77,197DAVANT 3- 2-13
    
    
    14.5
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    99,820
    
    
    
    87,652
    
    
    
    0
    
    
    
    49,852
    
    
    
    183,456
    
    
    
    11,007
    
    
    
    0
    
    
    
    172,449
    
    
    
    109,257DAVANT 7- 4- 2
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0DAVANT 7- 5- 3
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0DAVANT 7-11- 4
    
    
    12.8
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    73,672
    
    
    
    64,692
    
    
    
    0
    
    
    
    36,793
    
    
    
    135,400
    
    
    
    8,124
    
    
    
    0
    
    
    
    127,276
    
    
    
    82,345DAVANT 7-12- 5
    
    
    2.0
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    7,363
    
    
    
    6,466
    
    
    
    0
    
    
    
    3,677
    
    
    
    12,300
    
    
    
    738
    
    
    
    0
    
    
    
    11,562
    
    
    
    10,562DAVANT 7-13- 6
    
    
    16.9
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    137,520
    
    
    
    120,756
    
    
    
    0
    
    
    
    68,680
    
    
    
    229,721
    
    
    
    13,783
    
    
    
    0
    
    
    
    215,938
    
    
    
    129,275DAVANT 7-14- 1
    
    
    11.8
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    56,881
    
    
    
    49,947
    
    
    
    0
    
    
    
    28,407
    
    
    
    104,539
    
    
    
    6,272
    
    
    
    0
    
    
    
    98,266
    
    
    
    64,161DAVIS 24- 7- 1
    
    
    11.0
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    71,990
    
    
    
    63,214
    
    
    
    0
    
    
    
    35,953
    
    
    
    120,256
    
    
    
    7,215
    
    
    
    0
    
    
    
    113,041
    
    
    
    77,481DAVIS 24- 8- 2
    
    
    6.4
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    32,504
    
    
    
    28,542
    
    
    
    0
    
    
    
    16,233
    
    
    
    54,296
    
    
    
    3,258
    
    
    
    0
    
    
    
    51,039
    
    
    
    39,737DAVIS 24- 9- 3
    
    
    10.1
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    57,136
    
    
    
    50,171
    
    
    
    0
    
    
    
    28,535
    
    
    
    95,443
    
    
    
    5,727
    
    
    
    0
    
    
    
    89,717
    
    
    
    62,179DAVIS 24-10- 4
    
    
    10.8
    
    
    
    0.00000
    %
    
    
    56.74805
    %
    
    
    0
    
    
    
    69,137
    
    
    
    60,709
    
    
    
    0
    
    
    
    34,451
    
    
    
    115,233
    
    
    
    6,914
    
    
    
    0
    
    
    
    108,319
    
    
    
    74,383DEAL 27- 4- 1
    
    
    15.1
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    95,050
    
    
    
    83,464
    
    
    
    0
    
    
    
    47,470
    
    
    
    174,689
    
    
    
    10,481
    
    
    
    0
    
    
    
    164,208
    
    
    
    101,099DEAL 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
    
    
    
    450,664DRUMMOND 6- 1- 1
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0EARNEST 15-10- 2
    
    
    7.4
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    44,907
    
    
    
    39,433
    
    
    
    0
    
    
    
    22,428
    
    
    
    75,016
    
    
    
    4,501
    
    
    
    0
    
    
    
    70,515
    
    
    
    53,837EARNEST 15-15- 5
    
    
    1.9
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    7,142
    
    
    
    6,272
    
    
    
    0
    
    
    
    3,567
    
    
    
    11,931
    
    
    
    716
    
    
    
    0
    
    
    
    11,215
    
    
    
    10,289EARNEST 15-16- 4
    
    
    8.9
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    40,923
    
    
    
    35,934
    
    
    
    0
    
    
    
    20,438
    
    
    
    75,211
    
    
    
    4,513
    
    
    
    0
    
    
    
    70,698
    
    
    
    50,421EARNEST 24-13- 1
    
    
    8.8
    
    
    
    0.00000
    %
    
    
    56.62111
    %
    
    
    0
    
    
    
    57,392
    
    
    
    50,396
    
    
    
    0
    
    
    
    28,535
    
    
    
    95,443
    
    
    
    5,727
    
    
    
    0
    
    
    
    89,716
    
    
    
    65,780FEDERAL 8- 9-10
    
    
    7.2
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    33,493
    
    
    
    29,410
    
    
    
    0
    
    
    
    16,727
    
    
    
    61,556
    
    
    
    3,693
    
    
    
    0
    
    
    
    57,863
    
    
    
    43,990FEDERAL 8-16-12
    
    
    6.5
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    37,909
    
    
    
    33,288
    
    
    
    0
    
    
    
    18,932
    
    
    
    63,325
    
    
    
    3,800
    
    
    
    0
    
    
    
    59,526
    
    
    
    46,757FEDERAL 9- 4- 5
    
    
    22.5
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    238,566
    
    
    
    209,485
    
    
    
    0
    
    
    
    119,145
    
    
    
    398,515
    
    
    
    23,911
    
    
    
    0
    
    
    
    374,604
    
    
    
    205,959FEDERAL 9-12- 7
    
    
    16.3
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    132,386
    
    
    
    116,248
    
    
    
    0
    
    
    
    66,116
    
    
    
    221,146
    
    
    
    13,269
    
    
    
    0
    
    
    
    207,877
    
    
    
    126,610FEDERAL 9-14- 8
    
    
    11.4
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    58,963
    
    
    
    51,776
    
    
    
    0
    
    
    
    29,447
    
    
    
    108,366
    
    
    
    6,502
    
    
    
    0
    
    
    
    101,864
    
    
    
    67,883FGLIC 26- 2- 1
    
    
    12.5
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    72,994
    
    
    
    64,096
    
    
    
    0
    
    
    
    36,455
    
    
    
    134,154
    
    
    
    8,049
    
    
    
    0
    
    
    
    126,104
    
    
    
    82,619FGLIC 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 REVENUESTOTAL ROYALTY INTERESTS
    
    AS OF DECEMBER 31, 2009TOTAL PROVED RESERVES
 Gross Volumes
    
    Net Volumes
    
    Product
    
    Production
    
    Operating
    
    Future Net IncomeLife
    
    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
    
    
    
    22,434FIRST
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
    
    
    
    35,260FIRST 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
    
    
    
    70,220FIRST
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
    
    
    
    61,196FIRST
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
    
    
    
    30,172FIRST
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
    
    
    
    92,825FIRST
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
    
    
    
    4,849FIRST
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
    
    
    
    75,237FIRST
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
    
    
    
    43,677FIRST
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
    
    
    
    51,724FIRST
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
    
    
    
    38,154FIRST
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
    
    
    
    67,977FIRST
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
    
    
    
    44,356FIRST ALABAMA BANK 25-15-3A
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    51.89977
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0FIRST
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
    
    
    
    105,166FIRST 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
    
    
    
    93,683FIRST
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
    
    
    
    59,781FIRST 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
    
    
    
    50,398FIRST
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
    
    
    
    68,175FIRST
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
    
    
    
    89,947FIRST
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
    
    
    
    98,740FIRST
ALABAMA BANK 35- 2-8
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    42.83960
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0FIRST
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
    
    
    
    69,473FIRST
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
    
    
    
    27,622FIRST
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
    
    
    
    67,355FRIEDMAN 10-10-28
    
    
    12.3
    
    
    
    0.00000
    %
    
    
    53.54375
    %
    
    
    0
    
    
    
    77,046
    
    
    
    67,654
    
    
    
    0
    
    
    
    36,224
    
    
    
    133,306
    
    
    
    7,998
    
    
    
    0
    
    
    
    125,308
    
    
    
    82,506FRIEDMAN 10-15-29
    
    
    4.8
    
    
    
    0.00000
    %
    
    
    53.54375
    %
    
    
    0
    
    
    
    21,672
    
    
    
    19,030
    
    
    
    0
    
    
    
    10,190
    
    
    
    34,082
    
    
    
    2,045
    
    
    
    0
    
    
    
    32,037
    
    
    
    26,117FRIEDMAN 11-10- 8
    
    
    10.6
    
    
    
    0.00000
    %
    
    
    53.54375
    %
    
    
    0
    
    
    
    53,292
    
    
    
    46,795
    
    
    
    0
    
    
    
    25,056
    
    
    
    92,206
    
    
    
    5,532
    
    
    
    0
    
    
    
    86,674
    
    
    
    58,579FRIEDMAN 11-11-17
    
    
    24.2
    
    
    
    0.00000
    %
    
    
    53.54375
    %
    
    
    0
    
    
    
    168,290
    
    
    
    147,776
    
    
    
    0
    
    
    
    79,125
    
    
    
    291,179
    
    
    
    17,471
    
    
    
    0
    
    
    
    273,708
    
    
    
    134,498FRIEDMAN 11-13-18
    
    
    16.3
    
    
    
    0.00000
    %
    
    
    53.54375
    %
    
    
    0
    
    
    
    96,838
    
    
    
    85,034
    
    
    
    0
    
    
    
    45,530
    
    
    
    167,551
    
    
    
    10,053
    
    
    
    0
    
    
    
    157,498
    
    
    
    91,752FRIEDMAN 12- 1- 9
    
    
    1.7
    
    
    
    0.00000
    %
    
    
    53.54375
    %
    
    
    0
    
    
    
    5,888
    
    
    
    5,171
    
    
    
    0
    
    
    
    2,769
    
    
    
    10,188
    
    
    
    611
    
    
    
    0
    
    
    
    9,577
    
    
    
    8,881FRIEDMAN 12- 2-50
    
    
    1.6
    
    
    
    0.00000
    %
    
    
    53.54375
    %
    
    
    0
    
    
    
    6,545
    
    
    
    5,747
    
    
    
    0
    
    
    
    3,077
    
    
    
    10,293
    
    
    
    618
    
    
    
    0
    
    
    
    9,676
    
    
    
    9,015FRIEDMAN 12- 8-10
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    53.54375
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0FRIEDMAN 13-13- 3
    
    
    1.9
    
    
    
    0.00000
    %
    
    
    53.54375
    %
    
    
    0
    
    
    
    7,529
    
    
    
    6,611
    
    
    
    0
    
    
    
    3,540
    
    
    
    11,840
    
    
    
    710
    
    
    
    0
    
    
    
    11,129
    
    
    
    10,203FRIEDMAN 14- 6-33
    
    
    20.0
    
    
    
    0.00000
    %
    
    
    53.54375
    %
    
    
    0
    
    
    
    165,289
    
    
    
    145,140
    
    
    
    0
    
    
    
    77,714
    
    
    
    259,937
    
    
    
    15,596
    
    
    
    0
    
    
    
    244,341
    
    
    
    133,996FRIEDMAN 14-12-34
    
    
    5.4
    
    
    
    0.00000
    %
    
    
    53.54375
    %
    
    
    0
    
    
    
    31,170
    
    
    
    27,370
    
    
    
    0
    
    
    
    14,655
    
    
    
    53,930
    
    
    
    3,236
    
    
    
    0
    
    
    
    50,694
    
    
    
    41,475FRIEDMAN 14-13-35
    
    
    9.9
    
    
    
    0.00000
    %
    
    
    53.54375
    %
    
    
    0
    
    
    
    68,080
    
    
    
    59,781
    
    
    
    0
    
    
    
    32,009
    
    
    
    107,065
    
    
    
    6,424
    
    
    
    0
    
    
    
    100,641
    
    
    
    71,140FRIEDMAN 18- 2- 5
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    53.54375
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0FRIEDMAN 18- 3-31
    
    
    5.7
    
    
    
    0.00000
    %
    
    
    53.54375
    %
    
    
    0
    
    
    
    29,672
    
    
    
    26,055
    
    
    
    0
    
    
    
    13,951
    
    
    
    46,663
    
    
    
    2,800
    
    
    
    0
    
    
    
    43,864
    
    
    
    35,005FRIEDMAN 18- 7-30
    
    
    8.6
    
    
    
    0.00000
    %
    
    
    53.54375
    %
    
    
    0
    
    
    
    38,606
    
    
    
    33,900
    
    
    
    0
    
    
    
    18,151
    
    
    
    66,798
    
    
    
    4,008
    
    
    
    0
    
    
    
    62,790
    
    
    
    44,850FRIEDMAN 18- 8- 2
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    53.54375
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0FRIEDMAN 18- 9- 1
    
    
    8.1
    
    
    
    0.00000
    %
    
    
    53.54375
    %
    
    
    0
    
    
    
    38,884
    
    
    
    34,144
    
    
    
    0
    
    
    
    18,282
    
    
    
    67,278
    
    
    
    4,037
    
    
    
    0
    
    
    
    63,241
    
    
    
    46,348FRIEDMAN 18-15- 4
    
    
    21.3
    
    
    
    0.00000
    %
    
    
    53.54375
    %
    
    
    0
    
    
    
    212,452
    
    
    
    186,554
    
    
    
    0
    
    
    
    99,888
    
    
    
    334,106
    
    
    
    20,046
    
    
    
    0
    
    
    
    314,059
    
    
    
    173,363FRIEDMAN 2- 1-15
    
    
    2.4
    
    
    
    0.00000
    %
    
    
    53.54375
    %
    
    
    0
    
    
    
    10,255
    
    
    
    9,005
    
    
    
    0
    
    
    
    4,822
    
    
    
    16,127
    
    
    
    968
    
    
    
    0
    
    
    
    15,159
    
    
    
    13,629FRIEDMAN 2- 5-42
    
    
    10.3
    
    
    
    0.00000
    %
    
    
    53.54375
    %
    
    
    0
    
    
    
    69,985
    
    
    
    61,454
    
    
    
    0
    
    
    
    32,905
    
    
    
    110,060
    
    
    
    6,604
    
    
    
    0
    
    
    
    103,456
    
    
    
    72,326FRIEDMAN 2- 9-16
    
    
    14.6
    
    
    
    0.00000
    %
    
    
    55.76460
    %
    
    
    0
    
    
    
    95,877
    
    
    
    84,190
    
    
    
    0
    
    
    
    46,948
    
    
    
    157,033
    
    
    
    9,422
    
    
    
    0
    
    
    
    147,611
    
    
    
    90,668FRIEDMAN 2-12-21
    
    
    12.5
    
    
    
    0.00000
    %
    
    
    53.54375
    %
    
    
    0
    
    
    
    74,166
    
    
    
    65,125
    
    
    
    0
    
    
    
    34,870
    
    
    
    128,323
    
    
    
    7,699
    
    
    
    0
    
    
    
    120,624
    
    
    
    78,477FRIEDMAN 2-14-22
    
    
    5.9
    
    
    
    0.00000
    %
    
    
    53.54375
    %
    
    
    0
    
    
    
    31,162
    
    
    
    27,363
    
    
    
    0
    
    
    
    14,651
    
    
    
    49,006
    
    
    
    2,940
    
    
    
    0
    
    
    
    46,066
    
    
    
    36,451FRIEDMAN 22- 4-52
    
    
    8.2
    
    
    
    0.00000
    %
    
    
    53.54375
    %
    
    
    0
    
    
    
    48,370
    
    
    
    42,474
    
    
    
    0
    
    
    
    22,742
    
    
    
    76,068
    
    
    
    4,564
    
    
    
    0
    
    
    
    71,504
    
    
    
    52,695FRIEDMAN 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 REVENUESTOTAL ROYALTY INTERESTS
    
    AS OF DECEMBER 31, 2009TOTAL PROVED RESERVES
 Gross Volumes
    
    Net Volumes
    
    Product
    
    Production
    
    Operating
    
    Future Net IncomeLife
    
    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
    
    
    
    0FRIEDMAN 22-15-39
    
    
    16.5
    
    
    
    0.00000
    %
    
    
    53.54375
    %
    
    
    0
    
    
    
    93,087
    
    
    
    81,739
    
    
    
    0
    
    
    
    43,766
    
    
    
    146,390
    
    
    
    8,783
    
    
    
    0
    
    
    
    137,607
    
    
    
    76,993FRIEDMAN 22-15-54
    
    
    15.9
    
    
    
    0.00000
    %
    
    
    55.20937
    %
    
    
    0
    
    
    
    122,886
    
    
    
    107,907
    
    
    
    0
    
    
    
    59,575
    
    
    
    199,265
    
    
    
    11,956
    
    
    
    0
    
    
    
    187,309
    
    
    
    113,581FRIEDMAN 22-16-55
    
    
    14.2
    
    
    
    0.00000
    %
    
    
    53.54375
    %
    
    
    0
    
    
    
    82,196
    
    
    
    72,176
    
    
    
    0
    
    
    
    38,646
    
    
    
    129,262
    
    
    
    7,756
    
    
    
    0
    
    
    
    121,507
    
    
    
    73,411FRIEDMAN 23- 4-41
    
    
    14.5
    
    
    
    0.00000
    %
    
    
    55.20937
    %
    
    
    0
    
    
    
    139,796
    
    
    
    122,754
    
    
    
    0
    
    
    
    67,772
    
    
    
    249,401
    
    
    
    14,964
    
    
    
    0
    
    
    
    234,437
    
    
    
    154,772FRIEDMAN 23- 5-40
    
    
    7.3
    
    
    
    0.00000
    %
    
    
    45.87100
    %
    
    
    0
    
    
    
    43,277
    
    
    
    38,002
    
    
    
    0
    
    
    
    17,432
    
    
    
    64,149
    
    
    
    3,849
    
    
    
    0
    
    
    
    60,300
    
    
    
    45,643FRIEDMAN 3- 6-23
    
    
    16.7
    
    
    
    0.00000
    %
    
    
    53.54375
    %
    
    
    0
    
    
    
    107,735
    
    
    
    94,602
    
    
    
    0
    
    
    
    50,653
    
    
    
    186,405
    
    
    
    11,184
    
    
    
    0
    
    
    
    175,220
    
    
    
    102,480FRIEDMAN 30- 4-45
    
    
    11.9
    
    
    
    0.00000
    %
    
    
    54.34000
    %
    
    
    0
    
    
    
    127,073
    
    
    
    111,583
    
    
    
    0
    
    
    
    60,634
    
    
    
    202,809
    
    
    
    12,169
    
    
    
    0
    
    
    
    190,640
    
    
    
    133,909FRIEDMAN 30- 5-46
    
    
    6.5
    
    
    
    0.00000
    %
    
    
    54.34000
    %
    
    
    0
    
    
    
    50,689
    
    
    
    44,510
    
    
    
    0
    
    
    
    24,187
    
    
    
    80,900
    
    
    
    4,854
    
    
    
    0
    
    
    
    76,046
    
    
    
    60,787FRIEDMAN 30-12-47
    
    
    14.3
    
    
    
    0.00000
    %
    
    
    54.34000
    %
    
    
    0
    
    
    
    118,387
    
    
    
    103,955
    
    
    
    0
    
    
    
    56,489
    
    
    
    207,880
    
    
    
    12,473
    
    
    
    0
    
    
    
    195,408
    
    
    
    126,659FRIEDMAN 30-13-48
    
    
    17.9
    
    
    
    0.00000
    %
    
    
    54.34000
    %
    
    
    0
    
    
    
    172,823
    
    
    
    151,756
    
    
    
    0
    
    
    
    82,464
    
    
    
    275,826
    
    
    
    16,550
    
    
    
    0
    
    
    
    259,277
    
    
    
    154,248FRIEDMAN 31-12-49
    
    
    9.0
    
    
    
    0.00000
    %
    
    
    54.34000
    %
    
    
    0
    
    
    
    51,940
    
    
    
    45,609
    
    
    
    0
    
    
    
    24,784
    
    
    
    91,204
    
    
    
    5,472
    
    
    
    0
    
    
    
    85,732
    
    
    
    62,217FRIEDMAN 3-15-26
    
    
    1.5
    
    
    
    0.00000
    %
    
    
    53.17812
    %
    
    
    0
    
    
    
    5,990
    
    
    
    5,260
    
    
    
    0
    
    
    
    2,797
    
    
    
    9,355
    
    
    
    561
    
    
    
    0
    
    
    
    8,794
    
    
    
    8,215FRIEDMAN 34-10-57
    
    
    10.5
    
    
    
    0.00000
    %
    
    
    53.54375
    %
    
    
    0
    
    
    
    72,836
    
    
    
    63,957
    
    
    
    0
    
    
    
    34,245
    
    
    
    114,543
    
    
    
    6,873
    
    
    
    0
    
    
    
    107,671
    
    
    
    74,839FRIEDMAN 34-15-58
    
    
    13.1
    
    
    
    0.00000
    %
    
    
    53.54375
    %
    
    
    0
    
    
    
    67,360
    
    
    
    59,149
    
    
    
    0
    
    
    
    31,670
    
    
    
    105,932
    
    
    
    6,356
    
    
    
    0
    
    
    
    99,576
    
    
    
    60,994FRIEDMAN 36- 1-43
    
    
    6.8
    
    
    
    0.00000
    %
    
    
    54.34000
    %
    
    
    0
    
    
    
    29,646
    
    
    
    26,032
    
    
    
    0
    
    
    
    14,146
    
    
    
    52,056
    
    
    
    3,123
    
    
    
    0
    
    
    
    48,933
    
    
    
    37,386FRIEDMAN 36- 3- 1
    
    
    6.3
    
    
    
    0.00000
    %
    
    
    54.34000
    %
    
    
    0
    
    
    
    31,875
    
    
    
    27,989
    
    
    
    0
    
    
    
    15,209
    
    
    
    55,970
    
    
    
    3,358
    
    
    
    0
    
    
    
    52,612
    
    
    
    41,274FRIEDMAN 36- 7-44
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    56.26400
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0FRIEDMAN 36- 8- 2
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    54.34000
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0FRIEDMAN 36-11-56
    
    
    7.4
    
    
    
    0.00000
    %
    
    
    56.26400
    %
    
    
    0
    
    
    
    43,516
    
    
    
    38,211
    
    
    
    0
    
    
    
    21,499
    
    
    
    71,910
    
    
    
    4,315
    
    
    
    0
    
    
    
    67,596
    
    
    
    51,373FRIEDMAN 4- 8-59
    
    
    21.8
    
    
    
    0.00000
    %
    
    
    55.20937
    %
    
    
    0
    
    
    
    166,945
    
    
    
    146,594
    
    
    
    0
    
    
    
    80,934
    
    
    
    297,837
    
    
    
    17,870
    
    
    
    0
    
    
    
    279,966
    
    
    
    149,617FRIEDMAN 6- 4-11
    
    
    15.8
    
    
    
    0.00000
    %
    
    
    53.54375
    %
    
    
    0
    
    
    
    144,607
    
    
    
    126,979
    
    
    
    0
    
    
    
    67,990
    
    
    
    227,412
    
    
    
    13,645
    
    
    
    0
    
    
    
    213,767
    
    
    
    132,553FRIEDMAN 6- 5-12
    
    
    3.2
    
    
    
    0.00000
    %
    
    
    53.54375
    %
    
    
    0
    
    
    
    12,264
    
    
    
    10,769
    
    
    
    0
    
    
    
    5,766
    
    
    
    21,219
    
    
    
    1,273
    
    
    
    0
    
    
    
    19,945
    
    
    
    17,390FRIEDMAN 6-12-13
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    53.54375
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0FRIEDMAN 6-13-14
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    53.54375
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0FRIEDMAN-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
    
    
    
    116,169FRIEDMAN-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
    
    
    
    56,855FRIEDMAN-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
    
    
    
    55,294GILBERT 15- 5- 1
    
    
    18.5
    
    
    
    0.00000
    %
    
    
    46.51560
    %
    
    
    0
    
    
    
    127,073
    
    
    
    111,583
    
    
    
    0
    
    
    
    51,903
    
    
    
    191,004
    
    
    
    11,460
    
    
    
    0
    
    
    
    179,544
    
    
    
    98,880GILBERT 15- 6- 3
    
    
    29.9
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    272,678
    
    
    
    239,439
    
    
    
    0
    
    
    
    136,181
    
    
    
    501,145
    
    
    
    30,069
    
    
    
    0
    
    
    
    471,077
    
    
    
    221,634GILBERT 15-12- 2
    
    
    1.6
    
    
    
    0.00000
    %
    
    
    46.51560
    %
    
    
    0
    
    
    
    6,738
    
    
    
    5,917
    
    
    
    0
    
    
    
    2,752
    
    
    
    10,129
    
    
    
    608
    
    
    
    0
    
    
    
    9,521
    
    
    
    8,868HALLMAN 17- 2- 2
    
    
    0.8
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    2,869
    
    
    
    2,519
    
    
    
    0
    
    
    
    1,433
    
    
    
    5,273
    
    
    
    316
    
    
    
    0
    
    
    
    4,956
    
    
    
    4,775HALLMAN 34- 8- 1
    
    
    9.0
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    52,214
    
    
    
    45,849
    
    
    
    0
    
    
    
    26,077
    
    
    
    95,962
    
    
    
    5,758
    
    
    
    0
    
    
    
    90,204
    
    
    
    65,870HALLMAN 8-14- 1
    
    
    17.4
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    145,589
    
    
    
    127,842
    
    
    
    0
    
    
    
    72,710
    
    
    
    243,200
    
    
    
    14,592
    
    
    
    0
    
    
    
    228,608
    
    
    
    135,791HAYES 18-13- 3
    
    
    13.8
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    73,931
    
    
    
    64,919
    
    
    
    0
    
    
    
    36,923
    
    
    
    135,876
    
    
    
    8,153
    
    
    
    0
    
    
    
    127,723
    
    
    
    79,636HAYES 18-14- 4
    
    
    9.0
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    63,413
    
    
    
    55,683
    
    
    
    0
    
    
    
    31,670
    
    
    
    105,929
    
    
    
    6,356
    
    
    
    0
    
    
    
    99,573
    
    
    
    73,190HAYES 7-16- 2
    
    
    12.3
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    114,831
    
    
    
    100,833
    
    
    
    0
    
    
    
    57,349
    
    
    
    191,820
    
    
    
    11,509
    
    
    
    0
    
    
    
    180,311
    
    
    
    124,571HINDS 12- 6- 1
    
    
    2.0
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    6,739
    
    
    
    5,918
    
    
    
    0
    
    
    
    3,366
    
    
    
    12,386
    
    
    
    743
    
    
    
    0
    
    
    
    11,643
    
    
    
    10,647HINDS 12- 7- 2
    
    
    5.6
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    27,425
    
    
    
    24,082
    
    
    
    0
    
    
    
    13,697
    
    
    
    45,812
    
    
    
    2,749
    
    
    
    0
    
    
    
    43,064
    
    
    
    34,511HINDS 12-11- 3
    
    
    6.4
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    37,427
    
    
    
    32,864
    
    
    
    0
    
    
    
    18,692
    
    
    
    62,520
    
    
    
    3,751
    
    
    
    0
    
    
    
    58,769
    
    
    
    46,268HINDS 14- 5- 4
    
    
    8.9
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    57,953
    
    
    
    50,889
    
    
    
    0
    
    
    
    28,943
    
    
    
    96,809
    
    
    
    5,809
    
    
    
    0
    
    
    
    91,000
    
    
    
    66,590HINDS 14- 6- 5
    
    
    4.5
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    19,740
    
    
    
    17,333
    
    
    
    0
    
    
    
    9,858
    
    
    
    36,279
    
    
    
    2,177
    
    
    
    0
    
    
    
    34,102
    
    
    
    28,476HOBSON 22- 9- 1
    
    
    15.9
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    114,322
    
    
    
    100,386
    
    
    
    0
    
    
    
    57,095
    
    
    
    190,970
    
    
    
    11,458
    
    
    
    0
    
    
    
    179,512
    
    
    
    108,149HOLMAN 10-11- 1
    
    
    39.6
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    264,624
    
    
    
    232,366
    
    
    
    0
    
    
    
    132,158
    
    
    
    442,044
    
    
    
    26,523
    
    
    
    0
    
    
    
    415,521
    
    
    
    144,846HOLMAN 13- 7-19
    
    
    16.9
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    128,277
    
    
    
    112,640
    
    
    
    0
    
    
    
    64,064
    
    
    
    235,755
    
    
    
    14,145
    
    
    
    0
    
    
    
    221,609
    
    
    
    133,784HOLMAN 13-11-20
    
    
    10.0
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    74,862
    
    
    
    65,736
    
    
    
    0
    
    
    
    37,387
    
    
    
    125,053
    
    
    
    7,503
    
    
    
    0
    
    
    
    117,550
    
    
    
    84,350HOLMAN 13-14-21
    
    
    5.0
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    20,622
    
    
    
    18,108
    
    
    
    0
    
    
    
    10,299
    
    
    
    37,900
    
    
    
    2,274
    
    
    
    0
    
    
    
    35,626
    
    
    
    29,080HOLMAN 13-15-22
    
    
    13.3
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    93,143
    
    
    
    81,789
    
    
    
    0
    
    
    
    46,517
    
    
    
    155,592
    
    
    
    9,336
    
    
    
    0
    
    
    
    146,256
    
    
    
    94,596HOLMAN 14- 3- 2
    
    
    3.1
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    13,428
    
    
    
    11,791
    
    
    
    0
    
    
    
    6,706
    
    
    
    22,432
    
    
    
    1,346
    
    
    
    0
    
    
    
    21,086
    
    
    
    18,504HOLMAN 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 REVENUESTOTAL ROYALTY INTERESTS
    
    AS OF DECEMBER 31, 2009TOTAL PROVED RESERVES
 Gross Volumes
    
    Net Volumes
    
    Product
    
    Production
    
    Operating
    
    Future Net IncomeLife
    
    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
    
    
    
    73,940HOLMAN 15- 8-25
    
    
    0.3
    
    
    
    0.00000
    %
    
    
    45.98240
    %
    
    
    0
    
    
    
    1,097
    
    
    
    963
    
    
    
    0
    
    
    
    443
    
    
    
    1,482
    
    
    
    89
    
    
    
    0
    
    
    
    1,393
    
    
    
    1,376HOLMAN 17-11-31
    
    
    8.8
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    53,157
    
    
    
    46,677
    
    
    
    0
    
    
    
    26,547
    
    
    
    88,796
    
    
    
    5,328
    
    
    
    0
    
    
    
    83,468
    
    
    
    60,952HOLMAN 17-12-15
    
    
    8.9
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    58,525
    
    
    
    51,391
    
    
    
    0
    
    
    
    29,229
    
    
    
    97,764
    
    
    
    5,866
    
    
    
    0
    
    
    
    91,898
    
    
    
    67,247HOLMAN 17-13-16
    
    
    8.4
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    49,652
    
    
    
    43,599
    
    
    
    0
    
    
    
    24,797
    
    
    
    82,941
    
    
    
    4,976
    
    
    
    0
    
    
    
    77,964
    
    
    
    57,412HOLMAN 18- 3- 2
    
    
    7.1
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    40,689
    
    
    
    35,729
    
    
    
    0
    
    
    
    20,321
    
    
    
    67,970
    
    
    
    4,078
    
    
    
    0
    
    
    
    63,891
    
    
    
    49,107HOLMAN 24- 1-26
    
    
    22.8
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    161,743
    
    
    
    142,026
    
    
    
    0
    
    
    
    80,778
    
    
    
    297,261
    
    
    
    17,836
    
    
    
    0
    
    
    
    279,426
    
    
    
    144,661HOLMAN 24- 3-27
    
    
    8.5
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    56,398
    
    
    
    49,523
    
    
    
    0
    
    
    
    28,166
    
    
    
    94,211
    
    
    
    5,653
    
    
    
    0
    
    
    
    88,559
    
    
    
    65,790HOLMAN 26- 4-23
    
    
    9.8
    
    
    
    0.00000
    %
    
    
    49.24920
    %
    
    
    0
    
    
    
    60,751
    
    
    
    53,345
    
    
    
    0
    
    
    
    26,272
    
    
    
    87,875
    
    
    
    5,272
    
    
    
    0
    
    
    
    82,602
    
    
    
    58,153HOLMAN 26- 5-29
    
    
    3.6
    
    
    
    0.00000
    %
    
    
    49.24920
    %
    
    
    0
    
    
    
    17,976
    
    
    
    15,785
    
    
    
    0
    
    
    
    7,774
    
    
    
    26,003
    
    
    
    1,560
    
    
    
    0
    
    
    
    24,442
    
    
    
    21,116HOLMAN 26- 6-24
    
    
    7.3
    
    
    
    0.00000
    %
    
    
    49.24920
    %
    
    
    0
    
    
    
    44,427
    
    
    
    39,011
    
    
    
    0
    
    
    
    19,213
    
    
    
    64,263
    
    
    
    3,856
    
    
    
    0
    
    
    
    60,407
    
    
    
    46,013HOLMAN 34- 6- 3
    
    
    12.1
    
    
    
    0.00000
    %
    
    
    60.09516
    %
    
    
    0
    
    
    
    88,897
    
    
    
    78,060
    
    
    
    0
    
    
    
    46,910
    
    
    
    156,906
    
    
    
    9,414
    
    
    
    0
    
    
    
    147,492
    
    
    
    100,169HOLMAN 35-12- 4
    
    
    6.8
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    36,095
    
    
    
    31,695
    
    
    
    0
    
    
    
    18,027
    
    
    
    66,338
    
    
    
    3,980
    
    
    
    0
    
    
    
    62,358
    
    
    
    48,462HOWELL 12- 9- 1
    
    
    18.1
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    131,742
    
    
    
    115,683
    
    
    
    0
    
    
    
    65,795
    
    
    
    242,124
    
    
    
    14,527
    
    
    
    0
    
    
    
    227,597
    
    
    
    132,544HOWELL 12-14- 2
    
    
    4.3
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    17,823
    
    
    
    15,650
    
    
    
    0
    
    
    
    8,901
    
    
    
    32,756
    
    
    
    1,965
    
    
    
    0
    
    
    
    30,791
    
    
    
    25,813HOWELL 12-15- 3
    
    
    8.3
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    42,927
    
    
    
    37,694
    
    
    
    0
    
    
    
    21,439
    
    
    
    78,894
    
    
    
    4,734
    
    
    
    0
    
    
    
    74,161
    
    
    
    54,673MAYFIELD 1- 3- 3
    
    
    3.9
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    18,024
    
    
    
    15,827
    
    
    
    0
    
    
    
    9,002
    
    
    
    30,109
    
    
    
    1,807
    
    
    
    0
    
    
    
    28,303
    
    
    
    24,083MAYFIELD 1- 7- 4
    
    
    5.3
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    27,877
    
    
    
    24,479
    
    
    
    0
    
    
    
    13,922
    
    
    
    46,568
    
    
    
    2,794
    
    
    
    0
    
    
    
    43,774
    
    
    
    35,564MAYFIELD 12- 9- 2
    
    
    4.8
    
    
    
    0.00000
    %
    
    
    54.51875
    %
    
    
    0
    
    
    
    19,976
    
    
    
    17,541
    
    
    
    0
    
    
    
    9,563
    
    
    
    35,192
    
    
    
    2,112
    
    
    
    0
    
    
    
    33,080
    
    
    
    27,078MAYFIELD 12-10- 5
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0MAYFIELD 14- 1- 1
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    54.51875
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0MAYFIELD 8- 3- 1
    
    
    15.3
    
    
    
    0.00000
    %
    
    
    55.69688
    %
    
    
    0
    
    
    
    101,413
    
    
    
    89,051
    
    
    
    0
    
    
    
    49,598
    
    
    
    182,522
    
    
    
    10,951
    
    
    
    0
    
    
    
    171,571
    
    
    
    105,210MCDANIEL 18- 4- 1
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    56.55000
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0MCDANIEL 18- 5- 2
    
    
    14.9
    
    
    
    0.00000
    %
    
    
    56.55000
    %
    
    
    0
    
    
    
    81,378
    
    
    
    71,458
    
    
    
    0
    
    
    
    40,409
    
    
    
    148,706
    
    
    
    8,922
    
    
    
    0
    
    
    
    139,784
    
    
    
    84,332MCDANIEL 18- 6- 3
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    56.55000
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0MCGUIRE 26-12- 6
    
    
    3.8
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    17,133
    
    
    
    15,044
    
    
    
    0
    
    
    
    8,556
    
    
    
    28,619
    
    
    
    1,717
    
    
    
    0
    
    
    
    26,902
    
    
    
    23,030MCGUIRE 26-13- 3
    
    
    6.8
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    34,625
    
    
    
    30,404
    
    
    
    0
    
    
    
    17,292
    
    
    
    63,636
    
    
    
    3,818
    
    
    
    0
    
    
    
    59,818
    
    
    
    46,533MCGUIRE 26-16- 1
    
    
    7.8
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    44,706
    
    
    
    39,256
    
    
    
    0
    
    
    
    22,327
    
    
    
    74,680
    
    
    
    4,481
    
    
    
    0
    
    
    
    70,199
    
    
    
    52,765MCGUIRE 27- 9- 4
    
    
    4.9
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    23,414
    
    
    
    20,560
    
    
    
    0
    
    
    
    11,693
    
    
    
    39,112
    
    
    
    2,347
    
    
    
    0
    
    
    
    36,766
    
    
    
    30,155MCGUIRE 34- 9- 5
    
    
    13.0
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    76,921
    
    
    
    67,545
    
    
    
    0
    
    
    
    38,416
    
    
    
    128,494
    
    
    
    7,710
    
    
    
    0
    
    
    
    120,785
    
    
    
    76,785MILLS 22-14- 1
    
    
    21.3
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    263,177
    
    
    
    231,096
    
    
    
    0
    
    
    
    131,436
    
    
    
    439,627
    
    
    
    26,378
    
    
    
    0
    
    
    
    413,250
    
    
    
    239,438MOODY 22- 6- 1
    
    
    21.3
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    225,953
    
    
    
    198,409
    
    
    
    0
    
    
    
    112,845
    
    
    
    377,445
    
    
    
    22,647
    
    
    
    0
    
    
    
    354,798
    
    
    
    200,137MOORE 13- 1- 1
    
    
    7.3
    
    
    
    0.00000
    %
    
    
    45.09190
    %
    
    
    0
    
    
    
    58,899
    
    
    
    51,719
    
    
    
    0
    
    
    
    23,321
    
    
    
    85,822
    
    
    
    5,149
    
    
    
    0
    
    
    
    80,672
    
    
    
    62,652MOORE 13- 9- 2
    
    
    10.3
    
    
    
    0.00000
    %
    
    
    45.09190
    %
    
    
    0
    
    
    
    73,141
    
    
    
    64,225
    
    
    
    0
    
    
    
    28,960
    
    
    
    106,574
    
    
    
    6,394
    
    
    
    0
    
    
    
    100,179
    
    
    
    69,448NAUGHER 34- 7- 1
    
    
    12.2
    
    
    
    0.00000
    %
    
    
    60.09516
    %
    
    
    0
    
    
    
    75,982
    
    
    
    66,720
    
    
    
    0
    
    
    
    40,095
    
    
    
    147,551
    
    
    
    8,853
    
    
    
    0
    
    
    
    138,698
    
    
    
    93,403PAYNE 17-15- 1
    
    
    11.3
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    67,711
    
    
    
    59,457
    
    
    
    0
    
    
    
    33,816
    
    
    
    124,443
    
    
    
    7,467
    
    
    
    0
    
    
    
    116,977
    
    
    
    79,966PETTUS 8- 5- 3
    
    
    13.1
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    105,408
    
    
    
    92,559
    
    
    
    0
    
    
    
    52,643
    
    
    
    176,079
    
    
    
    10,565
    
    
    
    0
    
    
    
    165,515
    
    
    
    109,652PETTUS 8- 6- 2
    
    
    8.3
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    41,353
    
    
    
    36,312
    
    
    
    0
    
    
    
    20,652
    
    
    
    76,001
    
    
    
    4,560
    
    
    
    0
    
    
    
    71,441
    
    
    
    52,446PRICE 1- 1- 1
    
    
    4.7
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    18,448
    
    
    
    16,199
    
    
    
    0
    
    
    
    9,213
    
    
    
    30,817
    
    
    
    1,849
    
    
    
    0
    
    
    
    28,968
    
    
    
    23,690RICE 2- 6- 1
    
    
    14.8
    
    
    
    0.00000
    %
    
    
    55.04687
    %
    
    
    0
    
    
    
    89,675
    
    
    
    78,744
    
    
    
    0
    
    
    
    43,346
    
    
    
    144,984
    
    
    
    8,699
    
    
    
    0
    
    
    
    136,285
    
    
    
    81,984SEALY 18- 1- 1
    
    
    12.1
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    88,819
    
    
    
    77,992
    
    
    
    0
    
    
    
    44,358
    
    
    
    163,236
    
    
    
    9,794
    
    
    
    0
    
    
    
    153,442
    
    
    
    104,831SEARCY 11- 9-14
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0SEARCY 12- 3-16
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0SEARCY 12- 6-19
    
    
    2.8
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    9,896
    
    
    
    8,689
    
    
    
    0
    
    
    
    4,942
    
    
    
    18,187
    
    
    
    1,091
    
    
    
    0
    
    
    
    17,095
    
    
    
    15,172SEARCY 17- 5- 7
    
    
    14.5
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    80,858
    
    
    
    71,001
    
    
    
    0
    
    
    
    40,382
    
    
    
    148,605
    
    
    
    8,916
    
    
    
    0
    
    
    
    139,689
    
    
    
    85,651SEARCY 17- 6-20
    
    
    22.9
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    157,338
    
    
    
    138,158
    
    
    
    0
    
    
    
    78,578
    
    
    
    289,166
    
    
    
    17,350
    
    
    
    0
    
    
    
    271,816
    
    
    
    139,258SEARCY 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
    
    
    
    433,092SEARCY 17-14- 9
    
    
    39.0
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    437,617
    
    
    
    384,271
    
    
    
    0
    
    
    
    218,554
    
    
    
    731,021
    
    
    
    43,861
    
    
    
    0
    
    
    
    687,160
    
    
    
    281,799SEARCY 18-11-18
    
    
    28.3
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    316,033
    
    
    
    277,509
    
    
    
    0
    
    
    
    157,833
    
    
    
    580,826
    
    
    
    34,850
    
    
    
    0
    
    
    
    545,976
    
    
    
    276,780SEARCY 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 REVENUESTOTAL ROYALTY INTERESTS
    
    AS OF DECEMBER 31, 2009TOTAL PROVED RESERVES
 Gross Volumes
    
    Net Volumes
    
    Product
    
    Production
    
    Operating
    
    Future Net IncomeLife
    
    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
    
    
    
    229,214SEARCY 19- 4- 1
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0SEARCY 19-10- 3
    
    
    30.8
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    408,962
    
    
    
    359,109
    
    
    
    0
    
    
    
    204,244
    
    
    
    683,155
    
    
    
    40,989
    
    
    
    0
    
    
    
    642,165
    
    
    
    314,463SEARCY 20- 3-10
    
    
    3.8
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    13,771
    
    
    
    12,092
    
    
    
    0
    
    
    
    6,877
    
    
    
    25,309
    
    
    
    1,519
    
    
    
    0
    
    
    
    23,791
    
    
    
    20,262SEARCY 20- 4-11
    
    
    12.5
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    74,723
    
    
    
    65,614
    
    
    
    0
    
    
    
    37,318
    
    
    
    137,330
    
    
    
    8,240
    
    
    
    0
    
    
    
    129,090
    
    
    
    84,930SEARCY 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
    
    
    
    427,989SEARCY 20- 6-13
    
    
    25.7
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    388,351
    
    
    
    341,011
    
    
    
    0
    
    
    
    193,950
    
    
    
    713,735
    
    
    
    42,824
    
    
    
    0
    
    
    
    670,911
    
    
    
    375,329SEARCY 24- 1- 2
    
    
    6.8
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    30,688
    
    
    
    26,947
    
    
    
    0
    
    
    
    15,326
    
    
    
    56,400
    
    
    
    3,384
    
    
    
    0
    
    
    
    53,016
    
    
    
    40,802SEARCY 7- 6-17
    
    
    4.3
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    18,186
    
    
    
    15,969
    
    
    
    0
    
    
    
    9,082
    
    
    
    33,423
    
    
    
    2,005
    
    
    
    0
    
    
    
    31,418
    
    
    
    26,456SEARCY 7-15-15
    
    
    7.3
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    39,512
    
    
    
    34,696
    
    
    
    0
    
    
    
    19,733
    
    
    
    66,004
    
    
    
    3,960
    
    
    
    0
    
    
    
    62,043
    
    
    
    47,187SESSIONS 35- 8- 1
    
    
    5.9
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    26,835
    
    
    
    23,564
    
    
    
    0
    
    
    
    13,402
    
    
    
    44,827
    
    
    
    2,690
    
    
    
    0
    
    
    
    42,138
    
    
    
    33,132SESSIONS 35- 9- 2
    
    
    7.4
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    40,348
    
    
    
    35,430
    
    
    
    0
    
    
    
    20,151
    
    
    
    74,154
    
    
    
    4,449
    
    
    
    0
    
    
    
    69,705
    
    
    
    53,238SESSIONS 35-15- 3
    
    
    10.4
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    84,212
    
    
    
    73,947
    
    
    
    0
    
    
    
    42,057
    
    
    
    140,673
    
    
    
    8,440
    
    
    
    0
    
    
    
    132,233
    
    
    
    94,470STEDMAN 1- 9- 1
    
    
    5.0
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    27,722
    
    
    
    24,343
    
    
    
    0
    
    
    
    12,856
    
    
    
    43,000
    
    
    
    2,580
    
    
    
    0
    
    
    
    40,420
    
    
    
    33,174STEDMAN 11- 1- 5
    
    
    5.4
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    30,850
    
    
    
    27,089
    
    
    
    0
    
    
    
    14,306
    
    
    
    47,852
    
    
    
    2,871
    
    
    
    0
    
    
    
    44,981
    
    
    
    36,430STEDMAN 11- 2- 6
    
    
    7.8
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    51,184
    
    
    
    44,944
    
    
    
    0
    
    
    
    23,736
    
    
    
    79,393
    
    
    
    4,764
    
    
    
    0
    
    
    
    74,629
    
    
    
    56,095STEDMAN 11- 3-24
    
    
    6.4
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    42,163
    
    
    
    37,023
    
    
    
    0
    
    
    
    19,553
    
    
    
    65,401
    
    
    
    3,924
    
    
    
    0
    
    
    
    61,477
    
    
    
    48,518STEDMAN 11- 4- 7
    
    
    14.4
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    82,678
    
    
    
    72,599
    
    
    
    0
    
    
    
    38,342
    
    
    
    141,097
    
    
    
    8,466
    
    
    
    0
    
    
    
    132,631
    
    
    
    80,803STEDMAN 11- 5- 8
    
    
    5.7
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    25,491
    
    
    
    22,384
    
    
    
    0
    
    
    
    11,821
    
    
    
    39,540
    
    
    
    2,372
    
    
    
    0
    
    
    
    37,168
    
    
    
    29,269STEDMAN 11- 9- 9
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0STEDMAN 1-11- 3
    
    
    0.6
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    1,959
    
    
    
    1,720
    
    
    
    0
    
    
    
    909
    
    
    
    3,343
    
    
    
    201
    
    
    
    0
    
    
    
    3,143
    
    
    
    3,058STEDMAN 11-10-10
    
    
    4.9
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    26,555
    
    
    
    23,318
    
    
    
    0
    
    
    
    12,315
    
    
    
    41,190
    
    
    
    2,471
    
    
    
    0
    
    
    
    38,719
    
    
    
    31,827STEDMAN 11-12-11
    
    
    6.6
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    37,984
    
    
    
    33,353
    
    
    
    0
    
    
    
    17,615
    
    
    
    58,918
    
    
    
    3,535
    
    
    
    0
    
    
    
    55,383
    
    
    
    43,012STEDMAN 11-14-12
    
    
    11.7
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    71,859
    
    
    
    63,099
    
    
    
    0
    
    
    
    33,324
    
    
    
    122,633
    
    
    
    7,358
    
    
    
    0
    
    
    
    115,275
    
    
    
    77,103STEDMAN 11-16-13
    
    
    2.4
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    10,837
    
    
    
    9,516
    
    
    
    0
    
    
    
    5,026
    
    
    
    16,810
    
    
    
    1,009
    
    
    
    0
    
    
    
    15,802
    
    
    
    14,227STEDMAN 1-15-14
    
    
    5.2
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    23,570
    
    
    
    20,697
    
    
    
    0
    
    
    
    10,930
    
    
    
    40,224
    
    
    
    2,413
    
    
    
    0
    
    
    
    37,811
    
    
    
    30,694STEDMAN 1-16- 4
    
    
    5.6
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    29,712
    
    
    
    26,090
    
    
    
    0
    
    
    
    13,779
    
    
    
    46,088
    
    
    
    2,765
    
    
    
    0
    
    
    
    43,322
    
    
    
    34,682STEDMAN 13- 1-15
    
    
    7.6
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    41,645
    
    
    
    36,568
    
    
    
    0
    
    
    
    19,313
    
    
    
    64,597
    
    
    
    3,876
    
    
    
    0
    
    
    
    60,721
    
    
    
    45,292STEDMAN 13- 2-16
    
    
    9.7
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    68,410
    
    
    
    60,071
    
    
    
    0
    
    
    
    31,725
    
    
    
    106,113
    
    
    
    6,367
    
    
    
    0
    
    
    
    99,746
    
    
    
    71,235STEDMAN 13- 4-17
    
    
    10.9
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    95,928
    
    
    
    84,234
    
    
    
    0
    
    
    
    44,486
    
    
    
    148,798
    
    
    
    8,928
    
    
    
    0
    
    
    
    139,870
    
    
    
    98,416STEDMAN 13- 6-18
    
    
    3.3
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    16,123
    
    
    
    14,158
    
    
    
    0
    
    
    
    7,477
    
    
    
    25,009
    
    
    
    1,501
    
    
    
    0
    
    
    
    23,508
    
    
    
    20,530STEDMAN 13- 9-19
    
    
    9.7
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    73,446
    
    
    
    64,493
    
    
    
    0
    
    
    
    34,060
    
    
    
    113,925
    
    
    
    6,836
    
    
    
    0
    
    
    
    107,090
    
    
    
    77,040STEDMAN 13-12-20
    
    
    9.3
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    57,250
    
    
    
    50,271
    
    
    
    0
    
    
    
    26,549
    
    
    
    97,702
    
    
    
    5,862
    
    
    
    0
    
    
    
    91,840
    
    
    
    66,105STEDMAN 13-14-21
    
    
    18.9
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    159,544
    
    
    
    140,096
    
    
    
    0
    
    
    
    73,988
    
    
    
    272,276
    
    
    
    16,337
    
    
    
    0
    
    
    
    255,940
    
    
    
    147,480STEDMAN 13-15-22
    
    
    14.9
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    183,519
    
    
    
    161,148
    
    
    
    0
    
    
    
    85,106
    
    
    
    284,664
    
    
    
    17,080
    
    
    
    0
    
    
    
    267,584
    
    
    
    176,497STOTHART 24-12- 1
    
    
    3.8
    
    
    
    0.00000
    %
    
    
    56.13633
    %
    
    
    0
    
    
    
    16,819
    
    
    
    14,769
    
    
    
    0
    
    
    
    8,291
    
    
    
    27,731
    
    
    
    1,664
    
    
    
    0
    
    
    
    26,067
    
    
    
    22,185STOTHART 24-13- 2
    
    
    4.3
    
    
    
    0.00000
    %
    
    
    56.50567
    %
    
    
    0
    
    
    
    21,964
    
    
    
    19,287
    
    
    
    0
    
    
    
    10,898
    
    
    
    36,452
    
    
    
    2,187
    
    
    
    0
    
    
    
    34,265
    
    
    
    28,944SULLIVAN 4-11- 2
    
    
    15.2
    
    
    
    0.00000
    %
    
    
    56.29461
    %
    
    
    0
    
    
    
    220,784
    
    
    
    193,870
    
    
    
    0
    
    
    
    109,139
    
    
    
    365,047
    
    
    
    21,903
    
    
    
    0
    
    
    
    343,145
    
    
    
    231,656THORNHILL 12-13- 1
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0TURNER 17-10- 1
    
    
    11.4
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    69,797
    
    
    
    61,288
    
    
    
    0
    
    
    
    34,858
    
    
    
    128,277
    
    
    
    7,697
    
    
    
    0
    
    
    
    120,580
    
    
    
    82,089TURNER 17-16- 1
    
    
    12.3
    
    
    
    0.00000
    %
    
    
    56.87500
    %
    
    
    0
    
    
    
    62,641
    
    
    
    55,005
    
    
    
    0
    
    
    
    31,284
    
    
    
    104,639
    
    
    
    6,278
    
    
    
    0
    
    
    
    98,361
    
    
    
    62,345USX 14- 3-45
    
    
    16.1
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    166,989
    
    
    
    146,633
    
    
    
    0
    
    
    
    71,484
    
    
    
    239,099
    
    
    
    14,346
    
    
    
    0
    
    
    
    224,753
    
    
    
    138,823USX 14- 5-24
    
    
    3.9
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    19,469
    
    
    
    17,096
    
    
    
    0
    
    
    
    8,334
    
    
    
    27,876
    
    
    
    1,673
    
    
    
    0
    
    
    
    26,204
    
    
    
    22,158USX 14-10-43
    
    
    5.1
    
    
    
    0.00000
    %
    
    
    47.51680
    %
    
    
    0
    
    
    
    24,886
    
    
    
    21,852
    
    
    
    0
    
    
    
    10,383
    
    
    
    38,211
    
    
    
    2,293
    
    
    
    0
    
    
    
    35,918
    
    
    
    29,201USX 14-11-25
    
    
    7.4
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    42,308
    
    
    
    37,151
    
    
    
    0
    
    
    
    18,111
    
    
    
    66,648
    
    
    
    3,999
    
    
    
    0
    
    
    
    62,649
    
    
    
    47,284USX 14-13-37
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    46.51560
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0USX 14-14-44
    
    
    6.0
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    40,344
    
    
    
    35,426
    
    
    
    0
    
    
    
    17,270
    
    
    
    57,766
    
    
    
    3,466
    
    
    
    0
    
    
    
    54,300
    
    
    
    43,253USX 15-13-27
    
    
    1.6
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    6,936
    
    
    
    6,090
    
    
    
    0
    
    
    
    2,969
    
    
    
    9,930
    
    
    
    596
    
    
    
    0
    
    
    
    9,335
    
    
    
    8,686USX 16- 2A-40
    
    
    6.8
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    38,770
    
    
    
    34,044
    
    
    
    0
    
    
    
    16,596
    
    
    
    55,511
    
    
    
    3,331
    
    
    
    0
    
    
    
    52,180
    
    
    
    39,756USX 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 REVENUESTOTAL ROYALTY INTERESTS
    
    AS OF DECEMBER 31, 2009TOTAL PROVED RESERVES
 Gross Volumes
    
    Net Volumes
    
    Product
    
    Production
    
    Operating
    
    Future Net IncomeLife
    
    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
    
    
    
    101,882USX 16- 7-31
    
    
    4.6
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    23,742
    
    
    
    20,848
    
    
    
    0
    
    
    
    10,164
    
    
    
    33,995
    
    
    
    2,040
    
    
    
    0
    
    
    
    31,955
    
    
    
    26,377USX 16- 8-28
    
    
    11.8
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    79,875
    
    
    
    70,139
    
    
    
    0
    
    
    
    34,193
    
    
    
    114,367
    
    
    
    6,862
    
    
    
    0
    
    
    
    107,505
    
    
    
    70,329USX 16-11-33
    
    
    18.9
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    177,676
    
    
    
    156,017
    
    
    
    0
    
    
    
    76,059
    
    
    
    254,401
    
    
    
    15,264
    
    
    
    0
    
    
    
    239,137
    
    
    
    135,109USX 16-13-34
    
    
    12.0
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    100,229
    
    
    
    88,011
    
    
    
    0
    
    
    
    42,905
    
    
    
    157,891
    
    
    
    9,473
    
    
    
    0
    
    
    
    148,418
    
    
    
    100,954USX 16-15-35
    
    
    11.3
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    66,078
    
    
    
    58,023
    
    
    
    0
    
    
    
    28,286
    
    
    
    104,093
    
    
    
    6,246
    
    
    
    0
    
    
    
    97,847
    
    
    
    65,072USX 21-15-11
    
    
    7.3
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    44,039
    
    
    
    38,671
    
    
    
    0
    
    
    
    18,852
    
    
    
    63,056
    
    
    
    3,783
    
    
    
    0
    
    
    
    59,273
    
    
    
    44,549USX 21-16-12
    
    
    6.0
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    31,430
    
    
    
    27,599
    
    
    
    0
    
    
    
    13,454
    
    
    
    45,002
    
    
    
    2,700
    
    
    
    0
    
    
    
    42,302
    
    
    
    33,035USX 22- 4-36
    
    
    14.0
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    98,557
    
    
    
    86,543
    
    
    
    0
    
    
    
    42,190
    
    
    
    141,116
    
    
    
    8,467
    
    
    
    0
    
    
    
    132,649
    
    
    
    81,608USX 22-11-13
    
    
    0.1
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    340
    
    
    
    299
    
    
    
    0
    
    
    
    146
    
    
    
    487
    
    
    
    29
    
    
    
    0
    
    
    
    458
    
    
    
    456USX 22-12-14
    
    
    2.5
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    10,278
    
    
    
    9,026
    
    
    
    0
    
    
    
    4,400
    
    
    
    16,192
    
    
    
    972
    
    
    
    0
    
    
    
    15,220
    
    
    
    13,625USX 23- 4-41
    
    
    10.7
    
    
    
    0.00000
    %
    
    
    47.90550
    %
    
    
    0
    
    
    
    88,353
    
    
    
    77,583
    
    
    
    0
    
    
    
    37,166
    
    
    
    124,314
    
    
    
    7,459
    
    
    
    0
    
    
    
    116,855
    
    
    
    81,716USX 28- 3-15
    
    
    3.6
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    18,476
    
    
    
    16,224
    
    
    
    0
    
    
    
    7,909
    
    
    
    26,455
    
    
    
    1,587
    
    
    
    0
    
    
    
    24,867
    
    
    
    21,364USX 28- 4-16
    
    
    1.2
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    5,010
    
    
    
    4,400
    
    
    
    0
    
    
    
    2,145
    
    
    
    7,174
    
    
    
    430
    
    
    
    0
    
    
    
    6,744
    
    
    
    6,391USX 28- 5-17
    
    
    5.1
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    24,675
    
    
    
    21,667
    
    
    
    0
    
    
    
    10,563
    
    
    
    38,870
    
    
    
    2,332
    
    
    
    0
    
    
    
    36,538
    
    
    
    29,679USX 29- 8- 6
    
    
    5.1
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    26,054
    
    
    
    22,878
    
    
    
    0
    
    
    
    11,153
    
    
    
    41,043
    
    
    
    2,463
    
    
    
    0
    
    
    
    38,580
    
    
    
    31,449USX 29-11- 7
    
    
    4.4
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    25,519
    
    
    
    22,409
    
    
    
    0
    
    
    
    10,924
    
    
    
    36,539
    
    
    
    2,192
    
    
    
    0
    
    
    
    34,347
    
    
    
    28,735USX 29-13- 9
    
    
    4.9
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    26,521
    
    
    
    23,288
    
    
    
    0
    
    
    
    11,353
    
    
    
    37,974
    
    
    
    2,278
    
    
    
    0
    
    
    
    35,695
    
    
    
    29,138USX 29-14-10
    
    
    3.6
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    18,612
    
    
    
    16,343
    
    
    
    0
    
    
    
    7,967
    
    
    
    26,649
    
    
    
    1,599
    
    
    
    0
    
    
    
    25,050
    
    
    
    21,530USX 30- 9-18
    
    
    6.6
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    36,007
    
    
    
    31,618
    
    
    
    0
    
    
    
    15,414
    
    
    
    56,723
    
    
    
    3,403
    
    
    
    0
    
    
    
    53,319
    
    
    
    41,302USX 5- 7- 1
    
    
    11.3
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    88,867
    
    
    
    78,034
    
    
    
    0
    
    
    
    38,042
    
    
    
    139,993
    
    
    
    8,400
    
    
    
    0
    
    
    
    131,593
    
    
    
    90,871USX 5-10- 2
    
    
    11.4
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    94,630
    
    
    
    83,095
    
    
    
    0
    
    
    
    40,509
    
    
    
    135,493
    
    
    
    8,130
    
    
    
    0
    
    
    
    127,364
    
    
    
    86,758USX 5-15- 3
    
    
    12.8
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    81,029
    
    
    
    71,152
    
    
    
    0
    
    
    
    34,686
    
    
    
    127,646
    
    
    
    7,659
    
    
    
    0
    
    
    
    119,987
    
    
    
    76,690USX 8- 6- 4
    
    
    7.3
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    54,471
    
    
    
    47,831
    
    
    
    0
    
    
    
    23,318
    
    
    
    77,994
    
    
    
    4,680
    
    
    
    0
    
    
    
    73,314
    
    
    
    56,398USX 8-11- 5
    
    
    8.2
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    54,154
    
    
    
    47,553
    
    
    
    0
    
    
    
    23,182
    
    
    
    77,539
    
    
    
    4,652
    
    
    
    0
    
    
    
    72,886
    
    
    
    53,746USX 8-14-39
    
    
    5.4
    
    
    
    0.00000
    %
    
    
    46.73630
    %
    
    
    0
    
    
    
    36,453
    
    
    
    32,009
    
    
    
    0
    
    
    
    14,960
    
    
    
    50,038
    
    
    
    3,002
    
    
    
    0
    
    
    
    47,036
    
    
    
    38,117USX 9- 6-20
    
    
    7.3
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    46,203
    
    
    
    40,571
    
    
    
    0
    
    
    
    19,778
    
    
    
    66,154
    
    
    
    3,969
    
    
    
    0
    
    
    
    62,185
    
    
    
    47,152USX 9- 7-21
    
    
    23.1
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    318,759
    
    
    
    279,903
    
    
    
    0
    
    
    
    136,452
    
    
    
    456,407
    
    
    
    27,384
    
    
    
    0
    
    
    
    429,022
    
    
    
    236,384USX 9-10-22
    
    
    9.8
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    77,699
    
    
    
    68,227
    
    
    
    0
    
    
    
    33,261
    
    
    
    122,400
    
    
    
    7,344
    
    
    
    0
    
    
    
    115,056
    
    
    
    82,943USX 9-15-23
    
    
    7.0
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    40,856
    
    
    
    35,875
    
    
    
    0
    
    
    
    17,489
    
    
    
    64,360
    
    
    
    3,862
    
    
    
    0
    
    
    
    60,499
    
    
    
    46,426USX 9-16-38
    
    
    10.0
    
    
    
    0.00000
    %
    
    
    48.75000
    %
    
    
    0
    
    
    
    86,400
    
    
    
    75,867
    
    
    
    0
    
    
    
    36,985
    
    
    
    123,709
    
    
    
    7,423
    
    
    
    0
    
    
    
    116,286
    
    
    
    83,058WEST 1- 1-24
    
    
    2.8
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    11,875
    
    
    
    10,428
    
    
    
    0
    
    
    
    5,507
    
    
    
    20,266
    
    
    
    1,216
    
    
    
    0
    
    
    
    19,050
    
    
    
    16,886WEST 1- 2-25
    
    
    1.4
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    5,713
    
    
    
    5,017
    
    
    
    0
    
    
    
    2,649
    
    
    
    8,862
    
    
    
    532
    
    
    
    0
    
    
    
    8,330
    
    
    
    7,812WEST 1- 6-39
    
    
    8.0
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    45,340
    
    
    
    39,813
    
    
    
    0
    
    
    
    21,026
    
    
    
    70,328
    
    
    
    4,220
    
    
    
    0
    
    
    
    66,109
    
    
    
    48,705WEST 1- 8-27
    
    
    0.4
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    1,565
    
    
    
    1,375
    
    
    
    0
    
    
    
    726
    
    
    
    2,428
    
    
    
    146
    
    
    
    0
    
    
    
    2,283
    
    
    
    2,238WEST 1- 9-28
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0WEST 11- 1-34
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0WEST 11- 2-35
    
    
    3.6
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    15,746
    
    
    
    13,826
    
    
    
    0
    
    
    
    7,302
    
    
    
    24,424
    
    
    
    1,465
    
    
    
    0
    
    
    
    22,958
    
    
    
    19,660WEST 11- 4-41
    
    
    19.8
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    208,095
    
    
    
    182,728
    
    
    
    0
    
    
    
    96,503
    
    
    
    322,785
    
    
    
    19,367
    
    
    
    0
    
    
    
    303,418
    
    
    
    174,423WEST 11- 5-42
    
    
    14.8
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    111,390
    
    
    
    97,812
    
    
    
    0
    
    
    
    51,657
    
    
    
    172,782
    
    
    
    10,367
    
    
    
    0
    
    
    
    162,415
    
    
    
    100,414WEST 11- 8-36
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0WEST 1-10-29
    
    
    2.4
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    9,613
    
    
    
    8,441
    
    
    
    0
    
    
    
    4,458
    
    
    
    16,406
    
    
    
    984
    
    
    
    0
    
    
    
    15,421
    
    
    
    13,890WEST 1-11-30
    
    
    0.1
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    301
    
    
    
    264
    
    
    
    0
    
    
    
    139
    
    
    
    466
    
    
    
    28
    
    
    
    0
    
    
    
    438
    
    
    
    437WEST 11-15-37
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0WEST 1-13-31
    
    
    8.6
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    47,047
    
    
    
    41,312
    
    
    
    0
    
    
    
    21,818
    
    
    
    80,290
    
    
    
    4,817
    
    
    
    0
    
    
    
    75,472
    
    
    
    55,017WEST 1-14-32
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0WEST 1-16-33
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0WEST 13- 1-15
    
    
    5.7
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    23,921
    
    
    
    21,005
    
    
    
    0
    
    
    
    11,093
    
    
    
    40,824
    
    
    
    2,449
    
    
    
    0
    
    
    
    38,374
    
    
    
    30,365WEST 13- 2-16
    
    
    7.5
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    45,975
    
    
    
    40,371
    
    
    
    0
    
    
    
    21,321
    
    
    
    71,314
    
    
    
    4,279
    
    
    
    0
    
    
    
    67,035
    
    
    
    50,691WEST 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 REVENUESTOTAL ROYALTY INTERESTS
    
    AS OF DECEMBER 31, 2009TOTAL PROVED RESERVES
 Gross Volumes
    
    Net Volumes
    
    Product
    
    Production
    
    Operating
    
    Future Net IncomeLife
    
    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
    
    
    
    0WEST 13- 6- 1
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0WEST 13- 7-38
    
    
    3.6
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    14,539
    
    
    
    12,767
    
    
    
    0
    
    
    
    6,742
    
    
    
    22,552
    
    
    
    1,353
    
    
    
    0
    
    
    
    21,199
    
    
    
    18,079WEST 13- 8-14
    
    
    7.7
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    41,563
    
    
    
    36,497
    
    
    
    0
    
    
    
    19,275
    
    
    
    64,471
    
    
    
    3,868
    
    
    
    0
    
    
    
    60,602
    
    
    
    44,977WEST 13- 9- 9
    
    
    4.6
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    21,155
    
    
    
    18,576
    
    
    
    0
    
    
    
    9,810
    
    
    
    32,814
    
    
    
    1,969
    
    
    
    0
    
    
    
    30,845
    
    
    
    25,428WEST 13-11- 6
    
    
    10.0
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    67,916
    
    
    
    59,637
    
    
    
    0
    
    
    
    31,496
    
    
    
    105,347
    
    
    
    6,321
    
    
    
    0
    
    
    
    99,026
    
    
    
    69,623WEST 13-12- 4A
    
    
    6.5
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    31,798
    
    
    
    27,922
    
    
    
    0
    
    
    
    14,746
    
    
    
    49,323
    
    
    
    2,959
    
    
    
    0
    
    
    
    46,364
    
    
    
    35,600WEST 13-15-23
    
    
    4.4
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    22,464
    
    
    
    19,726
    
    
    
    0
    
    
    
    10,418
    
    
    
    34,845
    
    
    
    2,091
    
    
    
    0
    
    
    
    32,755
    
    
    
    27,344WEST 15- 1-51
    
    
    9.1
    
    
    
    0.00000
    %
    
    
    54.84375
    %
    
    
    0
    
    
    
    52,222
    
    
    
    45,856
    
    
    
    0
    
    
    
    25,149
    
    
    
    84,120
    
    
    
    5,047
    
    
    
    0
    
    
    
    79,072
    
    
    
    56,509WEST 15- 1-83
    
    
    8.6
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    56,216
    
    
    
    49,363
    
    
    
    0
    
    
    
    26,070
    
    
    
    87,199
    
    
    
    5,232
    
    
    
    0
    
    
    
    81,967
    
    
    
    60,101WEST 15- 2-52
    
    
    0.7
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    2,472
    
    
    
    2,171
    
    
    
    0
    
    
    
    1,147
    
    
    
    3,835
    
    
    
    230
    
    
    
    0
    
    
    
    3,605
    
    
    
    3,494WEST 15- 3-68
    
    
    8.8
    
    
    
    0.00000
    %
    
    
    45.80470
    %
    
    
    0
    
    
    
    47,429
    
    
    
    41,647
    
    
    
    0
    
    
    
    19,076
    
    
    
    70,201
    
    
    
    4,212
    
    
    
    0
    
    
    
    65,989
    
    
    
    46,527WEST 15- 3-84
    
    
    15.4
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    121,239
    
    
    
    106,460
    
    
    
    0
    
    
    
    56,224
    
    
    
    188,058
    
    
    
    11,284
    
    
    
    0
    
    
    
    176,775
    
    
    
    107,948WEST 15- 5-85
    
    
    11.5
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    106,213
    
    
    
    93,265
    
    
    
    0
    
    
    
    49,256
    
    
    
    181,261
    
    
    
    10,876
    
    
    
    0
    
    
    
    170,386
    
    
    
    120,274WEST 15- 6-53
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0WEST 15- 6-86
    
    
    11.0
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    74,358
    
    
    
    65,293
    
    
    
    0
    
    
    
    34,483
    
    
    
    115,339
    
    
    
    6,920
    
    
    
    0
    
    
    
    108,419
    
    
    
    73,818WEST 15- 8-55
    
    
    6.1
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    40,634
    
    
    
    35,680
    
    
    
    0
    
    
    
    18,844
    
    
    
    63,029
    
    
    
    3,782
    
    
    
    0
    
    
    
    59,247
    
    
    
    47,387WEST 15- 9-87
    
    
    10.3
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    63,066
    
    
    
    55,378
    
    
    
    0
    
    
    
    29,246
    
    
    
    97,824
    
    
    
    5,869
    
    
    
    0
    
    
    
    91,954
    
    
    
    63,137WEST 15-10-88
    
    
    8.7
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    55,358
    
    
    
    48,609
    
    
    
    0
    
    
    
    25,672
    
    
    
    85,867
    
    
    
    5,152
    
    
    
    0
    
    
    
    80,715
    
    
    
    58,876WEST 15-11-89
    
    
    12.3
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    68,623
    
    
    
    60,258
    
    
    
    0
    
    
    
    31,824
    
    
    
    106,444
    
    
    
    6,387
    
    
    
    0
    
    
    
    100,057
    
    
    
    63,487WEST 15-13-58
    
    
    11.3
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    77,778
    
    
    
    68,297
    
    
    
    0
    
    
    
    36,069
    
    
    
    120,644
    
    
    
    7,239
    
    
    
    0
    
    
    
    113,406
    
    
    
    76,410WEST 15-14-90A
    
    
    11.3
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    78,422
    
    
    
    68,862
    
    
    
    0
    
    
    
    36,368
    
    
    
    121,643
    
    
    
    7,299
    
    
    
    0
    
    
    
    114,345
    
    
    
    77,271WEST 15-16-91
    
    
    6.6
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    43,224
    
    
    
    37,955
    
    
    
    0
    
    
    
    20,045
    
    
    
    73,766
    
    
    
    4,426
    
    
    
    0
    
    
    
    69,340
    
    
    
    54,944WEST 17-12-20
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0WEST 17-13-21
    
    
    14.8
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    106,042
    
    
    
    93,116
    
    
    
    0
    
    
    
    49,177
    
    
    
    164,487
    
    
    
    9,869
    
    
    
    0
    
    
    
    154,617
    
    
    
    94,881WEST 19- 1-19
    
    
    12.5
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    75,869
    
    
    
    66,620
    
    
    
    0
    
    
    
    35,184
    
    
    
    117,683
    
    
    
    7,061
    
    
    
    0
    
    
    
    110,622
    
    
    
    70,733WEST 19- 2-10
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0WEST 19- 3- 7
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0WEST 19- 6-18
    
    
    12.0
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    108,135
    
    
    
    94,954
    
    
    
    0
    
    
    
    50,147
    
    
    
    167,733
    
    
    
    10,064
    
    
    
    0
    
    
    
    157,669
    
    
    
    107,913WEST 19- 7- 1
    
    
    4.6
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    19,563
    
    
    
    17,178
    
    
    
    0
    
    
    
    9,072
    
    
    
    30,345
    
    
    
    1,821
    
    
    
    0
    
    
    
    28,524
    
    
    
    23,389WEST 19- 8-12
    
    
    14.8
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    129,360
    
    
    
    113,591
    
    
    
    0
    
    
    
    59,990
    
    
    
    200,655
    
    
    
    12,039
    
    
    
    0
    
    
    
    188,616
    
    
    
    118,897WEST 19-11-13
    
    
    30.1
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    263,671
    
    
    
    231,529
    
    
    
    0
    
    
    
    122,276
    
    
    
    408,991
    
    
    
    24,539
    
    
    
    0
    
    
    
    384,451
    
    
    
    169,946WEST 19-12-11
    
    
    22.0
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    259,106
    
    
    
    227,521
    
    
    
    0
    
    
    
    120,159
    
    
    
    401,910
    
    
    
    24,115
    
    
    
    0
    
    
    
    377,795
    
    
    
    210,575WEST 21- 8-71
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0WEST 23- 3-93
    
    
    13.8
    
    
    
    0.00000
    %
    
    
    53.40400
    %
    
    
    0
    
    
    
    134,618
    
    
    
    118,208
    
    
    
    0
    
    
    
    63,128
    
    
    
    211,150
    
    
    
    12,669
    
    
    
    0
    
    
    
    198,481
    
    
    
    131,246WEST 23- 5-94
    
    
    1.7
    
    
    
    0.00000
    %
    
    
    53.40400
    %
    
    
    0
    
    
    
    6,801
    
    
    
    5,972
    
    
    
    0
    
    
    
    3,189
    
    
    
    11,737
    
    
    
    704
    
    
    
    0
    
    
    
    11,033
    
    
    
    10,270WEST 23- 6-95
    
    
    9.7
    
    
    
    0.00000
    %
    
    
    55.13947
    %
    
    
    0
    
    
    
    47,983
    
    
    
    42,134
    
    
    
    0
    
    
    
    23,233
    
    
    
    85,496
    
    
    
    5,130
    
    
    
    0
    
    
    
    80,366
    
    
    
    55,946WEST 23- 7-96
    
    
    6.5
    
    
    
    0.00000
    %
    
    
    53.40400
    %
    
    
    0
    
    
    
    34,844
    
    
    
    30,596
    
    
    
    0
    
    
    
    16,340
    
    
    
    60,130
    
    
    
    3,608
    
    
    
    0
    
    
    
    56,522
    
    
    
    44,266WEST 23- 8-92
    
    
    9.3
    
    
    
    0.00000
    %
    
    
    41.72187
    %
    
    
    0
    
    
    
    80,608
    
    
    
    70,782
    
    
    
    0
    
    
    
    29,532
    
    
    
    98,777
    
    
    
    5,927
    
    
    
    0
    
    
    
    92,851
    
    
    
    66,544WEST 27- 1-59
    
    
    15.3
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    87,782
    
    
    
    77,081
    
    
    
    0
    
    
    
    40,708
    
    
    
    136,162
    
    
    
    8,170
    
    
    
    0
    
    
    
    127,992
    
    
    
    74,192WEST 27- 2-60
    
    
    7.7
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    41,043
    
    
    
    36,040
    
    
    
    0
    
    
    
    19,033
    
    
    
    63,663
    
    
    
    3,820
    
    
    
    0
    
    
    
    59,844
    
    
    
    44,371WEST 27- 2-97
    
    
    20.3
    
    
    
    0.00000
    %
    
    
    53.40400
    %
    
    
    0
    
    
    
    184,923
    
    
    
    162,380
    
    
    
    0
    
    
    
    86,718
    
    
    
    290,054
    
    
    
    17,403
    
    
    
    0
    
    
    
    272,650
    
    
    
    151,074WEST 27- 4-62
    
    
    9.9
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    50,797
    
    
    
    44,605
    
    
    
    0
    
    
    
    23,557
    
    
    
    78,794
    
    
    
    4,728
    
    
    
    0
    
    
    
    74,066
    
    
    
    50,390WEST 27- 4-98
    
    
    14.2
    
    
    
    0.00000
    %
    
    
    53.40400
    %
    
    
    0
    
    
    
    98,118
    
    
    
    86,157
    
    
    
    0
    
    
    
    46,011
    
    
    
    169,322
    
    
    
    10,159
    
    
    
    0
    
    
    
    159,162
    
    
    
    100,768WEST 27- 5-65
    
    
    12.3
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    59,006
    
    
    
    51,813
    
    
    
    0
    
    
    
    27,364
    
    
    
    100,699
    
    
    
    6,042
    
    
    
    0
    
    
    
    94,657
    
    
    
    59,759WEST 27- 5-99
    
    
    10.1
    
    
    
    0.00000
    %
    
    
    53.40400
    %
    
    
    0
    
    
    
    64,586
    
    
    
    56,713
    
    
    
    0
    
    
    
    30,287
    
    
    
    111,457
    
    
    
    6,687
    
    
    
    0
    
    
    
    104,769
    
    
    
    74,093WEST 27- 7-100
    
    
    22.4
    
    
    
    0.00000
    %
    
    
    53.40400
    %
    
    
    0
    
    
    
    226,114
    
    
    
    198,550
    
    
    
    0
    
    
    
    106,034
    
    
    
    354,662
    
    
    
    21,280
    
    
    
    0
    
    
    
    333,382
    
    
    
    179,354WEST 27- 8-101
    
    
    13.4
    
    
    
    0.00000
    %
    
    
    53.40400
    %
    
    
    0
    
    
    
    154,848
    
    
    
    135,972
    
    
    
    0
    
    
    
    72,615
    
    
    
    242,882
    
    
    
    14,573
    
    
    
    0
    
    
    
    228,309
    
    
    
    155,277WEST 27-11-102
    
    
    13.0
    
    
    
    0.00000
    %
    
    
    53.87200
    %
    
    
    0
    
    
    
    102,776
    
    
    
    90,248
    
    
    
    0
    
    
    
    48,618
    
    
    
    162,619
    
    
    
    9,757
    
    
    
    0
    
    
    
    152,862
    
    
    
    100,266WEST 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 REVENUESTOTAL ROYALTY INTERESTS
    
    AS OF DECEMBER 31, 2009TOTAL PROVED RESERVES
 Gross Volumes
    
    Net Volumes
    
    Product
    
    Production
    
    Operating
    
    Future Net IncomeLife
    
    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
    
    
    
    117,834WEST 3- 2-44
    
    
    4.9
    
    
    
    0.00000
    %
    
    
    53.17812
    %
    
    
    0
    
    
    
    23,332
    
    
    
    20,488
    
    
    
    0
    
    
    
    10,895
    
    
    
    36,442
    
    
    
    2,187
    
    
    
    0
    
    
    
    34,256
    
    
    
    27,927WEST 3- 3-22
    
    
    9.3
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    51,829
    
    
    
    45,511
    
    
    
    0
    
    
    
    24,036
    
    
    
    80,395
    
    
    
    4,824
    
    
    
    0
    
    
    
    75,571
    
    
    
    53,045WEST 3- 4-45
    
    
    0.0
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0WEST 3- 8-48
    
    
    13.3
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    84,815
    
    
    
    74,476
    
    
    
    0
    
    
    
    39,332
    
    
    
    131,559
    
    
    
    7,894
    
    
    
    0
    
    
    
    123,666
    
    
    
    77,909WEST 31- 5-82
    
    
    6.0
    
    
    
    0.00000
    %
    
    
    53.87200
    %
    
    
    0
    
    
    
    29,407
    
    
    
    25,822
    
    
    
    0
    
    
    
    13,911
    
    
    
    46,529
    
    
    
    2,792
    
    
    
    0
    
    
    
    43,737
    
    
    
    34,270WEST 3-10-49
    
    
    5.3
    
    
    
    0.00000
    %
    
    
    53.17812
    %
    
    
    0
    
    
    
    27,420
    
    
    
    24,077
    
    
    
    0
    
    
    
    12,804
    
    
    
    42,827
    
    
    
    2,570
    
    
    
    0
    
    
    
    40,257
    
    
    
    32,466WEST 3-12-67
    
    
    18.7
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    156,633
    
    
    
    137,539
    
    
    
    0
    
    
    
    72,638
    
    
    
    267,307
    
    
    
    16,038
    
    
    
    0
    
    
    
    251,269
    
    
    
    145,669WEST 3-13-50
    
    
    18.6
    
    
    
    0.00000
    %
    
    
    54.84375
    %
    
    
    0
    
    
    
    124,352
    
    
    
    109,193
    
    
    
    0
    
    
    
    59,886
    
    
    
    200,306
    
    
    
    12,018
    
    
    
    0
    
    
    
    188,287
    
    
    
    103,394WEST 33- 2-112
    
    
    4.8
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    25,346
    
    
    
    22,257
    
    
    
    0
    
    
    
    11,754
    
    
    
    39,316
    
    
    
    2,359
    
    
    
    0
    
    
    
    36,957
    
    
    
    30,546WEST 33- 3-120
    
    
    3.5
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    15,055
    
    
    
    13,220
    
    
    
    0
    
    
    
    6,982
    
    
    
    25,693
    
    
    
    1,542
    
    
    
    0
    
    
    
    24,152
    
    
    
    20,863WEST 33- 6-114
    
    
    9.3
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    56,988
    
    
    
    50,042
    
    
    
    0
    
    
    
    26,428
    
    
    
    88,397
    
    
    
    5,304
    
    
    
    0
    
    
    
    83,093
    
    
    
    58,987WEST 33- 8-115
    
    
    8.2
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    51,876
    
    
    
    45,552
    
    
    
    0
    
    
    
    24,057
    
    
    
    88,531
    
    
    
    5,312
    
    
    
    0
    
    
    
    83,219
    
    
    
    62,438WEST 33-10-116
    
    
    12.8
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    97,685
    
    
    
    85,777
    
    
    
    0
    
    
    
    45,301
    
    
    
    151,523
    
    
    
    9,091
    
    
    
    0
    
    
    
    142,432
    
    
    
    93,198WEST 33-16-119
    
    
    15.6
    
    
    
    0.00000
    %
    
    
    54.84375
    %
    
    
    0
    
    
    
    110,316
    
    
    
    96,868
    
    
    
    0
    
    
    
    53,126
    
    
    
    177,696
    
    
    
    10,662
    
    
    
    0
    
    
    
    167,035
    
    
    
    100,549WEST 35- 2-105
    
    
    10.8
    
    
    
    0.00000
    %
    
    
    53.40400
    %
    
    
    0
    
    
    
    80,864
    
    
    
    71,007
    
    
    
    0
    
    
    
    37,920
    
    
    
    126,837
    
    
    
    7,610
    
    
    
    0
    
    
    
    119,226
    
    
    
    82,995WEST 35- 4-106
    
    
    12.4
    
    
    
    0.00000
    %
    
    
    38.92440
    %
    
    
    0
    
    
    
    79,629
    
    
    
    69,922
    
    
    
    0
    
    
    
    27,217
    
    
    
    100,157
    
    
    
    6,009
    
    
    
    0
    
    
    
    94,148
    
    
    
    61,318WEST 35- 6-107
    
    
    9.3
    
    
    
    0.00000
    %
    
    
    53.40400
    %
    
    
    0
    
    
    
    56,340
    
    
    
    49,472
    
    
    
    0
    
    
    
    26,420
    
    
    
    88,371
    
    
    
    5,302
    
    
    
    0
    
    
    
    83,068
    
    
    
    58,969WEST 35- 8-108
    
    
    13.8
    
    
    
    0.00000
    %
    
    
    53.40400
    %
    
    
    0
    
    
    
    83,454
    
    
    
    73,281
    
    
    
    0
    
    
    
    39,135
    
    
    
    144,016
    
    
    
    8,641
    
    
    
    0
    
    
    
    135,375
    
    
    
    84,749WEST 35- 9-109
    
    
    15.8
    
    
    
    0.00000
    %
    
    
    53.40400
    %
    
    
    0
    
    
    
    109,820
    
    
    
    96,433
    
    
    
    0
    
    
    
    51,499
    
    
    
    189,516
    
    
    
    11,371
    
    
    
    0
    
    
    
    178,145
    
    
    
    108,047WEST 35-10-110
    
    
    7.2
    
    
    
    0.00000
    %
    
    
    53.40400
    %
    
    
    0
    
    
    
    37,949
    
    
    
    33,323
    
    
    
    0
    
    
    
    17,796
    
    
    
    59,523
    
    
    
    3,571
    
    
    
    0
    
    
    
    55,952
    
    
    
    42,269WEST 35-14-111
    
    
    26.9
    
    
    
    0.00000
    %
    
    
    53.40400
    %
    
    
    0
    
    
    
    148,587
    
    
    
    130,474
    
    
    
    0
    
    
    
    69,678
    
    
    
    256,416
    
    
    
    15,385
    
    
    
    0
    
    
    
    241,031
    
    
    
    104,563WEST 7- 2-74
    
    
    6.0
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    31,088
    
    
    
    27,298
    
    
    
    0
    
    
    
    14,417
    
    
    
    48,222
    
    
    
    2,893
    
    
    
    0
    
    
    
    45,328
    
    
    
    35,653WEST 7- 3-75
    
    
    15.3
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    91,633
    
    
    
    80,463
    
    
    
    0
    
    
    
    42,495
    
    
    
    142,136
    
    
    
    8,528
    
    
    
    0
    
    
    
    133,608
    
    
    
    78,329WEST 7- 6-76
    
    
    8.0
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    52,655
    
    
    
    46,236
    
    
    
    0
    
    
    
    24,419
    
    
    
    81,675
    
    
    
    4,901
    
    
    
    0
    
    
    
    76,775
    
    
    
    57,460WEST 7- 8-77
    
    
    5.2
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    26,213
    
    
    
    23,018
    
    
    
    0
    
    
    
    12,156
    
    
    
    40,660
    
    
    
    2,440
    
    
    
    0
    
    
    
    38,221
    
    
    
    30,986WEST 7-11-78
    
    
    6.3
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    30,695
    
    
    
    26,953
    
    
    
    0
    
    
    
    14,235
    
    
    
    47,612
    
    
    
    2,857
    
    
    
    0
    
    
    
    44,756
    
    
    
    34,698WEST 7-12-79
    
    
    6.4
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    32,755
    
    
    
    28,762
    
    
    
    0
    
    
    
    15,190
    
    
    
    55,900
    
    
    
    3,354
    
    
    
    0
    
    
    
    52,546
    
    
    
    41,041WEST 7-13-80
    
    
    4.5
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    22,506
    
    
    
    19,763
    
    
    
    0
    
    
    
    10,437
    
    
    
    34,910
    
    
    
    2,095
    
    
    
    0
    
    
    
    32,816
    
    
    
    27,280WEST 7-15-81
    
    
    4.6
    
    
    
    0.00000
    %
    
    
    52.81250
    %
    
    
    0
    
    
    
    23,858
    
    
    
    20,950
    
    
    
    0
    
    
    
    11,064
    
    
    
    37,007
    
    
    
    2,220
    
    
    
    0
    
    
    
    34,787
    
    
    
    28,901WEYERHAEUSER 5-15- 2
    
    
    8.9
    
    
    
    0.00000
    %
    
    
    55.25000
    %
    
    
    0
    
    
    
    80,792
    
    
    
    70,944
    
    
    
    0
    
    
    
    39,196
    
    
    
    131,104
    
    
    
    7,866
    
    
    
    0
    
    
    
    123,238
    
    
    
    92,752WEYERHAEUSER 5-16- 1
    
    
    12.0
    
    
    
    0.00000
    %
    
    
    55.25000
    %
    
    
    0
    
    
    
    84,461
    
    
    
    74,165
    
    
    
    0
    
    
    
    40,976
    
    
    
    137,058
    
    
    
    8,223
    
    
    
    0
    
    
    
    128,834
    
    
    
    86,080TOTAL 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