<PAGE>
                                                                    EXHIBIT 99.1


BLACK WARRIOR BASIN TRUST 1994-1
UNESCALATED ANALYSIS
"ROYALTY INTERESTS"
POST 2002 FIXED PRICE TO NYMEX


                             RESERVES AND ECONOMICS


                             EFFECTIVE DATE: 01/2002

<Table>
<Caption>
                    GROSS  PRODUCTION             NET PRODUCTION       PRICES                      OPERATIONS, M$
          ------------------------------------   ----------------   ------------    -----------------------------------------
  END     NO. OF   OIL   WELL HEAD     SALES      OIL     SALES      OIL     GAS      OIL       GAS        TAX        TOTAL
MO-YEAR   WELLS   MBBL   GAS, MMCF   GAS, MMCF   MBBL   GAS, MMCF    $/B     $/M    REVENUE   REVENUE    CREDITS     REVENUE
-------   ------  -----  ----------  ---------   -----  ---------   -----   -----   -------  ---------   --------   ---------
<S>       <C>     <C>    <C>         <C>         <C>    <C>         <C>     <C>     <C>      <C>         <C>        <C>
12-2002   520.2   0.000   13049.571  12459.727   0.000   6681.598    0.00   3.219    0.000   21511.309   6948.322   28459.631
12-2003   512.2   0.000   11525.993  10661.548   0.000   5718.894    0.00   2.546    0.000   14558.069      0.000   14558.069
12-2004   507.0   0.000   10188.618   9424.472   0.000   5056.322    0.00   2.546    0.000   12871.472      0.000   12871.472
12-2005   499.2   0.000    9011.821   8335.938   0.000   4473.060    0.00   2.546    0.000   11386.741      0.000   11386.741
12-2006   483.6   0.000    7946.034   7350.082   0.000   3945.119    0.00   2.546    0.000   10042.853      0.000   10042.853

12-2007   463.8   0.000    6994.871   6470.257   0.000   3475.001    0.00   2.546    0.000    8846.139      0.000    8846.139
12-2008   436.1   0.000    6123.465   5664.207   0.000   3044.749    0.00   2.546    0.000    7750.910      0.000    7750.910
12-2009   411.5   0.000    5376.390   4973.159   0.000   2674.286    0.00   2.546    0.000    6807.875      0.000    6807.875
12-2010   381.2   0.000    4689.160   4337.472   0.000   2333.926    0.00   2.546    0.000    5941.467      0.000    5941.467
12-2011   348.8   0.000    4072.852   3767.390   0.000   2029.048    0.00   2.546    0.000    5165.385      0.000    5165.385

12-2012   311.0   0.000    3501.010   3238.435   0.000   1743.131    0.00   2.546    0.000    4437.559      0.000    4437.559
12-2013   281.7   0.000    3034.552   2806.962   0.000   1509.548    0.00   2.546    0.000    3842.953      0.000    3842.953
12-2014   251.6   0.000    2611.961   2416.064   0.000   1298.950    0.00   2.546    0.000    3306.856      0.000    3306.856
12-2015   226.6   0.000    2257.865   2088.526   0.000   1123.025    0.00   2.546    0.000    2859.017      0.000    2859.017
12-2016   199.8   0.000    1930.144   1785.383   0.000    959.484    0.00   2.546    0.000    2442.705      0.000    2442.705

  S TOT     2.0   0.000   92314.312  85779.617   0.000  46066.141    0.00   2.643    0.000  121771.305   6948.322  128719.641

  AFTER     2.0   0.000    9842.933   9104.715   0.000   4897.438    0.00   2.546    0.000   12470.168      0.000   12470.168

  TOTAL     2.0   0.000  102157.234  94884.336   0.000  50963.574    0.00   2.634    0.000  134241.469   6948.322  141189.797
</Table>


<Table>
<Caption>

                           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$
-------  ----------  ----------   --------  ----------  --------   -------  ----------  ----------   ---------   ----------
<S>      <C>         <C>          <C>       <C>         <C>        <C>      <C>         <C>          <C>         <C>
12-2002   1075.565      0.000      0.000     27384.066    0.000     0.000      0.000       0.000     27384.072    26110.229
12-2003    727.903      0.000      0.000     13830.167    0.000     0.000      0.000       0.000     13830.164    11988.062
12-2004    643.573      0.000      0.000     12227.899    0.000     0.000      0.000       0.000     12227.894     9635.682
12-2005    569.337      0.000      0.000     10817.404    0.000     0.000      0.000       0.000     10817.408     7749.468
12-2006    502.143      0.000      0.000      9540.710    0.000     0.000      0.000       0.000      9540.707     6213.667

12-2007    442.307      0.000      0.000      8403.831    0.000     0.000      0.000       0.000      8403.832     4975.880
12-2008    387.546      0.000      0.000      7363.364    0.000     0.000      0.000       0.000      7363.367     3963.787
12-2009    340.394      0.000      0.000      6467.481    0.000     0.000      0.000       0.000      6467.483     3164.989
12-2010    297.073      0.000      0.000      5644.394    0.000     0.000      0.000       0.000      5644.397     2511.347
12-2011    258.269      0.000      0.000      4907.116    0.000     0.000      0.000       0.000      4907.111     1984.893

12-2012    221.878      0.000      0.000      4215.681    0.000     0.000      0.000       0.000      4215.681     1550.255
12-2013    192.148      0.000      0.000      3650.805    0.000     0.000      0.000       0.000      3650.806     1220.532
12-2014    165.343      0.000      0.000      3141.513    0.000     0.000      0.000       0.000      3141.515      954.819
12-2015    142.951      0.000      0.000      2716.066    0.000     0.000      0.000       0.000      2716.066      750.554
12-2016    122.135      0.000      0.000      2320.570    0.000     0.000      0.000       0.000      2320.571      582.961

  S TOT   6088.564      0.000      0.000    122631.055    0.000     0.000      0.000       0.000    122631.078    83357.125

  AFTER    623.509      0.000      0.000     11846.662    0.000     0.000      0.000       0.000     11846.662     1886.936

  TOTAL   6712.074      0.000      0.000    134477.719    0.000     0.000      0.000       0.000    134477.734    85244.061
</Table>

<Table>
<Caption>
                            OIL         GAS                                                 P.W. %     P.W., M$
                           -----    ----------                                              ------    ----------
<S>                        <C>      <C>                <C>                       <C>        <C>       <C>
GROSS WELLS                  0.0         535.0         LIFE, YRS.                 38.17       5.00    103684.679
GROSS ULT., MB & MMF       0.000    343087.250         DISCOUNT %                 10.00      10.00     85244.061
GROSS CUM., MB & MMF       0.000    248202.906         UNDISCOUNTED PAYOUT, YRS.   0.00      15.00     73056.132
GROSS RES., MB & MMF       0.000     94884.320         DISCOUNTED PAYOUT, YRS.     0.00      20.00     64419.172
NET RES.,   MB & MMF       0.000     50963.582         UNDISCOUNTED NET/INVEST.    0.00      25.00     57976.772
NET REVENUE, M$            0.000    134241.484         DISCOUNTED NET/INVEST.      0.00      30.00     52980.383
INITIAL PRICE, $           0.000         0.000         RATE-OF-RETURN, PCT.      100.00
INITIAL N.I., PCT.         0.000        53.586         INITIAL W.I., PCT.         0.000
</Table>