##### 



Attn:
    
    Mr. Ron E. HooperSr. Vice President, Royalty Management
 Re: Estimated Reserves and Non Escalated Future
Net Revenue Remaining as of December 31, 2005
Dominion Black Warrior Basin Trust 1994-1




---



##### 



Dominion Black Warrior Basin Trust 1994-1
Mr. Ron E. Hooper
    
    February 22, 2006
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, 2005
 Total ProvedNet Remaining Sales Gas Reserves:Gas: Mcf
    
    
    32,291,609Future Revenue:Sales Revenue
    
    $
    319,313,938Tax Credit Revenue
    
    
    0Total Revenue
    
    $
    319,313,938Production Taxes
    
    $
    17,626,131Other Deductions
    
    
    0Future Net Income
    
    $
    276,142,719Future Net Income Discounted @ 10%
    
    $
    156,996,844
   DATA SOURCE




---



##### 



Dominion Black Warrior Basin Trust 1994-1
Mr. Ron E. Hooper
    
    February 22, 2006
Page 3
  RESERVE ESTIMATES
     PRICING PROVISIONS
 Natural Gas
 FUTURE NET INCOME




---



##### 



Dominion Black Warrior Basin Trust 1994-1
Mr. Ron E. Hooper
    
    February 22, 2006
Page 4
  GENERAL
       Very truly yours,
RALPH E. DAVIS ASSOCIATES, INC.(-s- Allen C. Barron SIG)Allen C. Barron, P.E.President




---



##### 



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
    
    
    REVENUE12-2006
    
    
    528.8
    
    
    
    0.000
    
    
    
    7634.426
    
    
    
    7176.355
    
    
    
    0.000
    
    
    
    3855.961
    
    
    
    0.00
    
    
    
    9.591
    
    
    
    0.000
    
    
    
    36984.125
    
    
    
    0.000
    
    
    
    36984.12512-2007
    
    
    526.5
    
    
    
    0.000
    
    
    
    6732.897
    
    
    
    6328.925
    
    
    
    0.000
    
    
    
    3401.531
    
    
    
    0.00
    
    
    
    9.591
    
    
    
    0.000
    
    
    
    32625.514
    
    
    
    0.000
    
    
    
    32625.51412-2008
    
    
    524.2
    
    
    
    0.000
    
    
    
    5954.329
    
    
    
    5597.071
    
    
    
    0.000
    
    
    
    3008.630
    
    
    
    0.00
    
    
    
    9.591
    
    
    
    0.000
    
    
    
    28857.031
    
    
    
    0.000
    
    
    
    28857.03112-2009
    
    
    519.6
    
    
    
    0.000
    
    
    
    5275.301
    
    
    
    4958.785
    
    
    
    0.000
    
    
    
    2665.802
    
    
    
    0.00
    
    
    
    9.591
    
    
    
    0.000
    
    
    
    25568.830
    
    
    
    0.000
    
    
    
    25568.83012-2010
    
    
    513.6
    
    
    
    0.000
    
    
    
    4679.858
    
    
    
    4399.071
    
    
    
    0.000
    
    
    
    2365.104
    
    
    
    0.00
    
    
    
    9.591
    
    
    
    0.000
    
    
    
    22684.717
    
    
    
    0.000
    
    
    
    22684.71712-2011
    
    
    510.8
    
    
    
    0.000
    
    
    
    4159.671
    
    
    
    3910.091
    
    
    
    0.000
    
    
    
    2102.238
    
    
    
    0.00
    
    
    
    9.591
    
    
    
    0.000
    
    
    
    20163.467
    
    
    
    0.000
    
    
    
    20163.46712-2012
    
    
    507.6
    
    
    
    0.000
    
    
    
    3700.599
    
    
    
    3478.564
    
    
    
    0.000
    
    
    
    1870.235
    
    
    
    0.00
    
    
    
    9.591
    
    
    
    0.000
    
    
    
    17938.221
    
    
    
    0.000
    
    
    
    17938.22112-2013
    
    
    502.3
    
    
    
    0.000
    
    
    
    3293.827
    
    
    
    3096.196
    
    
    
    0.000
    
    
    
    1664.625
    
    
    
    0.00
    
    
    
    9.591
    
    
    
    0.000
    
    
    
    15966.130
    
    
    
    0.000
    
    
    
    15966.13012-2014
    
    
    498.2
    
    
    
    0.000
    
    
    
    2935.230
    
    
    
    2759.115
    
    
    
    0.000
    
    
    
    1483.302
    
    
    
    0.00
    
    
    
    9.591
    
    
    
    0.000
    
    
    
    14226.974
    
    
    
    0.000
    
    
    
    14226.97412-2015
    
    
    488.0
    
    
    
    0.000
    
    
    
    2611.472
    
    
    
    2454.785
    
    
    
    0.000
    
    
    
    1319.865
    
    
    
    0.00
    
    
    
    9.591
    
    
    
    0.000
    
    
    
    12659.375
    
    
    
    0.000
    
    
    
    12659.37512-2016
    
    
    479.8
    
    
    
    0.000
    
    
    
    2326.295
    
    
    
    2186.718
    
    
    
    0.000
    
    
    
    1175.967
    
    
    
    0.00
    
    
    
    9.591
    
    
    
    0.000
    
    
    
    11279.194
    
    
    
    0.000
    
    
    
    11279.19412-2017
    
    
    468.7
    
    
    
    0.000
    
    
    
    2070.765
    
    
    
    1946.518
    
    
    
    0.000
    
    
    
    1046.900
    
    
    
    0.00
    
    
    
    9.591
    
    
    
    0.000
    
    
    
    10041.255
    
    
    
    0.000
    
    
    
    10041.25512-2018
    
    
    453.7
    
    
    
    0.000
    
    
    
    1840.657
    
    
    
    1730.217
    
    
    
    0.000
    
    
    
    930.601
    
    
    
    0.00
    
    
    
    9.591
    
    
    
    0.000
    
    
    
    8925.785
    
    
    
    0.000
    
    
    
    8925.78512-2019
    
    
    439.2
    
    
    
    0.000
    
    
    
    1636.413
    
    
    
    1538.228
    
    
    
    0.000
    
    
    
    827.468
    
    
    
    0.00
    
    
    
    9.591
    
    
    
    0.000
    
    
    
    7936.587
    
    
    
    0.000
    
    
    
    7936.58712-2020
    
    
    431.2
    
    
    
    0.000
    
    
    
    1460.874
    
    
    
    1373.221
    
    
    
    0.000
    
    
    
    738.834
    
    
    
    0.00
    
    
    
    9.591
    
    
    
    0.000
    
    
    
    7086.473
    
    
    
    0.000
    
    
    
    7086.473S TOT
    
    
    1.0
    
    
    
    0.000
    
    
    
    56312.613
    
    
    
    52933.852
    
    
    
    0.000
    
    
    
    28457.061
    
    
    
    0.00
    
    
    
    9.591
    
    
    
    0.000
    
    
    
    272943.688
    
    
    
    0.000
    
    
    
    272943.688AFTER
    
    
    1.0
    
    
    
    0.000
    
    
    
    9519.229
    
    
    
    8948.077
    
    
    
    0.000
    
    
    
    4834.554
    
    
    
    0.00
    
    
    
    9.591
    
    
    
    0.000
    
    
    
    46370.258
    
    
    
    0.000
    
    
    
    46370.258TOTAL
    
    
    1.0
    
    
    
    0.000
    
    
    
    65831.836
    
    
    
    61881.926
    
    
    
    0.000
    
    
    
    33291.609
    
    
    
    0.00
    
    
    
    9.591
    
    
    
    0.000
    
    
    
    319313.938
    
    
    
    0.000
    
    
    
    319313.938
 OPERATIONS, M$
    
    
    CAPITAL COSTS, M$
    
    
    
    
    
    
    10.0%END
    
    PRODUCTION
    
    
    AD VALOREM
    
    
    NET OPER
    
    
    OPERATION
    
    
    TANGIBLE
    
    
    INTANG.
    
    
    TOTAL
    
    
    TOTAL
    
    
    CASH FLOW
    
    
    DISCOUNTEDLMO-YEAR
    
    TAXES
    
    
    EXPENSES EXPENSES
    
    
    CASH FLOW
    
    
    INV.
    
    
    INV.
    
    
    BORROW INV
    
    
    EQUITY INV
    
    
    BTAX, M$
    
    
    BTAX, M$12-2006
    
    
    2041.523
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    31983.865
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    31983.865
    
    
    
    30537.39612-2007
    
    
    1800.929
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    28214.547
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    28214.547
    
    
    
    24489.01812-2008
    
    
    1592.909
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    24955.568
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    24955.568
    
    
    
    19690.92812-2009
    
    
    1411.399
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    22111.926
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    22111.926
    
    
    
    15860.89312-2010
    
    
    1252.197
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    19617.756
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    19617.756
    
    
    
    12792.42712-2011
    
    
    1113.023
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    17437.365
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    17437.365
    
    
    
    10336.76512-2012
    
    
    990.190
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    15512.974
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    15512.974
    
    
    
    8360.02112-2013
    
    
    881.330
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    13807.500
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    13807.500
    
    
    
    6764.38712-2014
    
    
    785.329
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    12303.481
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    12303.481
    
    
    
    5479.60012-2015
    
    
    698.798
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    10947.831
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    10947.831
    
    
    
    4432.60512-2016
    
    
    622.612
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    9754.245
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    9754.245
    
    
    
    3590.30212-2017
    
    
    554.277
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    8683.681
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    8683.681
    
    
    
    2905.74612-2018
    
    
    492.703
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    7719.020
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    7719.020
    
    
    
    2348.09412-2019
    
    
    438.100
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    6863.568
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    6863.568
    
    
    
    1898.05112-2020
    
    
    391.173
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    6128.381
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    6128.381
    
    
    
    1540.628S TOT
    
    
    15066.492
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    236041.734
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    236041.734
    
    
    
    151026.844AFTER
    
    
    2559.638
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    40101.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    40101.000
    
    
    
    5969.995TOTAL
    
    
    17626.131
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    276142.719
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    276142.719
    
    
    
    156996.844
 OIL
    
    GAS
    
    
    
    
    
    P.W. %
    
    P.W., M$GROSS WELLS
    
    
    0.0
    
    
    
    529.0
    
    
    LIFE, YRS.
    
    
    51.42
    
    
    
    5.00
    
    
    
    199566.797GROSS ULT., MB & MMF
    
    
    0.000
    
    
    
    351247.656
    
    
    DISCOUNT %
    
    
    10.00
    
    
    
    10.00
    
    
    
    156996.844GROSS CUM., MB & MMF
    
    
    0.000
    
    
    
    285415.844
    
    
    UNDISCOUNTED PAYOUT, YRS.
    
    
    0.00
    
    
    
    15.00
    
    
    
    130206.805GROSS RES., MB & MMF
    
    
    0.000
    
    
    
    65831.836
    
    
    DISCOUNTED PAYOUT, YRS.
    
    
    0.00
    
    
    
    18.00
    
    
    
    118461.086NET RES., MB & MMF
    
    
    0.000
    
    
    
    33291.617
    
    
    UNDISCOUNTED NET/INVEST.
    
    
    0.00
    
    
    
    20.00
    
    
    
    111869.773NET REVENUE, M$
    
    
    0.000
    
    
    
    319313.969
    
    
    DISCOUNTED NET/INVEST.
    
    
    0.00
    
    
    
    25.00
    
    
    
    98546.773INITIAL PRICE,
    
    $
    0.000
    
    
    
    9.591
    
    
    RATE-OF-RETURN, PCT.
    
    
    100.00
    
    
    
    40.00
    
    
    
    74070.250INITIAL N.I., PCT.
    
    
    0.000
    
    
    
    53.731
    
    
    INITIAL W.I., PCT.
    
    
    0.000
    
    
    
    60.00
    
    
    
    57322.80180.00
    
    
    
    47802.152100.00
    
    
    
    41623.043