##### 



Exhibit 99.2
 
  
 Attn:
    
    Mr. Ron E. HooperSr. Vice President, Royalty Management
 Re: Estimated Reserves and Non Escalated Future
Net Revenue Remaining as of December 31, 2006
Dominion Black Warrior Basin Trust 1994-1




---



##### 



Dominion Black Warrior Basin Trust 1994-1
    
    February 27, 2007Mr. Ron E. Hooper
    
    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, 2006
 Total ProvedNet Remaining Sales Gas Reserves:Gas: Mcf
    
    
    26,875,186Future Revenue:Sales Revenue
    
    $
    147,118,953Tax Credit Revenue
    
    
    0Total Revenue
    
    $
    147,118,953Production Taxes
    
    $
    8,827,140Other Deductions
    
    
    0Future Net Income
    
    $
    138,291,844Future Net Income Discounted @ 10%
    
    $
    84,685,898
   DATA SOURCE
   RESERVE ESTIMATES




---



##### 



Dominion Black Warrior Basin Trust 1994-1
    
    February 27, 2007Mr. Ron E. Hooper
    
    Page 3
     PRICING PROVISIONS
 Natural Gas
 FUTURE NET INCOME
   GENERAL
 
       
 Dominion Black Warrior Basin Trust 1994-1
    
    February 27, 2007Mr. Ron E. Hooper
    
    Page 4




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##### 



DOMINION BLACK WARRIOR TRUST 1994-1
UNESCALATED ANALYSIS
ROYALTY INTERESTS
TOTAL PROVED RESERVES
 R E S E R V E S A N D E C O N O M I C S
 EFFECTIVE DATE: 12/31/2006
 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
    
    REVENUE12-2007
    
    
    530.1
    
    
    
    0.000
    
    
    
    7103.480
    
    
    
    6677.277
    
    
    
    0.000
    
    
    
    3553.043
    
    
    
    0.00
    
    
    
    5.973
    
    
    
    0.000
    
    
    
    21221.371
    
    
    
    0.000
    
    
    
    19523.72112-2008
    
    
    527.8
    
    
    
    0.000
    
    
    
    6222.285
    
    
    
    5848.948
    
    
    
    0.000
    
    
    
    3112.191
    
    
    
    0.00
    
    
    
    5.965
    
    
    
    0.000
    
    
    
    18564.654
    
    
    
    0.000
    
    
    
    17079.46912-2009
    
    
    525.8
    
    
    
    0.000
    
    
    
    5457.023
    
    
    
    5129.600
    
    
    
    0.000
    
    
    
    2729.239
    
    
    
    0.00
    
    
    
    5.959
    
    
    
    0.000
    
    
    
    16262.647
    
    
    
    0.000
    
    
    
    14961.63012-2010
    
    
    519.9
    
    
    
    0.000
    
    
    
    4785.631
    
    
    
    4498.494
    
    
    
    0.000
    
    
    
    2393.154
    
    
    
    0.00
    
    
    
    5.953
    
    
    
    0.000
    
    
    
    14247.269
    
    
    
    0.000
    
    
    
    13107.48112-2011
    
    
    509.8
    
    
    
    0.000
    
    
    
    4190.612
    
    
    
    3939.177
    
    
    
    0.000
    
    
    
    2095.507
    
    
    
    0.00
    
    
    
    5.950
    
    
    
    0.000
    
    
    
    12467.728
    
    
    
    0.000
    
    
    
    11470.31412-2012
    
    
    494.2
    
    
    
    0.000
    
    
    
    3662.914
    
    
    
    3443.141
    
    
    
    0.000
    
    
    
    1831.812
    
    
    
    0.00
    
    
    
    5.947
    
    
    
    0.000
    
    
    
    10893.159
    
    
    
    0.000
    
    
    
    10021.71412-2013
    
    
    479.7
    
    
    
    0.000
    
    
    
    3204.296
    
    
    
    3012.040
    
    
    
    0.000
    
    
    
    1602.936
    
    
    
    0.00
    
    
    
    5.944
    
    
    
    0.000
    
    
    
    9527.667
    
    
    
    0.000
    
    
    
    8765.45312-2014
    
    
    462.8
    
    
    
    0.000
    
    
    
    2799.782
    
    
    
    2631.794
    
    
    
    0.000
    
    
    
    1401.215
    
    
    
    0.00
    
    
    
    5.941
    
    
    
    0.000
    
    
    
    8325.112
    
    
    
    0.000
    
    
    
    7659.09912-2015
    
    
    441.4
    
    
    
    0.000
    
    
    
    2440.930
    
    
    
    2294.475
    
    
    
    0.000
    
    
    
    1221.949
    
    
    
    0.00
    
    
    
    5.939
    
    
    
    0.000
    
    
    
    7257.683
    
    
    
    0.000
    
    
    
    6677.07212-2016
    
    
    428.5
    
    
    
    0.000
    
    
    
    2139.301
    
    
    
    2010.942
    
    
    
    0.000
    
    
    
    1071.226
    
    
    
    0.00
    
    
    
    5.937
    
    
    
    0.000
    
    
    
    6360.276
    
    
    
    0.000
    
    
    
    5851.46212-2017
    
    
    399.6
    
    
    
    0.000
    
    
    
    1848.322
    
    
    
    1737.423
    
    
    
    0.000
    
    
    
    926.478
    
    
    
    0.00
    
    
    
    5.936
    
    
    
    0.000
    
    
    
    5499.576
    
    
    
    0.000
    
    
    
    5059.60712-2018
    
    
    368.6
    
    
    
    0.000
    
    
    
    1590.118
    
    
    
    1494.712
    
    
    
    0.000
    
    
    
    797.745
    
    
    
    0.00
    
    
    
    5.935
    
    
    
    0.000
    
    
    
    4734.511
    
    
    
    0.000
    
    
    
    4355.74812-2019
    
    
    337.0
    
    
    
    0.000
    
    
    
    1363.359
    
    
    
    1281.557
    
    
    
    0.000
    
    
    
    684.604
    
    
    
    0.00
    
    
    
    5.934
    
    
    
    0.000
    
    
    
    4062.418
    
    
    
    0.000
    
    
    
    3737.42612-2020
    
    
    313.0
    
    
    
    0.000
    
    
    
    1176.935
    
    
    
    1106.319
    
    
    
    0.000
    
    
    
    591.367
    
    
    
    0.00
    
    
    
    5.933
    
    
    
    0.000
    
    
    
    3508.412
    
    
    
    0.000
    
    
    
    3227.74012-2021
    
    
    283.7
    
    
    
    0.000
    
    
    
    1004.237
    
    
    
    943.983
    
    
    
    0.000
    
    
    
    504.709
    
    
    
    0.00
    
    
    
    5.932
    
    
    
    0.000
    
    
    
    2993.989
    
    
    
    0.000
    
    
    
    2754.469S TOT
    
    
    1.0
    
    
    
    0.000
    
    
    
    48989.223
    
    
    
    46049.883
    
    
    
    0.000
    
    
    
    24517.170
    
    
    
    0.00
    
    
    
    5.952
    
    
    
    0.000
    
    
    
    145926.484
    
    
    
    0.000
    
    
    
    134252.391AFTER
    
    
    1.0
    
    
    
    0.000
    
    
    
    4685.638
    
    
    
    4404.500
    
    
    
    0.000
    
    
    
    2358.014
    
    
    
    0.00
    
    
    
    5.931
    
    
    
    0.000
    
    
    
    13985.393
    
    
    
    0.000
    
    
    
    12866.562TOTAL
    
    
    1.0
    
    
    
    0.000
    
    
    
    53674.855
    
    
    
    50454.383
    
    
    
    0.000
    
    
    
    26875.186
    
    
    
    0.00
    
    
    
    5.950
    
    
    
    0.000
    
    
    
    159911.859
    
    
    
    0.000
    
    
    
    147118.953
 OPERATIONS, M$
    
    CAPITAL COSTS, M$
    
    
    
    
    
    10.0%END
    
    PRODUCTION
    
    AD VALOREM
    
    NET OPER
    
    OPERATION
    
    TANGIBLE
    
    INTANG.
    
    TOTAL
    
    TOTAL
    
    CASH FLOW
    
    DISCOUNTEDMO-YEAR
    
    TAXES
    
    EXPENSES
    
    EXPENSES
    
    CASH FLOW
    
    INV.
    
    INV.
    
    BORROW INV
    
    EQUITY INV
    
    BTAX, M$
    
    BTAX, M$12-2007
    
    
    1171.423
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    18352.297
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    18352.297
    
    
    
    17523.27312-2008
    
    
    1024.769
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    16054.714
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    16054.714
    
    
    
    13935.69812-2009
    
    
    897.698
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    14063.927
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    14063.927
    
    
    
    11097.87012-2010
    
    
    786.449
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    12321.035
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    12321.035
    
    
    
    8838.62012-2011
    
    
    688.219
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    10782.094
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    10782.094
    
    
    
    7031.70312-2012
    
    
    601.303
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    9420.415
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    9420.415
    
    
    
    5585.17712-2013
    
    
    525.928
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    8239.527
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    8239.527
    
    
    
    4440.85412-2014
    
    
    459.546
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    7199.557
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    7199.557
    
    
    
    3527.77312-2015
    
    
    400.624
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    6276.448
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    6276.448
    
    
    
    2795.61312-2016
    
    
    351.087
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    5500.370
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    5500.370
    
    
    
    2227.39512-2017
    
    
    303.576
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    4756.031
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    4756.031
    
    
    
    1751.02912-2018
    
    
    261.345
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    4094.400
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    4094.400
    
    
    
    1370.48112-2019
    
    
    224.246
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    3513.181
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    3513.181
    
    
    
    1068.96812-2020
    
    
    193.664
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    3034.075
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    3034.075
    
    
    
    839.23112-2021
    
    
    165.268
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    2589.201
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    2589.201
    
    
    
    651.180S TOT
    
    
    8055.146
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    126197.273
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    126197.273
    
    
    
    82684.867AFTER
    
    
    771.994
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    12094.569
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    12094.569
    
    
    
    2001.030TOTAL
    
    
    8827.140
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    138291.844
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    138291.844
    
    
    
    84685.898
 OIL
    
    GAS
    
    
    
    
    
    
    
    P.W. %
    
    P.W., M$GROSS WELLS
    
    
    0.0
    
    
    
    532.0
    
    
    LIFE, YRS.
    
    
    52.92
    
    
    
    5.00
    
    
    
    104872.836GROSS ULT., MB & MMF
    
    
    0.000
    
    
    
    354749.938
    
    
    DISCOUNT %
    
    
    10.00
    
    
    
    10.00
    
    
    
    84685.898GROSS CUM., MB & MMF
    
    
    0.000
    
    
    
    301075.094
    
    
    UNDISCOUNTED PAYOUT, YRS.
    
    
    0.00
    
    
    
    15.00
    
    
    
    71327.844GROSS RES., MB & MMF
    
    
    0.000
    
    
    
    53674.863
    
    
    DISCOUNTED PAYOUT, YRS.
    
    
    0.00
    
    
    
    20.00
    
    
    
    61888.375NET RES., MB & MMF
    
    
    0.000
    
    
    
    26875.188
    
    
    UNDISCOUNTED NET/INVEST.
    
    
    0.00
    
    
    
    25.00
    
    
    
    54882.320NET REVENUE, M$
    
    
    0.000
    
    
    
    159911.859
    
    
    DISCOUNTED NET/INVEST.
    
    
    0.00
    
    
    
    30.00
    
    
    
    49482.191INITIAL PRICE,
    
    $
    0.000
    
    
    
    5.991
    
    
    RATE-OF-RETURN, PCT.
    
    
    100.00
    
    
    
    40.00
    
    
    
    41706.668INITIAL N.I., PCT.
    
    
    0.000
    
    
    
    48.673
    
    
    INITIAL W.I., PCT.
    
    
    0.000
    
    
    
    60.00
    
    
    
    32486.76680.00
    
    
    
    27180.738100.00
    
    
    
    23714.451