<PAGE>   1

                                                                    EXHIBIT 99.1


BLACK WARRIOR BASIN TRUST                                  DATE     : 03/28/2001
UNESCALATED ANALYSIS                                       TIME     : 17:25:36
"ROYALTY" INTERESTS                                        DBS      : DOM_ON
Contract Prices Year 2001                                  SETTINGS : BWB_Trus
Spot Price of $9.89/MMbtu Thereafter                       SCENARIO : BWT_TRUS

                             RESERVES AND ECONOMICS


                             EFFECTIVE DATE: 01/2001

<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>
 12-2001  522.4   0.000  14667.330  14004.359   0.000   7281.359    0.00   5.280    0.000  38446.672   7572.033  46018.707
 12-2002  517.8   0.000  12935.819  12351.119   0.000   6421.967    0.00   9.796    0.000  62910.496   6678.328  69588.828
 12-2003  513.0   0.000  11431.217  10573.874   0.000   5497.582    0.00   9.796    0.000  53855.340      0.000  53855.340
 12-2004  508.7   0.000  10125.205   9365.813   0.000   4869.300    0.00   9.796    0.000  47700.723      0.000  47700.723
 12-2005  501.7   0.000   8972.965   8299.995   0.000   4315.309    0.00   9.796    0.000  42273.836      0.000  42273.836

 12-2006  485.4   0.000   7921.174   7327.088   0.000   3809.532    0.00   9.796    0.000  37319.309      0.000  37319.309
 12-2007  464.7   0.000   6979.722   6456.245   0.000   3357.024    0.00   9.796    0.000  32886.559      0.000  32886.559
 12-2008  435.5   0.000   6112.563   5654.123   0.000   2941.382    0.00   9.796    0.000  28814.959      0.000  28814.959
 12-2009  408.2   0.000   5363.160   4960.920   0.000   2582.758    0.00   9.796    0.000  25301.875      0.000  25301.875
 12-2010  380.7   0.000   4701.449   4348.841   0.000   2264.745    0.00   9.797    0.000  22186.617      0.000  22186.617

 12-2011  347.2   0.000   4085.635   3779.212   0.000   1967.397    0.00   9.797    0.000  19273.805      0.000  19273.805
 12-2012  312.8   0.000   3536.287   3271.067   0.000   1701.631    0.00   9.797    0.000  16670.342      0.000  16670.342
 12-2013  289.6   0.000   3101.448   2868.839   0.000   1491.330    0.00   9.797    0.000  14610.203      0.000  14610.203
 12-2014  259.4   0.000   2674.068   2473.512   0.000   1286.332    0.00   9.797    0.000  12602.017      0.000  12602.017
 12-2015  233.2   0.000   2310.281   2137.009   0.000   1110.498    0.00   9.797    0.000  10879.521      0.000  10879.521

   S TOT    1.8   0.000 104918.312  97872.016   0.000  50898.141    0.00   9.150    0.000 465732.312  14250.361 479982.656

   AFTER    1.8   0.000  12261.658  11342.033   0.000   5869.627    0.00   9.798    0.000  57512.902      0.000  57512.902

   TOTAL    1.8   0.000 117179.977 109214.039   0.000  56767.770    0.00   9.217    0.000 523245.156  14250.361 537495.562
</TABLE>

<TABLE>
<CAPTION>
                         OPERATIONS, M$                             CAPITAL COSTS, M$
   END    ------------------------------------------    ----------------------------------------------             10.0%
 -------  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>
 12-2001   2306.799      0.000      0.000  43711.887       0.000       0.000       0.000       0.000   43711.887  34504.840
 12-2002   3774.629      0.000      0.000  65814.164       0.000       0.000       0.000       0.000   65814.164  51327.477
 12-2003   3231.320      0.000      0.000  50624.000       0.000       0.000       0.000       0.000   50624.000  39944.520
 12-2004   2862.044      0.000      0.000  44838.672       0.000       0.000       0.000       0.000   44838.672  32162.834
 12-2005   2536.432      0.000      0.000  39737.402       0.000       0.000       0.000       0.000   39737.402  25913.068

 12-2006   2239.159      0.000      0.000  35080.137       0.000       0.000       0.000       0.000   35080.137  20796.256
 12-2007   1973.194      0.000      0.000  30913.357       0.000       0.000       0.000       0.000   30913.357  16660.555
 12-2008   1728.898      0.000      0.000  27086.062       0.000       0.000       0.000       0.000   27086.062  13271.685
 12-2009   1518.112      0.000      0.000  23783.748       0.000       0.000       0.000       0.000   23783.748  10593.400
 12-2010   1331.197      0.000      0.000  20855.436       0.000       0.000       0.000       0.000   20855.436   8445.227

 12-2011   1156.429      0.000      0.000  18117.373       0.000       0.000       0.000       0.000   18117.373   6669.802
 12-2012   1000.221      0.000      0.000  15670.119       0.000       0.000       0.000       0.000   15670.119   5244.065
 12-2013    876.612      0.000      0.000  13733.591       0.000       0.000       0.000       0.000   13733.591   4178.046
 12-2014    756.121      0.000      0.000  11845.900       0.000       0.000       0.000       0.000   11845.900   3276.881
 12-2015    652.771      0.000      0.000  10226.745       0.000       0.000       0.000       0.000   10226.745   2572.014

   S TOT  27943.936      0.000      0.000 452038.562       0.000       0.000       0.000       0.000  452038.562 275560.688

   AFTER   3450.775      0.000      0.000  54062.121       0.000       0.000       0.000       0.000   54062.121   8514.882

   TOTAL  31394.709      0.000      0.000 506100.656       0.000       0.000       0.000       0.000  506100.656 284075.594
</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.                 40.00            5.00   360916.688
 GROSS ULT., MB & MMF       0.000  343785.688         DISCOUNT %                 10.00           10.00   284075.344
 GROSS CUM., MB & MMF       0.000  234571.625         UNDISCOUNTED PAYOUT, YRS.   0.00           15.00   234157.906
 GROSS RES., MB & MMF       0.000  109214.039         DISCOUNTED PAYOUT, YRS.     0.00           20.00   199342.188
 NET RES.,   MB & MMF       0.000   56767.770         UNDISCOUNTED NET/INVEST.    0.00           25.00   173766.734
 NET REVENUE, M$            0.000  523245.156         DISCOUNTED NET/INVEST.      0.00           30.00   154226.031
 INITIAL PRICE, $           0.000       0.000         RATE-OF-RETURN, PCT.      100.00           40.00   126401.000
 INITIAL N.I., PCT.         0.000      50.996         INITIAL W.I., PCT.         0.000           60.00    94031.836
                                                                                                 80.00    75844.453
                                                                                                100.00    64213.918
</TABLE>