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|                           Fred W. Ziehe, P.E.            |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                           TBPE License No. 63630         |   |
|                           Managing Senior Vice President | [SEAL] |

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| SEC PARAMETERSEstimated Net Reserves and Income DataCertain Leasehold and Royalty Interests ofAdams Resources Exploration CorporationAs of December 31, 2010 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                         |   | Proved |   |
|                                                                                                                                                         |   | Developed |   |   |   |   |   | Total |   |
|                                                                                                                                                         |   | Producing |   |   | Non-Producing |   |   | Undeveloped |   |   | Proved |   |
| Net Remaining Reserves                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Oil/Condensate – MBls                                                                                                                                  |   |   | 187.0 |   |   |   | 49.5 |   |   |   | 26.6 |   |   |   | 263.1 |   |
| Plant Products – MBls                                                                                                                                  |   |   | 0.4 |   |   |   | 3.0 |   |   |   | 0.0 |   |   |   | 3.4 |   |
| Gas – MMCF                                                                                                                                             |   |   | 5,859.0 |   |   |   | 1,274.0 |   |   |   | 661.0 |   |   |   | 7,794.0 |   |
| MBOE                                                                                                                                                         |   |   | 1,163.9 |   |   |   | 264.9 |   |   |   | 136.7 |   |   |   | 1,565.5 |   |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income Data – M$                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Future Gross Revenue                                                                                                                                         |   | $ | 42,110.0 |   |   | $ | 10,748.7 |   |   | $ | 5,168.1 |   |   | $ | 58,026.8 |   |
| Deductions                                                                                                                                                   |   |   | 13,006.6 |   |   |   | 1,201.8 |   |   |   | 1,391.4 |   |   |   | 15,599.8 |   |
| Future Net Income (FNI)                                                                                                                                      |   | $ | 29,103.4 |   |   | $ | 9,546.9 |   |   | $ | 3,776.7 |   |   | $ | 42,427.0 |   |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Discounted FNI @ 10%                                                                                                                                         |   | $ | 19,020.8 |   |   | $ | 4,215.7 |   |   | $ | 2,413.4 |   |   | $ | 25,649.9 |   |

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|                                                                                                                  | Discounted Future Net Income – M$                                                                                                                               |
|-----------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                  | As of December 31, 2010                                                                                                                                               |
| Discount Rate                                                                                                         | Total                                                                                                                                                                 |
| Percent                                                                                                               | Proved                                                                                                                                                                |
|                    2.5 |                           $35,576.1 |
|                    5.0 |                           $31,150.5 |
|                   15.0           |                           $22,250.8 |
|                   20.0      |                           $19,873.6 |
|                                                                                                                  |                                                                                                                                                                  |

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| Geographic Area                 | Product                           | PriceReference                                                            | AverageBenchmark Prices                                                 | AverageRealized Prices                                  |
|---------------------------------|-----------------------------------|---------------------------------------------------------------------------|-------------------------------------------------------------------------|---------------------------------------------------------|
|   Total U.S. Domestic | Oil/Condensate                    |     Various 1                                         |        $ 72.86 / Bbl                 |        $ 76.14 / Bbl |
| Plant Products                  |     Various 2 |        $ 71.55 / Bbl                   |        $ 71.55 / Bbl                 |
| Gas                             |     Various 3 |        $   4.24 / MMBTU |        $   5.26 / MCF |

|   | 1 Oil/Cond Benchmarks include Postings for:  LOTT Arkansas Sweet, North Dakota – Williston Sweet, Chevron Light Louisiana Sweet, N Louisiana, So Louisiana Light, Mississippi Light Sour, OK Sweet Central, OK Sweet, Gulfmark Contract_Lt Sweet_NYMEX, East Tx Field, Giddings, Tx Upper Gulf Coast, So Tx Light, W Central Tx, W Tx Intermediate – Area 1, and Wyoming Southwestern Area |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3 Gas Benchmarks include:  Carthage Hub, CIG, El Paso-Permian, Henry Hub, Houston Ship Channel, NGPL_MC, NGPL_STX, NGPL_TexOk Zone, Southern Natural Gas, Texas Eastern, Transco Zone 4, Transwestern Permian Basin, and Trunkline ELA |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (1)   | completion intervals which are open at the time of the estimate, but which have not  started producing; |
|-----------------|-------------------------------------------------------------------------------------------------------------------|

| (2)   | wells which were shut-in for market conditions or pipeline connections; or |
|-----------------|----------------------------------------------------------------------------|

| (3)   | wells not capable of production for mechanical reasons. |
|-----------------|---------------------------------------------------------|

| (i)   | Reserves on undrilled acreage shall be limited to those directly offsetting development spacing areas that are reasonably certain of production when drilled, unless evidence using reliable technology exists that establishes reasonable certainty of economic producibility at greater distances. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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