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The Reserve Petroleum Company 10-K/A

| Reserve  | Net       | Net       | Net        | Net       | Net       | Net        | PV10      |
|----------|-----------|-----------|------------|-----------|-----------|------------|-----------|
| Category | Oil, bbls | Gas, mcfs | Rev, $     | Taxes, $  | LOE, $    | Income, $  | $         |
| PDP      | 182,148   | 657,624   | 19,048,711 | 1,072,128 | 3,348,644 | 14,627,939 | 9,871,584 |

| Reserve  | Net       | Net       | Net        | Net       | Net       | Net        | PV10      |
|----------|-----------|-----------|------------|-----------|-----------|------------|-----------|
| Category | Oil, bbls | Gas, mcfs | Rev, $     | Taxes, $  | LOE, $    | Income, $  | $         |
| PDP      | 199,140   | 630,356   | 20,475,457 | 1,138,316 | 3,522,957 | 15,814,184 | 9,743,278 |

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|   | The Reserve Petroleum Company                                                             |                  |         |           |           |           |           |     |     |         |       |       |         |       |   |      |
|--------|-------------------------------------------------------------------------------------------|-----------------------|--------------|----------------|----------------|----------------|----------------|----------|----------|--------------|------------|------------|--------------|------------|--------|-----------|
|   |                                                                                      |                  |         |           |           |           |           |     |     |         |       |       |         |       |   |      |   |   |   |
|   | Top Ten PV10 Properties                                                                   |                  |         |           |           |           |           |     |     |         |       |       |         |       |   |      |   |
|   | Effective January 1, 2012                                                                 |                  |         |           |           |           |           |     |     |         |       |       |         |       |   |      |   |
|   | RCADKINS, LLC, January 1, 2012                                                            | Oil                   |         | Gas            |           |
|   | RPC                                                                                       |                  |         | Gross Oil | Gross Gas | Gross Oil | Gross Gas | Net Oil  | Net Gas  | Net Revenue  | Net Taxes  | Net LOE    | Net Income   | PV10       |   | Depletion |   | Depletion |
|   | Rank                                                                                      | Property              | County/ST    | Cum - bbls     | Cum -mcf       | bbls           | mcf            | bbls     | mcf      | $            | $          | $          | $            | $          |   | Ratio - % |   | Ratio - % |
|   | 1                                                                                         | PCRRU                 | Harding/SD   | 395,142        | 113,357        | 1,025,903      | 417,669        | 89,190   | 36,306   | $8,021,685   | $380,228   | $1,991,422 | $5,650,035   | $3,329,316 |   | 27.81%    |   | 21.35% |   |
|   | 2                                                                                         | EHSRRU                | Harding/SD   | 1,533,364      | 168,582        | 998,222        | 253,597        | 40,859   | 10,380   | $3,648,985   | $172,962   | $638,535   | $2,837,488   | $1,980,400 |   | 60.57%    |   | 39.93% |   |
|   | 3                                                                                         | Strecker 1-15H        | Garfield/OK  | 13,486         | 37,149         | 154,055        | 1,116,642      | 12,679   | 91,902   | $1,605,796   | $115,537   | $139,601   | $1,350,658   | $1,020,171 |   | 8.05%     |   | 3.22% |   |
|   | 4                                                                                         | Coulson 1-21H         | Custer/OK    | 4,135          | 142,427        | 46,042         | 2,835,518      | 2,544    | 156,702  | $1,173,273   | $84,417    | $112,000   | $976,856     | $692,773   |   | 8.24%     |   | 4.78% |   |
|   | 5                                                                                         | Andrew 25-1           | Hodgeman/KS  | 15,154         | 0              | 84,846         | 0              | 11,268   | 0        | $981,522     | $80,061    | $64,800    | $836,661     | $653,292   |   | 15.15%    |   |   |   |
|   | 6                                                                                         | Rafter P 1-28         | Grady/OK     | 13,010         | 324,020        | 44,016         | 1,065,551      | 3,081    | 74,589   | $671,919     | $48,345    | $29,747    | $593,827     | $483,682   |   | 22.81%    |   | 23.32% |   |
|   | 7                                                                                         | Bailey 31-1           | Hodgeman/KS  | 25,868         | 0              | 74,132         | 0              | 9,845    | 0        | $857,574     | $69,951    | $80,000    | $707,623     | $516,561   |   | 25.87%    |   |   |   |
|   | 8                                                                                         | Bolenbaugh 1-27H      | Garfield/OK  | 3,805          | 32,396         | 57,675         | 592,891        | 4,784    | 49,181   | $674,447     | $48,526    | $106,050   | $519,871     | $402,960   |   | 6.19%     |   | 5.18% |   |
|   | 9                                                                                         | Anna 24-3             | Comanche/KS  | 29,246         | 29,039         | 54,846         | 64,212         | 7,898    | 9,247    | $730,145     | $59,557    | $92,664    | $577,924     | $394,694   |   | 34.78%    |   | 31.14% |   |
|   | 10                                                                                        | Bryant 09-14 (1-10H)  | Van Buren/AR | 0              | 1,513,360      | 0              | 2,466,057      | 0        | 229,317  | $683,365     | $12,544    | $93,825    | $576,996     | $397,735   |   |      |   | 38.03% |   |
|   |                                                                                      |                  |         |           |           |           |           |     |     |         |       |       |         |       |   |      |   |   |   |
|   |                                                                                      | TOTALS                | VARIOUS      | 2,033,210      | 2,360,330      | 2,539,737      | 8,812,137      | 182,148  | 657,624  | $19,048,711  | $1,072,128 | $3,348,644 | $14,627,939  | $9,871,584 |   |      |   |   |   |
|   |                                                                                      |                  |         |           |           |           |           |     |     |         |       |       |         |       |   |      |   |   |   |
|   |                                                                                      |                  |         |           |           |           |           |     |     |         |       |       |         |       |   |      |   |   |   |
|   | The Reserve Petroleum Company, January 1, 2012                                            |                  | Oil          |           | Gas            |           |
|   | RPC                                                                                       |                  |         | Gross Oil      | Gross Gas      | Gross Oil      | Gross Gas      | Net Oil  | Net Gas  | Net Revenue  | Net Taxes  | Net LOE    | Net Income   | PV10       |   | Depletion |   | Depletion |
|   | Rank                                                                                      | Property              | County/ST    | Cum - bbls     | Cum -mcf       | bbls           | mcf            | bbls     | mcf      | $            | $          | $          | $            | $          |   | Ratio - % |   | Ratio - % |
|   | 1                                                                                         | PCRRU                 | Harding/SD   | 395,142        | 113,357        | 1,125,330      | 337,659        | 97,638   | 29,297   | $8,717,818   | $413,225   | $2,019,309 | $6,285,284   | $3,270,869 |   | 25.99%    |   | 25.13% |   |
|   | 2                                                                                         | EHSRRU                | Harding/SD   | 1,533,364      | 168,582        | 1,188,820      | 237,004        | 48,660   | 9,701    | $4,326,369   | $205,070   | $773,609   | $3,347,690   | $1,958,598 |   | 56.33%    |   | 41.57% |   |
|   | 3                                                                                         | Strecker 1-15H        | Garfield/OK  | 13,486         | 37,149         | 173,740        | 1,221,396      | 14,299   | 100,523  | $1,796,652   | $127,472   | $179,710   | $1,489,470   | $1,035,532 |   | 7.20%     |   | 2.95% |   |
|   | 4                                                                                         | Coulson 1-21H         | Custer/OK    | 4,135          | 142,427        | 71,753         | 2,870,986      | 3,965    | 158,662  | $1,314,324   | $93,251    | $126,000   | $1,095,073   | $731,239   |   | 5.45%     |   | 4.73% |   |
|   | 5                                                                                         | Andrew 25-1           | Hodgeman/KS  | 15,154         | 0              | 84,856         | 0              | 11,269   | 0        | $981,633     | $80,070    | $47,808    | $853,755     | $672,227   |   | 15.15%    |   |   |   |
|   | 6                                                                                         | Rafter P 1-28         | Grady/OK     | 13,010         | 324,020        | 45,539         | 910,787        | 3,188    | 63,755   | $625,820     | $44,402    | $18,730    | $562,688     | $488,414   |   | 22.22%    |   | 26.24% |   |
|   | 7                                                                                         | Bailey 31-1           | Hodgeman/KS  | 25,868         | 0              | 63,645         | 0              | 8,452    | 0        | $736,261     | $60,056    | $66,800    | $609,405     | $466,492   |   | 28.90%    |   |   |   |
|   | 8                                                                                         | Bolenbaugh 1-27H      | Garfield/OK  | 3,805          | 32,396         | 62,839         | 843,089        | 5,213    | 69,934   | $810,540     | $57,508    | $133,350   | $619,682     | $453,805   |   | 5.71%     |   | 3.70% |   |
|   | 9                                                                                         | Anna 24-3             | Comanche/KS  | 29,246         | 29,039         | 44,836         | 53,355         | 6,456    | 7,683    | $597,454     | $48,733    | $77,616    | $471,105     | $339,297   |   | 39.48%    |   | 35.24% |   |
|   | 10                                                                                        | Bryant 09-14 (1-10H)  | Van Buren/AR | 0              | 1,513,360      | 0              | 2,051,856      | 0        | 190,801  | $568,586     | $8,529     | $80,025    | $480,032     | $326,805   |   |      |   | 42.45% |   |
|   |                                                                                      |                  |         |           |           |           |           |     |     |         |       |       |         |       |   |      |   |   |   |
|   |                                                                                      | TOTALS                | VARIOUS      | 2,033,210      | 2,360,330      | 2,861,358      | 8,526,132      | 199,140  | 630,356  | $20,475,457  | $1,138,316 | $3,522,957 | $15,814,184  | $9,743,278 |   |      |   |   |   |
|   |                                                                                      |                  |         |           |           |           |           |     |     |         |       |       |         |       |   |      |   |   |   |
|   |                                                                                      |                  |         |           |           |           |           |     |     |         |       |       |         |       |   |      |   |   |   |
|   | DIFFERENCE:  RCADKINS, LLC minus The Reserve Petroleum Company, January 1, 2012 |                  |         |           |           |           |
|   | RPC                                                                                       |                  |         | Gross Oil      | Gross Gas      | Gross Oil      | Gross Gas      | Net Oil  | Net Gas  | Net Revenue  | Net Taxes  | Net LOE    | Net Income   | PV10       |   |      |   |   |   |
|   | Rank                                                                                      | Property              | County/ST    | Cum - bbls     | Cum -mcf       | bbls           | mcf            | bbls     | mcf      | $            | $          | $          | $            | $          |   |      |   |   |   |
|   | 1                                                                                         | PCRRU                 | Harding/SD   | 0              | 0              | (99,427)       | 80,010         | (8,448)  | 7,009    | ($696,133)   | ($32,997)  | ($27,887)  | ($635,249)   | $58,447    |   |      |   |   |   |
|   | 2                                                                                         | EHSRRU                | Harding/SD   | 0              | 0              | (190,598)      | 16,593         | (7,801)  | 679      | ($677,384)   | ($32,108)  | ($135,074) | ($510,202)   | $21,802    |   |      |   |   |   |
|   | 3                                                                                         | Strecker 1-15H        | Garfield/OK  | 0              | 0              | (19,685)       | (104,754)      | (1,620)  | (8,621)  | ($190,856)   | ($11,935)  | ($40,109)  | ($138,812)   | ($15,361)  |   |      |   |   |   |
|   | 4                                                                                         | Coulson 1-21H         | Custer/OK    | 0              | 0              | (25,711)       | (35,468)       | (1,421)  | (1,960)  | ($141,051)   | ($8,834)   | ($14,000)  | ($118,217)   | ($38,466)  |   |      |   |   |   |
|   | 5                                                                                         | Andrew 25-1           | Hodgeman/KS  | 0              | 0              | (10)           | 0              | (1)      | 0        | ($111)       | ($9)       | $16,992    | ($17,094)    | ($18,935)  |   |      |   |   |   |
|   | 6                                                                                         | Rafter P 1-28         | Grady/OK     | 0              | 0              | (1,523)        | 154,764        | (107)    | 10,834   | $46,099      | $3,943     | $11,017    | $31,139      | ($4,732)   |   |      |   |   |   |
|   | 7                                                                                         | Bailey 31-1           | Hodgeman/KS  | 0              | 0              | 10,487         | 0              | 1,393    | 0        | $121,313     | $9,895     | $13,200    | $98,218      | $50,069    |   |      |   |   |   |
|   | 8                                                                                         | Bolenbaugh 1-27H      | Garfield/OK  | 0              | 0              | (5,164)        | (250,198)      | (429)    | (20,753) | ($136,093)   | ($8,982)   | ($27,300)  | ($99,811)    | ($50,845)  |   |      |   |   |   |
|   | 9                                                                                         | Anna 24-3             | Comanche/KS  | 0              | 0              | 10,010         | 10,857         | 1,442    | 1,564    | $132,691     | $10,824    | $15,048    | $106,819     | $55,397    |   |      |   |   |   |
|   | 10                                                                                        | Bryant 09-14 (1-10H)  | Van Buren/AR | 0              | 0              | 0              | 414,201        | 0        | 38,516   | $114,779     | $4,015     | $13,800    | $96,964      | $70,930    |   |      |   |   |   |
|   |                                                                                      |                  |         |           |           |           |           |     |     |         |       |       |         |       |   |      |   |   |   |
|   |                                                                                      | TOTALS                | VARIOUS      | 0              | 0              | (321,621)      | 286,005        | (16,992) | 27,268   | ($1,426,746) | ($66,188)  | ($174,313) | ($1,186,245) | $128,306   |   |      |   |   |   |
|   |                                                                                      |                  |         |           |           |           |           |     |     |         |       |       |         |       |   |      |   |   |   |
|   |                                                                                      | Percentage Difference | 0.0%         | 0.0%           | -11.2%         | 3.4%           | -8.5%          | 4.3%     | -7.0%    | -5.8%        | -4.9%      | -7.5%      | 1.3%         |       |   |      |   |   |
|   |                                                                                      |                  |         |           |           |           |           |     |     |         |       |       |         |       |   |      |   |   |   |

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