Exhibit 99.2
 Cawley, Gillespie & Associates, Inc.   petroleum consultants
 AUSTIN OFFICE:
    
    MAIN OFFICE:
    
    HOUSTON OFFICE:9601 AMBERGLEN BLVD., SUITE 117
    
    306 WEST 7TH STREET, SUITE 302
    
    1000 LOUISIANA, SUITE 625AUSTIN, TEXAS 78729
    
    FORT WORTH, TEXAS 76102-4987
    
    HOUSTON, TEXAS 77002-5008(512) 249-7000
    
    (817) 336-2461
    
    (713) 651-9944FAX (512) 233-2618
    
    FAX (817) 877-3728
    
    FAX (713) 651-9980
  th
 Re:
    
    A Report of Proved Reserves
Riverhill Energy Corporation
Texas Royalty Properties
Permian Basin Royalty Trust Interests
As of December 31, 2009
Pursuant to the Guidelines of the
Securities and Exchange Commission
for Reporting Corporate Reserves
and Future Net Revenue




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##### 



Engineering Data
 
 Effective Date
    
    
    1/01/2010$M
    
    
    Net Production
    
    
    Net Revenue
    PricesYear
    
    
    Oil (Mbbls)
    
    Gas (MMcf)
    
    NGL (Mbbls)
    
    
    Oil (M$)
    
    Gas (M$)
    
    NGL (M$)
    
    Other (M$)
    
    
    Oil ($/bbl)
    
    Gas ($/MCF)
    
    NGL ($/bbl)2010
    
    
    
    257.010
    
    
    
    402.000
    
    
    
    0.000
    
    
    
    
    14233.290
    
    
    
    2520.540
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    
    55.380
    
    
    
    6.270
    
    
    
    0.0002011
    
    
    
    236.920
    
    
    
    371.700
    
    
    
    0.000
    
    
    
    
    13120.690
    
    
    
    2330.600
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    
    55.380
    
    
    
    6.270
    
    
    
    0.0002012
    
    
    
    218.330
    
    
    
    343.920
    
    
    
    0.000
    
    
    
    
    12091.270
    
    
    
    2156.420
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    
    55.380
    
    
    
    6.270
    
    
    
    0.0002013
    
    
    
    201.330
    
    
    
    318.430
    
    
    
    0.000
    
    
    
    
    11149.870
    
    
    
    1996.570
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    
    55.380
    
    
    
    6.270
    
    
    
    0.0002014
    
    
    
    185.770
    
    
    
    295.010
    
    
    
    0.000
    
    
    
    
    10288.000
    
    
    
    1849.730
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    
    55.380
    
    
    
    6.270
    
    
    
    0.0002015
    
    
    
    171.500
    
    
    
    273.480
    
    
    
    0.000
    
    
    
    
    9498.170
    
    
    
    1714.740
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    
    55.380
    
    
    
    6.270
    
    
    
    0.0002016
    
    
    
    158.430
    
    
    
    253.670
    
    
    
    0.000
    
    
    
    
    8774.290
    
    
    
    1590.550
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    
    55.380
    
    
    
    6.270
    
    
    
    0.0002017
    
    
    
    146.410
    
    
    
    235.410
    
    
    
    0.000
    
    
    
    
    8108.420
    
    
    
    1476.030
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    
    55.380
    
    
    
    6.270
    
    
    
    0.0002018
    
    
    
    135.380
    
    
    
    218.600
    
    
    
    0.000
    
    
    
    
    7497.690
    
    
    
    1370.650
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    
    55.380
    
    
    
    6.270
    
    
    
    0.0002019
    
    
    
    125.260
    
    
    
    203.110
    
    
    
    0.000
    
    
    
    
    6936.940
    
    
    
    1273.550
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    
    55.380
    
    
    
    6.270
    
    
    
    0.0002020
    
    
    
    115.910
    
    
    
    188.820
    
    
    
    0.000
    
    
    
    
    6419.510
    
    
    
    1183.920
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    
    55.380
    
    
    
    6.270
    
    
    
    0.0002021
    
    
    
    107.310
    
    
    
    175.590
    
    
    
    0.000
    
    
    
    
    5943.220
    
    
    
    1100.980
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    
    55.380
    
    
    
    6.270
    
    
    
    0.0002022
    
    
    
    99.380
    
    
    
    163.290
    
    
    
    0.000
    
    
    
    
    5504.100
    
    
    
    1023.870
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    
    55.380
    
    
    
    6.270
    
    
    
    0.0002023
    
    
    
    92.120
    
    
    
    152.020
    
    
    
    0.000
    
    
    
    
    5101.610
    
    
    
    953.180
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    
    55.380
    
    
    
    6.270
    
    
    
    0.0002024
    
    
    
    85.420
    
    
    
    141.330
    
    
    
    0.000
    
    
    
    
    4730.690
    
    
    
    886.180
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    
    55.380
    
    
    
    6.270
    
    
    
    0.000S Total
    
    
    
    2336.480
    
    
    
    3736.380
    
    
    
    0.000
    
    
    
    
    129397.760
    
    
    
    23427.510
    
    
    
    0.000
    
    
    
    0.000After
    
    
    
    809.570
    
    
    
    1500.710
    
    
    
    0.000
    
    
    
    
    44834.330
    
    
    
    9409.500
    
    
    
    0.000
    
    
    
    0.000Total
    
    
    
    3146.120
    
    
    
    5237.170
    
    
    
    0.000
    
    
    
    
    174232.100
    
    
    
    32837.070
    
    
    
    0.000
    
    
    
    0.000Last Year
    
    
    
    809.570
    
    
    
    1500.710
    
    
    
    0.000
    
    
    
    
    44834.330
    
    
    
    9409.500
    
    
    
    0.000S Total
    
    
    
    2336.480
    
    
    
    3736.380
    
    
    
    0.000
    
    
    
    
    129397.760
    
    
    
    23427.510
    
    
    
    0.000Diff
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000OK
    
    
    OK
    
    
    OK
    
    
    
    OK
    
    
    OK
    
    
    OKTotal
    
    
    
    3146.050
    
    
    
    5237.090
    
    
    
    0.000
    
    
    
    
    174232.090
    
    
    
    32837.010
    
    
    
    0.000Diff
    
    
    
    0.070
    
    
    
    0.080
    
    
    
    0.000
    
    
    
    
    0.010
    
    
    
    0.060
    
    
    
    0.000
    
    
    Total Revenue
    
    
    
    
    
    
    
    
    
    
    
    
    207069.200ERR
    
    
    ERR
    
    
    OK
    
    
    
    ERR
    
    
    ERR
    
    
    OK
    
    
    Total Taxes
    
    
    
    
    
    
    
    
    
    
    
    
    9332.740
 $M
    
    
    Wells
    
    
    Taxes
    
    
    Expenses
    
    
    Cumulative Net Cash FlowYear
    
    
    Net
    
    
    Production (M$)
    
    Ad Valorem (M$)
    
    
    Operating (M$)
    
    Workover (M$)
    
    COPAS (M$)
    
    Other (M$)
    
    Capital (M$)
    
    
    Undiscounted (M$)
    
    Discounted @ 10%2010
    
    
    
    0.000
    
    
    
    
    751.520
    
    
    
    0.000
    
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    
    16002.320
    
    
    
    15263.3902011
    
    
    
    0.000
    
    
    
    
    693.250
    
    
    
    0.000
    
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    
    30760.350
    
    
    
    28060.2502012
    
    
    
    0.000
    
    
    
    
    639.440
    
    
    
    0.000
    
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    
    44368.590
    
    
    
    38787.4102013
    
    
    
    0.000
    
    
    
    
    590.190
    
    
    
    0.000
    
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    
    56924.830
    
    
    
    47785.4802014
    
    
    
    0.000
    
    
    
    
    545.080
    
    
    
    0.000
    
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    
    68517.480
    
    
    
    55337.8002015
    
    
    
    0.000
    
    
    
    
    503.700
    
    
    
    0.000
    
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    
    79226.690
    
    
    
    61680.3202016
    
    
    
    0.000
    
    
    
    
    465.750
    
    
    
    0.000
    
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    
    89125.780
    
    
    
    67010.0702017
    
    
    
    0.000
    
    
    
    
    430.820
    
    
    
    0.000
    
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    
    98279.420
    
    
    
    71490.4502018
    
    
    
    0.000
    
    
    
    
    398.760
    
    
    
    0.000
    
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    
    106749.000
    
    
    
    75259.1302019
    
    
    
    0.000
    
    
    
    
    369.300
    
    
    
    0.000
    
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    
    114590.200
    
    
    
    78431.0102020
    
    
    
    0.000
    
    
    
    
    342.110
    
    
    
    0.000
    
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    
    121851.500
    
    
    
    81101.3002021
    
    
    
    0.000
    
    
    
    
    317.060
    
    
    
    0.000
    
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    
    128578.700
    
    
    
    83350.2602022
    
    
    
    0.000
    
    
    
    
    293.920
    
    
    
    0.000
    
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    
    134812.700
    
    
    
    85244.9002023
    
    
    
    0.000
    
    
    
    
    272.710
    
    
    
    0.000
    
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    
    140594.800
    
    
    
    86842.4302024
    
    
    
    0.000
    
    
    
    
    253.030
    
    
    
    0.000
    
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    
    145958.700
    
    
    
    88189.680S Total
    
    
    
    
    
    
    
    
    6866.640
    
    
    
    0.000
    
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    
    145958.700
    
    
    
    88189.680After
    
    
    
    
    
    
    
    
    2466.040
    
    
    
    0.000
    
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    
    197736.400
    
    
    
    94948.930Total
    
    
    
    
    
    
    
    
    9332.740
    
    
    
    0.000
    
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    
    197736.400
    
    
    
    94948.930Last Year
    
    
    
    
    
    
    
    
    2466.040
    
    
    
    0.000
    
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000S Total
    
    
    
    
    
    
    
    
    6866.640
    
    
    
    0.000
    
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000Diff
    
    
    
    
    
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000OK
    
    
    OK
    
    
    
    OK
    
    
    OK
    
    
    OK
    
    
    OK
    
    
    OKTotal
    
    
    
    
    
    
    
    
    9332.680
    
    
    
    0.000
    
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000Diff
    
    
    
    
    
    
    
    
    0.060
    
    
    
    0.000
    
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000ERR
    
    
    OK
    
    
    
    OK
    
    
    OK
    
    
    OK
    
    
    OK
    
    
    OK




---



##### 



SEC Flat Pricing
 Year
    
    Cushing WTI
    
    Henry Hub2010
    
    
    61.18
    
    
    
    3.830Thereafter
    
    Flat
    
    
    FlatCap
    
    
    61.18
    
    
    
    3.830