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<SEC-DOCUMENT>0001104659-05-011558.txt : 20050316
<SEC-HEADER>0001104659-05-011558.hdr.sgml : 20050316
<ACCEPTANCE-DATETIME>20050316172535
ACCESSION NUMBER:		0001104659-05-011558
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20041231
FILED AS OF DATE:		20050316
DATE AS OF CHANGE:		20050316

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MESA ROYALTY TRUST/TX
		CENTRAL INDEX KEY:			0000313364
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL ROYALTY TRADERS [6792]
		IRS NUMBER:				746284806
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-07884
		FILM NUMBER:		05686621

	BUSINESS ADDRESS:	
		STREET 1:		712 MAIN STREET
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77210
		BUSINESS PHONE:		7132165100

	MAIL ADDRESS:	
		STREET 1:		P O BOX 4717
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77210
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>a05-3952_210k.htm
<DESCRIPTION>10-K
<TEXT>
<html>

<head>





</head>

<body lang="EN-US" link="#000000" vlink="purple">

<div style="font-family:Times New Roman;">
 <div style="border:none;border-top:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;"><a name="scotch"></a><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 3.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington,
D.C. 20549</font></b></p>

<p style="line-height:9.0pt;margin:0pt 0pt 3.0pt;text-align:center;"></p>

<div style="line-height:9.0pt;margin:0pt 0pt 3.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;">

</font></div>

<p style="font-size:18.0pt;font-weight:bold;margin:0pt 0pt 3.0pt;page-break-after:avoid;text-align:center;">FORM&nbsp;10-K</p>

<p style="margin:0pt 0pt 3.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(Mark One)</font></b></p>

<p style="font-size:12.0pt;font-weight:bold;margin:0pt 0pt 3.0pt 56.15pt;text-indent:-36.0pt;"><b><font size="3" face="Wingdings" style="font-size:12.0pt;">x</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>ANNUAL
REPORT PURSUANT TO SECTION&nbsp;13 OR 15(d)&nbsp;OF THE SECURITIES EXCHANGE ACT
OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2004</p>

<p style="font-weight:bold;margin:0pt 0pt 3.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">or</font></b></p>

<p style="font-size:12.0pt;font-weight:bold;margin:0pt 0pt 4.0pt 56.15pt;text-indent:-36.0pt;"><b><font size="3" face="Wingdings" style="font-size:12.0pt;">o</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>TRANSITION
REPORT PURSUANT TO SECTION&nbsp;13 OR 15(d)&nbsp;OF THE SECURITIES EXCHANGE ACT
OF 1934 FOR THE TRANSITION PERIOD FROM&nbsp;<font style="font-weight:normal;">____________</font>
TO&nbsp;<font style="font-weight:normal;">____________</font></p>

<p style="font-weight:bold;margin:0pt 0pt 3.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commission
file number 1-7884</font></b></p>

<p style="line-height:9.0pt;margin:0pt 0pt 3.0pt;text-align:center;"></p>

<div style="line-height:9.0pt;margin:0pt 0pt 3.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;">

</font></div>

<p style="font-size:18.0pt;font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;">Mesa Royalty Trust</p>

<p style="margin:0pt 0pt 3.0pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant
as specified in its charter)</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="320" valign="top" style="padding:0pt .7pt 0pt 0pt;width:239.85pt;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font style="font-weight:bold;">Texas<br>
  </font></b>(State or other jurisdiction of<br>
  incorporation or organization)</p>
  </td>
  <td width="320" valign="top" style="padding:0pt .7pt 0pt 0pt;width:239.85pt;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">74-6284806<br>
  </font></b>(I.R.S. Employer Identification No.)</p>
  </td>
 </tr>
 <tr>
  <td width="320" valign="top" style="padding:0pt .7pt 0pt 0pt;width:239.85pt;">
  <p align="center" style="font-size:10.0pt;margin:3.0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">JPMorgan Chase Bank, N.A., Trustee<br>
  Institutional Trust Services<br>
  700 Lavaca Austin, Texas<br>
  </font></b>(Address of principal executive offices)</p>
  </td>
  <td width="320" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:239.85pt;">
  <p align="center" style="font-size:10.0pt;margin:3.0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">78701<br>
  </font></b>(Zip Code)</p>
  </td>
 </tr>
 <tr>
  <td width="640" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:479.7pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Registrant&#146;s telephone number, including area
  code: 800-852-1422</font></b></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 2.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 3.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities
registered pursuant to Section&nbsp;12(b)&nbsp;of the Act:</font></b></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;margin-left:60.0pt;">
 <tr>
  <td width="227" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:170.25pt;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"></p>
  </td>
  <td width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.8pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="228" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:170.8pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Name of Each Exchange On</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="69" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.85pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="89" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:66.55pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Title of Each Class</font></b></p>
  </td>
  <td width="69" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.85pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.8pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="72" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:54.15pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="83" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:62.45pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Which Registered</font></b></p>
  </td>
  <td width="72" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:54.15pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="227" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:170.25pt;">
  <p align="center" style="line-height:12.0pt;margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Units of
  Beneficial Interest</font></p>
  </td>
  <td width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.8pt;">
  <p align="center" style="line-height:12.0pt;margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="228" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:170.8pt;">
  <p align="center" style="line-height:12.0pt;margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York Stock<br>
  Exchange</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="69" style="border:none;"></td>
  <td width="89" style="border:none;"></td>
  <td width="69" style="border:none;"></td>
  <td width="26" style="border:none;"></td>
  <td width="72" style="border:none;"></td>
  <td width="83" style="border:none;"></td>
  <td width="72" style="border:none;"></td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 2.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 3.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities
registered pursuant to Section&nbsp;12(g)&nbsp;of the Act:<br>
None</font></b></p>

<p style="font-size:10.0pt;margin:0pt 0pt 3.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indicate by check mark
whether the registrant (1)&nbsp;has filed all reports required to be filed by Section&nbsp;13
or 15(d)&nbsp;of the Securities Exchange Act of 1934 during the preceding
12&nbsp;months (or for such shorter period that the registrant was required to
file such reports), and (2)&nbsp;has been subject to such filing requirements
for the past 90&nbsp;days.&nbsp;Yes&nbsp;</font><font face="Wingdings">x</font>&nbsp;&nbsp;No&nbsp;<font face="Wingdings">o</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt 3.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indicate by check mark if
disclosure of delinquent filers pursuant to Item 405 of Regulation&nbsp;S-K is
not contained herein, and will not be contained, to the best of registrant&#146;s
knowledge, in definitive proxy or information statements incorporated by
reference in Part&nbsp;III of this Form&nbsp;10-K or any amendment to
this Form&nbsp;10-K.&nbsp;</font><font face="Wingdings">x</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt 3.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indicate by check mark
whether the registrant is an accelerated filer (as defined in Rule&nbsp;12b-2
of the Act). Yes&nbsp;</font><font face="Wingdings">x</font>&nbsp;&nbsp;No.&nbsp;<font face="Wingdings">o</font></p>

<p style="margin:0pt 0pt 3.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The aggregate market value
of 1,863,590 Units of Beneficial Interest in Mesa Royalty Trust held by
non-affiliates of the registrant at the closing sales price on June&nbsp;30,
2004, of $54.87 was approximately $102,255,183.</font></p>

<p style="margin:0pt 0pt 3.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indicate the number of
shares outstanding of each of the registrant&#146;s classes of common stock, as of
the latest practicable date.</font></p>

<p style="margin:0pt 0pt 3.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of March&nbsp;14, 2005,
1,863,590 Units of Beneficial Interest were outstanding in Mesa Royalty Trust.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 4.0pt;text-indent:20.15pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">DOCUMENTS INCORPORATED BY REFERENCE: None.</font></b></p>


 <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">

<div>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><a name="TableOfContents_104039"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">TABLE OF CONTENTS</font></b></a></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="60" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.8pt;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.9pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="505" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:379.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.4pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="24" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:18.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Page</font></b></p>
  </td>
  <td width="5" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.4pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="609" colspan="8" valign="top" style="padding:0pt .7pt 0pt 0pt;width:456.7pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Parti_110909">PART&nbsp;I</a></font></b></p>
  </td>
 </tr>
 <tr>
  <td width="60" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.8pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item1_131901">Item 1.</a></font></p>
  </td>
  <td width="516" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:386.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item1_131901">Business</a></font></p>
  </td>
  <td width="15" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.1pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
  <td width="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.8pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="516" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:386.9pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#DescriptionOfTheTrust_110909">Description
  of the Trust</a></font></p>
  </td>
  <td width="15" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.1pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
  <td width="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.8pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="516" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:386.9pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#DescriptionOfTheUnits_110910">Description
  of the Units</a></font></p>
  </td>
  <td width="15" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.1pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  </td>
  <td width="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.8pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="516" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:386.9pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#DescriptionOfRoyaltyProperties_110912">Description
  of Royalty Properties</a></font></p>
  </td>
  <td width="15" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.1pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>
  </td>
  <td width="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.8pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="516" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:386.9pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Contracts_105621">Contracts</a></font></p>
  </td>
  <td width="15" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.1pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>
  </td>
  <td width="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.8pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="516" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:386.9pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#RegulationAndPrices_133142">Regulation and
  Prices</a></font></p>
  </td>
  <td width="15" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.1pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>
  </td>
  <td width="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.8pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="516" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:386.9pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#PrincipalTrustRiskFactors_110529">Principal
  Trust Risk Factors</a></font></p>
  </td>
  <td width="15" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.1pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>
  </td>
  <td width="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.8pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item2_134806">Item 2.</a></font></p>
  </td>
  <td width="516" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:386.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item2_134806">Properties</a></font></p>
  </td>
  <td width="15" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.1pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>
  </td>
  <td width="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.8pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item3_134808">Item 3.</a></font></p>
  </td>
  <td width="516" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:386.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item3_134808">Legal Proceedings</a></font></p>
  </td>
  <td width="15" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.1pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>
  </td>
  <td width="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.8pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item4_134812">Item 4.</a></font></p>
  </td>
  <td width="516" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:386.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item4_134812">Submission of Matters to a
  Vote of Security Holders</a></font></p>
  </td>
  <td width="15" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.1pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>
  </td>
  <td width="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="609" colspan="8" valign="top" style="padding:0pt .7pt 0pt 0pt;width:456.7pt;">
  <p align="center" style="margin:6.0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Partii_123221">PART&nbsp;II</a></font></b></p>
  </td>
 </tr>
 <tr>
  <td width="60" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.8pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item5_124656">Item 5.</a></font></p>
  </td>
  <td width="516" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:386.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item5_124656">Market for the Registrant&#146;s
  Common Equity and Related Unitholder Matters</a></font></p>
  </td>
  <td width="15" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.1pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>
  </td>
  <td width="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.8pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item6_121417">Item 6.</a></font></p>
  </td>
  <td width="516" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:386.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item6_121417">Selected Financial Data</a></font></p>
  </td>
  <td width="15" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.1pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>
  </td>
  <td width="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.8pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item7_121430">Item 7.</a></font></p>
  </td>
  <td width="516" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:386.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item7_121430">Management&#146;s Discussion and
  Analysis of Financial Condition and Results of Operations</a></font></p>
  </td>
  <td width="15" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.1pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>
  </td>
  <td width="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.8pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="516" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:386.9pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#SummaryOfRoyaltyIncomeProductionA_123224">Summary
  of Royalty Income, Production and Average Prices (Unaudited)</a></font></p>
  </td>
  <td width="15" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.1pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28</font></p>
  </td>
  <td width="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.8pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item7a_121406">Item 7A.</a></font></p>
  </td>
  <td width="516" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:386.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item7a_121406">Quantitative and
  Qualitative Disclosures About Market Risk</a></font></p>
  </td>
  <td width="15" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.1pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29</font></p>
  </td>
  <td width="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.8pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item8_121402">Item 8.</a></font></p>
  </td>
  <td width="516" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:386.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item8_121402">Financial Statements and
  Supplementary Data</a></font></p>
  </td>
  <td width="15" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.1pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29</font></p>
  </td>
  <td width="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.8pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item9_133551">Item 9.</a></font></p>
  </td>
  <td width="516" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:386.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item9_133551">Changes in and Disagreements
  with Accountants on Accounting and Financial Disclosure</a></font></p>
  </td>
  <td width="15" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.1pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>
  </td>
  <td width="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.8pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item9a_133554">Item 9A.</a></font></p>
  </td>
  <td width="516" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:386.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item9a_133554">Controls and Procedures</a></font></p>
  </td>
  <td width="15" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.1pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>
  </td>
  <td width="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.8pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item9b_133839">Item 9B.</a></font></p>
  </td>
  <td width="516" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:386.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item9b_133839">Other Information</a></font></p>
  </td>
  <td width="15" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.1pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>
  </td>
  <td width="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="609" colspan="8" valign="top" style="padding:0pt .7pt 0pt 0pt;width:456.7pt;">
  <p align="center" style="margin:6.0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Partiii_115205">PART&nbsp;III</a></font></b></p>
  </td>
 </tr>
 <tr>
  <td width="60" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.8pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item10_133842">Item 10.</a></font></p>
  </td>
  <td width="516" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:386.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item10_133842">Directors and Executive
  Officers of the Registrant</a></font></p>
  </td>
  <td width="15" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.1pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>
  </td>
  <td width="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.8pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item11_133846">Item 11.</a></font></p>
  </td>
  <td width="516" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:386.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item11_133846">Executive Compensation</a></font></p>
  </td>
  <td width="15" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.1pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>
  </td>
  <td width="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.8pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item12_133849">Item 12.</a></font></p>
  </td>
  <td width="516" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:386.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item12_133849">Security Ownership of
  Certain Beneficial Owners and Management</a></font></p>
  </td>
  <td width="15" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.1pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>
  </td>
  <td width="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.8pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item13__133908">Item 13.</a></font></p>
  </td>
  <td width="516" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:386.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item13__133908">Certain Relationships and
  Related Transactions</a></font></p>
  </td>
  <td width="15" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.1pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>
  </td>
  <td width="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.8pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item14_133910">Item 14.</a></font></p>
  </td>
  <td width="516" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:386.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item14_133910">Principal Accountant Fees
  and Services</a></font></p>
  </td>
  <td width="15" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.1pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>
  </td>
  <td width="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="609" colspan="8" valign="top" style="padding:0pt .7pt 0pt 0pt;width:456.7pt;">
  <p align="center" style="margin:6.0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Partiv_121257">PART&nbsp;IV</a></font></b></p>
  </td>
 </tr>
 <tr>
  <td width="60" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.8pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item15__133919">Item 15.</a></font></p>
  </td>
  <td width="516" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:386.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item15__133919">Exhibits, Financial
  Statement Schedules and Reports on Form&nbsp;8-K</a></font></p>
  </td>
  <td width="15" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.1pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41</font></p>
  </td>
  <td width="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="576" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:431.7pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Signatures_114833">SIGNATURES</a></font></p>
  </td>
  <td width="15" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.1pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42</font></p>
  </td>
  <td width="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="60" style="border:none;"></td>
  <td width="11" style="border:none;"></td>
  <td width="505" style="border:none;"></td>
  <td width="5" style="border:none;"></td>
  <td width="10" style="border:none;"></td>
  <td width="14" style="border:none;"></td>
  <td width="2" style="border:none;"></td>
  <td width="3" style="border:none;"></td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 11.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="NoteRegardingForwardlookingStatem_104049"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Note
Regarding Forward-Looking Statements</font></b></a></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Form&nbsp;10-K includes &#147;forward-looking
statements&#148; within the meaning of Section&nbsp;27A of the Securities Act of
1933, as amended, and Section&nbsp;21E of the Securities Exchange Act of 1934,
as amended. All statements other than statements of historical facts included
in this Form&nbsp;10-K are forward-looking statements. Although the
Working Interest Owners have advised the Trust that they believe that the
expectations reflected in the forward-looking statements contained herein are
reasonable, no assurance can be given that such expectations will prove to have
been correct. Important factors that could cause actual results to differ
materially from expectations (&#147;Cautionary Statements&#148;) are disclosed in this Form&nbsp;10-K,
including without limitation in conjunction with the forward-looking statements
included in this Form&nbsp;10-K. A consolidated summary description of
principal risk factors that could cause actual results to differ is also set
forth in this Form&nbsp;10-K under &#147;Business&#151;Principal Trust Risk
Factors.&#148; All subsequent written and oral forward-looking statements attributable
to the Trust or persons acting on its behalf are expressly qualified in their
entirety by the Cautionary Statements.</font></p>

</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="Parti_110909"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font></b></a></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="Item1_131901"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item
1</font></i></b></a>.&nbsp;&nbsp; Business.</p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="DescriptionOfTheTrust_110909"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">DESCRIPTION OF THE TRUST</font></b></a></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Mesa Royalty Trust (the &#147;Trust&#148;), created under
the laws of the State of Texas, maintains its offices at the office of the
Trustee, JPMorgan Chase Bank, N.A., (the &#147;Trustee&#148;), 700 Lavaca, Austin, Texas 78701.
The telephone number of the Trust is 1-800-852-1422. JPMorgan Chase Bank, N.A.,
was formerly known as The Chase Manhattan Bank and is the successor by mergers
to the original name of the Trustee, Texas Commerce Bank National Association.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trustee does not maintain a website for filings by
the Trust with the U.S. Securities and Exchange Commission (&#147;SEC&#148;). Electronic
filings by the Trust with the SEC are available free of charge through the SEC&#146;s
website at <i><font style="font-style:italic;">www.sec.gov</font></i>.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust was created on November&nbsp;1, 1979 when
Mesa Petroleum Co. conveyed to the Trust a 90% net profits overriding royalty
interest (the &#147;Royalty&#148;) in certain producing oil and gas properties located in
the Hugoton field of Kansas, the San Juan Basin field of New Mexico and Colorado,
and the Yellow Creek field of Wyoming (collectively, the &#147;Royalty Properties&#148;).
Mesa Petroleum Co. was the predecessor to Mesa Limited Partnership (&#147;MLP&#148;),
which was the predecessor to MESA&nbsp;Inc. On April&nbsp;30, 1991, MLP sold
its interests in the Royalty Properties located in the San Juan Basin field to
ConocoPhillips, successor by merger to Conoco&nbsp;Inc. (&#147;ConocoPhillips&#148;).
ConocoPhillips sold most of its interests in the San Juan Basin Royalty
Properties located in Colorado to MarkWest Energy Partners,&nbsp;Ltd.
(effective January&nbsp;1,&nbsp;1993) and Red Willow Production Company
(effective April&nbsp;1, 1992). On October&nbsp;26, 1994, MarkWest Energy
Partners,&nbsp;Ltd. sold substantially all of its interest in the Colorado San
Juan Basin Royalty Properties to BP Amoco Production Company (&#147;BP Amoco&#148;), a
subsidiary of BP Amoco. Until August&nbsp;7, 1997, MESA&nbsp;Inc. operated the
Hugoton Royalty Properties through Mesa Operating Co., a wholly owned
subsidiary of MESA&nbsp;Inc. On August&nbsp;7, 1997, MESA&nbsp;Inc. merged with
and into Pioneer Natural Resources Company (&#147;Pioneer&#148;), formerly a wholly owned
subsidiary of MESA&nbsp;Inc., and Parker&nbsp;&amp; Parsley Petroleum Company
merged with and into Pioneer Natural Resources USA,&nbsp;Inc. (successor to
Mesa Operating Co.), a wholly owned subsidiary of Pioneer (&#147;PNR&#148;) (collectively,
the mergers are referred to herein as the &#147;Merger&#148;). Subsequent to the Merger,
the Hugoton Royalty Properties have been operated by PNR. All of the San Juan
Basin Royalty Properties located in New Mexico and a few wells in Southwest
Colorado, near the New Mexico border, are operated by ConocoPhillips.
Substantially all of the San Juan Basin Royalty Properties located in Colorado
are operated by BP Amoco. As used in this report, PNR refers to the operator of
the Hugoton Royalty Properties, ConocoPhillips refers to the operator of the
New Mexico San Juan Basin Royalty Properties and BP Amoco refers to the
operator of the Colorado San Juan Basin Royalty Properties, unless otherwise
indicated. The terms &#147;working interest owner&#148; and &#147;working interest owners&#148;
generally refer to the operators of the Royalty Properties as described above,
unless the context in which such terms are used indicates otherwise.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The terms of the Mesa Royalty Trust Indenture (the &#147;Trust
Indenture&#148;) provide, among other things, that: (1)&nbsp;the Trust cannot engage
in any business or investment activity or purchase any assets; (2)&nbsp;the
Royalty can be sold in part or in total for cash upon approval of the
unitholders; (3)&nbsp;the Trustee can establish cash reserves and borrow funds
to pay liabilities of the Trust and can pledge the assets of the Trust to
secure payment of the borrowings; (4)&nbsp;in January, April, July&nbsp;and October&nbsp;of
each year the Trustee will make quarterly distributions of cash available for
distribution to the unitholders; and (5)&nbsp;the Trust will terminate upon the
first to occur of the following events: (i)&nbsp;at such time as the Trust&#146;s
royalty income for each of two successive years is less than $250,000 per year
or (ii)&nbsp;a vote of the unitholders in favor of termination. Royalty income
of the Trust was $8,855,234 and $9,299,034 for the years 2004 and 2003,
respectively. Upon termination of the Trust, the Trustee will sell for cash all
the assets held in the </font></p>


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<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trust estate and make a
final distribution to unitholders of any funds remaining after all Trust
liabilities have been satisfied.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under the instrument conveying the Royalty to the
Trust (the &#147;Conveyance&#148;), the Trust is entitled to a percentage of the Net
Proceeds, as hereinafter defined, realized from the minerals as, if and when
produced from the Royalty Properties. See &#147;Description of Royalty Properties.&#148;
The Conveyance provides for a monthly computation of Net Proceeds. &#147;Net
Proceeds&#148; means the excess of Gross Proceeds, as hereinafter defined, received
by the working interest owners during a particular period over operating and
capital costs for such period. &#147;Gross Proceeds&#148; means the amount received by
the working interest owners from the sale of minerals covered by the Royalty,
subject to certain adjustments. Operating costs mean, generally, costs incurred
on an accrual basis by the working interest owners in operating the Royalty
Properties, including capital and non-capital costs. If operating and capital
costs exceed Gross Proceeds for any month, the excess plus interest thereon at
120% of the prime rate of Bank of America is recovered out of future Gross
Proceeds prior to the making of further payment to the Trust. The Trust,
however, is generally not liable for any operating costs or other costs or
liabilities attributable to the Royalty Properties or minerals produced
therefrom. The Trust is not obligated to return any royalty income received in
any period. The working interest owners are required to maintain books and
records sufficient to determine the amounts payable under the Royalty.
Additionally, in the event of a controversy between a working interest owner
and any purchaser as to the correct sales price for any production, amounts
received by such working interest owner and promptly deposited by it with an
escrow agent are not considered to have been received by such working interest
owner and therefore are not subject to being payable with respect to the
Royalty until the controversy is resolved; but all amounts thereafter paid to
such working interest owner by the escrow agent will be considered amounts
received from the sale of production. Similarly, operating costs include any
amounts a working interest owner is required to pay whether as a refund,
interest or penalty to any purchaser because the amount initially received by
such working interest owner as the sales price was in excess of that permitted
by the terms of any applicable contract, statute, regulation, order, decree or
other obligation. Within 30&nbsp;days following the close of each calendar
quarter, the working interest owners are required to deliver to the Trustee a
statement of the computation of Net Proceeds attributable to such quarter.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The brief discussions of the Trust Indenture and the
Conveyance contained herein are qualified in their entirety by reference to the
Trust Indenture and the Conveyance themselves, which are exhibits to this Form&nbsp;10-K
and are available upon request from the Trustee.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Royalty Properties are required to be operated by
the working interest owners in accordance with reasonable and prudent business
judgment and good oil and gas field practices. Each working interest owner has
the right to abandon any well or lease if, in its opinion, such well or lease
ceases to produce or is not capable of producing oil, gas or other minerals in
commercial quantities. Each working interest owner markets the production on
terms deemed by it to be the best reasonably obtainable in the circumstances.
See &#147;Contracts&#148;. The Trustee has no power or authority to exercise any control
over the operation of the Royalty Properties or the marketing of production
therefrom.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 1985 the Trust Indenture was amended at a special
meeting of unitholders. The effect of the amendment was an overall reduction of
approximately 88.56% in the size of the Trust, distributable income and related
Trust reserves, effective April&nbsp;1, 1985. See Note&nbsp;2 in the Notes to
Financial Statements under Item&nbsp;8 of this Form&nbsp;10-K.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust has no
employees. Administrative functions of the Trust are performed by the Trustee.</font></p>


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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="DescriptionOfTheUnits_110910"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">DESCRIPTION OF THE UNITS</font></b></a></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each unit is evidenced by
a transferable certificate issued by the Trustee. Each unit ranks equally for
purposes of distributions and has one vote on any matter submitted to
unitholders. A total of 1,863,590&nbsp;units were outstanding at March&nbsp;14,
2005.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="Distributions_110910"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distributions</font></b></a></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trustee determines for
each month the amount of cash available for distribution for such month. Such
amount (the &#147;Monthly Distribution Amount&#148;) consists of the cash received from
the Royalty during such month less the obligations of the Trust paid during
such month, adjusted for changes made by the Trustee during such month in any
cash reserves established for the payment of contingent or future obligations
of the Trust. The Monthly Distribution Amount for each month is payable to unitholders
of record on the monthly record date (the &#147;Monthly Record Date&#148;), which is the
close of business on the last business day of such month or such other date as
the Trustee determines is required to comply with legal or stock exchange
requirements. However, to reduce the administrative expenses of the Trust,
under the Trust Indenture the Trustee does not distribute cash monthly, but
rather, during January, April, July&nbsp;and October&nbsp;of each year
distributes to each person who was a unitholder of record on one or more of the
immediately preceding three Monthly Record Dates, the Monthly Distribution
Amount for the month or months that he was a unitholder of record, together
with interest earned on such Monthly Distribution Amount from the Monthly
Record Date to the payment date. Under the terms of the Trust Indenture,
interest is earned at a rate of 1<sup>1</sup></font><font face="Symbol">&#164;</font><sub>2</sub>%
below the prime rate charged by JPMorgan Chase Bank, N.A., (as the successor by
mergers to Texas Commerce Bank National Association) or the interest rate which
JPMorgan Chase Bank, N.A., pays in the normal course of business on amounts
placed with it, whichever is greater.</p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="LiabilityOfUnitholders_110910"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Liability of Unitholders</font></b></a></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In regards to the
unitholders, the Trustee is fully liable if the Trustee incurs any liability
without ensuring that such liability will be satisfiable only out of the Trust
assets (regardless of whether the assets are adequate to satisfy the liability)
and in no event out of amounts distributed to, or other assets owned by,
unitholders. However, under Texas law, it is unclear whether a unitholder would
be jointly and severally liable for any liability of the Trust in the event
that all of the following conditions were to occur: (1)&nbsp;the satisfaction
of such liability was not by contract limited to the assets of the Trust, (2)&nbsp;the
assets of the Trust were insufficient to discharge such liability and (3)&nbsp;the
assets of the Trustee were insufficient to discharge such liability. Although
each unitholder should weigh this potential exposure in deciding whether to
retain or transfer his units, the Trustee is of the opinion that because of the
passive nature of the Trust assets, the restrictions on the power of the
Trustee to incur liabilities and the required financial net worth of any
trustee, the imposition of any liability on a unitholder is extremely unlikely.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="FederalIncomeTaxMatters_110910"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Federal Income Tax Matters</font></b></a></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This section is a summary of federal income tax
matters of general application which addresses the material tax consequences of
the ownership and sale of the units. Except where indicated, the discussion
below describes general federal income tax considerations applicable to
individuals who are citizens or residents of the United States. Accordingly,
the following discussion has limited application to domestic corporations and
persons subject to specialized federal income tax treatment, such as regulated
investment companies and insurance companies. It is impractical to comment on
all aspects of federal, state, local and foreign laws that may affect the tax
consequences of the transactions contemplated hereby and of an investment in
the units as they relate to the particular circumstances of every unitholder. <b><font style="font-weight:bold;">Each unitholder is encouraged to consult its own tax
advisor with respect to its particular circumstances.</font></b></font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">3</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This summary is based on
current provisions of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;),
existing and proposed Treasury Regulations thereunder and current
administrative rulings and court decisions, all of which are subject to changes
that may or may not be retroactively applied. Some of the applicable provisions
of the Code have not been interpreted by the courts or the Internal Revenue
Service (the &#147;IRS&#148;). No assurance can be provided that the statements set forth
herein (which do not bind the IRS or the courts) will not be challenged by the
IRS or will be sustained by a court if so challenged.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Classification of
the Trust</font></i></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In a technical advice
memorandum dated February&nbsp;26, 1982, the National Office of the IRS advised
the Dallas District Director that the Trust is classifiable as a grantor trust
and not as an association taxable as a corporation.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income and
Depletion</font></i></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Royalty income, net of depletion and severance taxes,
is portfolio income. Subject to certain exceptions and transitional rules,
royalty income cannot be offset by passive losses. Additionally, interest
income is portfolio income. Administrative expense is an investment expense.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, prior to the
Revenue Reconciliation Act of 1990, the transferee of an oil and gas property
could not claim percentage depletion with respect to production from the
property if it was &#147;proved&#148; at the time of the transfer. This rule&nbsp;is not
applicable in the case of transfers of properties after October&nbsp;11, 1990.
Thus, eligible unitholders who acquired units after that date are entitled to
claim an allowance for percentage depletion with respect to royalty income
attributable to these units to the extent that this allowance exceeds cost
depletion as computed for the relevant period.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Backup Withholding</font></i></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distributions from the Trust
are generally subject to backup withholding at a rate of 28% of these
distributions. Backup withholding will not normally apply to distributions to a
unitholder, however, unless the unitholder fails to properly provide to the
Trust his taxpayer identification number or the IRS notifies the Trust that the
taxpayer identification number provided by the unitholder is incorrect.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sale of Units</font></i></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, except for
recapture items, the sale, exchange or other disposition of a unit will result
in capital gain or loss measured by the difference between the tax basis in the
unit and the amount realized. Effective for property placed in service after December&nbsp;31,
1986, the amount of gain, if any, realized upon the disposition of oil and gas
property is treated as ordinary income up to the amount of intangible drilling
and development costs incurred with respect to the property and depletion
claimed to the extent it reduced the taxpayer&#146;s basis in the property. Under
this provision, depletion attributable to a unit acquired after 1986 will be
subject to recapture as ordinary income upon disposition of the unit or upon
disposition of the oil and gas property to which the depletion is attributable.
The balance of any gain or any loss will be capital gain or loss if the unit
was held by the unitholder as a capital asset, either long-term or short-term
depending on the holding period of the unit. This capital gain or loss will be
long-term if a unitholder&#146;s holding period exceeds one year at the time of sale
or exchange. A long-term capital gains rate of 15% applies to most capital
assets sold or exchanged with a holding period of more than one year. Capital
gain or loss will be short-term if the unit has not been held for more than one
year at the time of sale or exchange.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">4</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-U.S.
Unitholders</font></i></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In general, a unitholder who is a nonresident alien
individual or which is a foreign corporation, each a &#147;non-U.S. unitholder&#148; for
purposes of this discussion, will be subject to tax on the gross income
produced by the Royalty at a rate equal to 30% or, if applicable, at a lower
treaty rate, if applicable. This tax will be withheld by the Trustee and
remitted directly to the United States Treasury. A non-U.S. unitholder may
elect to treat the income from the Royalty as effectively connected with the
conduct of a United States trade or business under provisions of the Code or
pursuant to any similar provisions of applicable treaties. Upon making this
election a non-U.S. unitholder is entitled to claim all deductions with respect
to that income, but he must file&nbsp;a United States federal income tax return
to claim these deductions. This election once made is irrevocable unless an
applicable treaty allows the election to be made annually.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Code and the Treasury Regulations thereunder treat
the publicly traded Trust as if it were a United States real property holding
corporation. Accordingly, non-U.S. unitholders may be subject to United States
federal income tax on the gain on the disposition of their units.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Federal income taxation of
a non-U.S. unitholder is a highly complex matter which may be affected by many
considerations. Therefore, each non-U.S. unitholder is encouraged to consult
with his own tax adviser with respect to its ownership of units.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tax-Exempt
Organizations</font></i></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Royalty and interest
income should not be unrelated business taxable income so long as, generally, a
unitholder did not incur debt to acquire a unit or otherwise incur or maintain
a debt that would not have been incurred or maintained if the unit had not been
acquired. Legislative proposals have been made from time to time which, if
adopted, would result in the treatment of Royalty income as unrelated business
taxable income. Each tax-exempt unitholder should consult its own advisor with
respect to the treatment of royalty income.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="DescriptionOfRoyaltyProperties_110912"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">DESCRIPTION OF ROYALTY PROPERTIES</font></b></a></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="ProducingAcreageAndWellsAsOfDecem_110912"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Producing
Acreage and Wells as of December&nbsp;31, 2004</font></b></a></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="396" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:297.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="107" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:80.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Producing&nbsp;Acres(1)</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="70" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:52.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Producing&nbsp;Gas<br>
  Wells(1)</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="396" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:297.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="45" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Gross</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="45" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Net</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="32" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Gross</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="22" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:16.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Net</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="396" valign="top" style="padding:0pt .7pt 0pt 0pt;width:297.0pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hugoton Area
  (Kansas)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99,654</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99,413</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">466</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">466</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="396" valign="top" style="padding:0pt .7pt 0pt 0pt;width:297.0pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">San Juan Basin
  (Northwestern New Mexico and Southwestern Colorado)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40,716</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31,328</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,237</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:16.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">466</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="396" valign="top" style="padding:0pt .7pt 0pt 0pt;width:297.0pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">140,370</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">130,741</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,703</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:16.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">932</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"></p>

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;">

</font></div>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;">(1)<font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Trust does not have a working interest in the producing acres and producing gas
wells. The gross and net amounts in the table above represent gross and net
amounts attributable to the working interest owners and are the basis for the
Gross Proceeds amounts discussed under &#147;Description of the Trust&#148;.</p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="Hugoton_111753"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hugoton</font></b></a></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The principal property interest conveyed to the Trust
accounts for approximately 32% of the Trust&#146;s reserves and was carved out of
PNR&#146;s working interest in 104,437 net producing acres in the Hugoton field. The
life of the field is expected to extend beyond the year 2020.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The gas produced from the
Hugoton properties is available for sale on the spot market. See &#147;Contracts&#148;.
Since the Hugoton field gas is sold in the intrastate and interstate markets,
it is subject to </font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">state
and federal laws and regulations. The Kansas Corporation Commission (the &#147;KCC&#148;)
is the state regulatory agency responsible for setting field market demand (gas
allowables), prorating production between wells and other related matters.
Hugoton field gas is also subject to the rules&nbsp;and regulations of the
Federal Energy Regulatory Commission (the &#147;FERC&#148;). See &#147;Regulation and Prices&#148;.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="SanJuanBasin_111757"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">San Juan Basin</font></b></a></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust&#146;s interest in
the San Juan Basin was conveyed from PNR&#146;s working interest in 31,328 net
producing acres in northwestern New Mexico and southwestern Colorado. The San
Juan Basin-New Mexico reserves, including a few wells located in Southwestern
Colorado, retained by ConocoPhillips represent approximately 68% of the Trust&#146;s
reserves. Substantially all of the natural gas produced from the San Juan Basin
is currently being sold on the spot market. PNR completed the sale of its
underlying interest in the San Juan Basin Royalty Properties to ConocoPhillips
on April&nbsp;30, 1991. ConocoPhillips subsequently sold its underlying
interest in substantially all of the Colorado portion of the San Juan Basin
Royalty Properties to MarkWest Energy Partners,&nbsp;Ltd. (effective January&nbsp;1,
1993) and Red Willow Production Company (effective April&nbsp;1, 1992). On October&nbsp;26,
1994, MarkWest Energy Partners,&nbsp;Ltd. sold substantially all of its
interest in the Colorado San Juan Basin Royalty Properties to BP Amoco. See <br>
&#147;&#151;Description of the Trust&#148; under Item&nbsp;1 of this Form&nbsp;10-K. The
San Juan Basin Royalty Properties located in Colorado account for less than 5%
of the Trust&#146;s reserves.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="SanJuanBasinFruitlandCoalDrilling_110912"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">San
Juan Basin Fruitland Coal Drilling</font></b></a></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In April&nbsp;1990, the working interest owner began
drilling for coalbed methane gas in the Fruitland Coal formation of the San
Juan Basin. The Fruitland Coal formation has been identified as one of the most
prolific sources of U.S. coalbed methane reserves. The Trust owns an interest
in 26,700 gross acres and 25,400 net acres with Fruitland Coal potential. The
working interest owner has advised the Trust that, as of December&nbsp;31,
2004, the working interest owner had drilled on Trust properties 50 (29.3 net)
Fruitland Coal wells, all of which are operated by the working interest owner.
Of the wells drilled in the unit, 49 (34.8 net) are currently producing at a
combined rate of 35 (16.1 net) MMcf per day.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The gas that is currently being produced from these
wells is being sold on the spot market, although the working interest owner has
advised the Trust that it will also consider selling some of the gas produced
from these wells pursuant to longer term contracts at spot market prices.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aggregate drilling and
completion costs for the entire Fruitland Coal development program were
approximately $18.4 million. The Trust&#146;s share of the total expenditures was
approximately $2.4 million. The Trust&#146;s share of the cost of drilling and
completing the Fruitland Coal wells was subject to recovery by the working
interest owner on a state-by-state basis before distributions were made from
the San Juan Basin Royalty. In December&nbsp;1992, after recovery by the
working interest owner of the costs of the Fruitland Coal drilling in New Mexico,
distributions from the New Mexico portion of the San Juan Basin Royalty
resumed. No distributions related to the Colorado portion of the San Juan Basin
Royalty have been made since 1990, as the costs of the Fruitland Coal drilling
in Colorado have not yet been recovered. The San Juan Basin development
drilling program had no effect on Royalty income or distributions relating to
the Hugoton Royalty.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">Reserves</font></i></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A study of the proved oil and gas reserves
attributable to the Hugoton Royalty as of December&nbsp;31,&nbsp;2004 has been
made by PNR. The following letter relating to the &#147;Reserves and Revenue as of December&nbsp;31,
2004 From Certain Properties Owned by Mesa Royalty Trust&#148; (the &#147;Hugoton Reserve
Report&#148;) summarizes such reserve study. References to the reserves of the Trust
and the future net revenue and present worth attributable to the Trust interest
in the Hugoton Reserve Report refer to the </font></p>


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<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trust&#146;s interest in the
Hugoton Royalty Properties. The Hugoton Reserve Report reflects estimated
reserve quantities and future net revenue in a manner which is based upon a
month of production without regard to time of receipt by the Trust and which
differs from the manner in which the Trust recognizes and accounts for its
royalty income.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A study of the proved oil and gas reserves
attributable to the New Mexico portion of the San Juan Basin Royalty as of December&nbsp;31,
2004 has been made by ConocoPhillips, the working interest owner of such
properties. The ConocoPhillips Reserve Report (together with the PNR Reserve
Report, the &#147;Reserve Reports&#148;) beginning on page&nbsp;13 regarding such
properties reflects estimated reserve quantities.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proved oil and gas reserves attributable to the
Colorado portion of the San Juan Basin Royalty have been omitted from the Trust&#146;s
reserve disclosures included in this Form&nbsp;10-K, as they represent
less than 5% of the Trust&#146;s total reserves and future net revenues.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For further information regarding the Net Overriding
Royalty Interest, the Basis of Accounting for the Trust, and Reserves, see
Notes 2, 3 and 7, respectively, in the Notes to Financial Statements under
Item&nbsp;8 of this Form&nbsp;10-K.</font></p>


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<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
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  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman"><img width="112" height="125" src="g39522dcimage002.gif"></font></p>
  </td>
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 <tr height="14" style="height:10.5pt;">
  <td width="304" height="14" valign="top" style="height:10.5pt;padding:0pt .7pt 0pt 0pt;width:228.3pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="14" style="height:10.5pt;">
  <td width="304" height="14" valign="top" style="height:10.5pt;padding:0pt .7pt 0pt 0pt;width:228.3pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;14, 2005</font></p>
  </td>
 </tr>
 <tr height="14" style="height:10.5pt;">
  <td width="304" height="14" valign="top" style="height:10.5pt;padding:0pt .7pt 0pt 0pt;width:228.3pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
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  <td width="304" height="42" valign="top" style="height:31.25pt;padding:0pt .7pt 0pt 0pt;width:228.3pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 11.0pt;text-align:justify;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MESA Royalty Trust<br>
JP Morgan Chase (as Trustee)<br>
700 Lavaca Street, 5<sup>th</sup> Floor<br>
Austin, TX 78701-3102</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to your request, we have prepared estimates,
as of December&nbsp;31, 2004 of the extent and value of the proved natural gas
liquids and natural gas reserves of certain properties owned by the Mesa
Royalty Trust, hereinafter referred to as the &#147;Trust.&#148; The interest appraised
consists of a 10.29282 % (percent) net profits overriding royalty interest in
certain properties administered by Pioneer Natural Resources USA,&nbsp;Inc.,
hereinafter referred to as &#147;Pioneer.&#148; These properties are located in the
Kansas Hugoton and Panoma-Council Grove fields in Kansas. Pioneer is 100
percent owned by Pioneer Natural Resources Company, the successor to Mesa
Limited Partnership.</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The reserve estimates are based on a detailed study of
the Trust&#146;s properties. The method or combination of methods used in the study
of each reservoir was tempered by experience in the area, consideration of the
state of development of the reservoir, and the quality and completeness of
basic data.</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reserves in this report are expressed as gross
reserves and net reserves. Gross reserves are defined as the total estimated
petroleum hydrocarbons remaining to be produced from the properties subsequent
to December&nbsp;31, 2004. Net reserves are defined as that portion of the
gross reserves attributable to the Trust interest after deducting royalties and
other interests owned by others.</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Values shown herein are expressed in terms of future
net revenue, future net cashflow and present worth. Future net revenue is that
revenue which will accrue to the appraised interests from the production and
sale of the estimated net reserves. Future net cashflow is calculated by
deducting estimated production taxes, ad valorem taxes, lease operating
expenses, and capital costs from the future net revenue. Future income tax
expenses were not taken into account in the preparation of these estimates. Present
worth is defined as future net revenue discounted at a specified arbitrary
discount rate compounded monthly over the expected period of realization. In
this report, present worth values are reported using a discount rate of 10 %
(percent).</font></p>

<p style="margin:0pt 0pt 6.0pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reserve and revenue values shown in this report were
estimated from projections of reserves and revenue attributable to the combined
Pioneer and Trust interests (Combined Interest) in these properties. To calculate
the net profits, the future net revenue for the aggregate of the Combined
Interest in the subject properties was reduced by an overhead charge and by the
deficit balance as described below if any. In addition, because the net profits
interest does not participate in plant and gathering expenses, a portion of the
net revenue attributable to the plant interests was excluded from this
calculation; the excluded portion is 35 percent of the plant revenue less 100
percent of the plant and gathering expenses. When the adjusted net revenue
resulting from this calculation was greater than zero, it was multiplied by the
factor of </font></p>


 <p align="center" style="margin:12.0pt 0pt 6.0pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.5pt;">5205 N. O'CONNOR BLVD, SUITE 1400 </font><font size="1" face="Symbol" style="font-size:4.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:8.5pt;"> IRVING, TEXAS 75039-3740 </font><font size="1" face="Symbol" style="font-size:4.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:8.5pt;"> MAIN (972) 444-9001 </font><font size="1" face="Symbol" style="font-size:4.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:8.5pt;"> FAX (972) 969-3587</font></p> <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">8</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MESA Royalty Trust<br>
March&nbsp;14, 2005<br>
Page&nbsp;2</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.29282 % (percent) to arrive at the future net
revenue of the Trust. If the adjusted revenue for the period was negative, the
trust revenue was set to zero and interest was charged on the deficit balance. The
beginning deficit balance as of December&nbsp;31, 2004, was zero and no deficit
is estimated for the life of the properties.</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">While estimates of reserves attributable to the Trust
are shown in order to comply with requirements of the SEC, this is not a
precise method of allocating estimates of physical quantities of reserves
between the working interest owners and the Trust. The net profits overriding
royalty interest is not a working interest and the Trust does not own and is
not entitled to receive any specific volume of reserves from the Trust<i><font style="font-style:italic;">.</font></i> Reserve quantities in the previously mentioned reserve
studies have been allocated based on the method referenced in the Reserve
Reports. The quantities of reserves attributable to the Trust will be affected
by future changes in various economic factors utilized in estimating future
gross and net revenues from the Trust Properties. Therefore, the estimates of
reserves set forth in the Reserve Reports are to a large extent hypothetical
and differ in significant respects from estimates of reserves attributable to a
working interest.</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Estimates of reserves and future net revenue should be
regarded only as estimates that may change as further production history and
additional information becomes available. Not only are such reserve and revenue
estimates based on that information which is currently available, but such
estimates are also subject to the uncertainties inherent in the application of
judgmental factors in interpreting such information.</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The development status shown herein represents the
status applicable on December&nbsp;31, 2004. In our preparation of the study,
data available from wells drilled on the evaluated properties through December&nbsp;31,
2004 were used in estimating gross ultimate recovery. Gross production
estimated to December&nbsp;31, 2004 was deducted from gross ultimate recovery
to arrive at the estimates of gross reserves as of December&nbsp;31, 2004. In
these fields, this required that the production rates be estimated for up to
three months, since production data for certain properties were available only
through September&nbsp;2004.</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Petroleum reserves included in this report are
classified as proved and are judged to be economically producible in future
years from known reservoirs under existing economic and operating conditions
and assuming continuation of current regulatory practices using conventional
production methods and equipment. In the analysis, reserves were estimated only
to the limit of economic rates of production under existing economic and
operating conditions using prices and costs as of the date the estimate is
made. This included consideration of changes in existing prices provided only by
contractual arrangements but not including escalations based upon future
conditions. The petroleum reserves are classified as follows:</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proved&#151;Reserves
that have been proved to a high degree of certainty by analysis of the
producing history of a reservoir and/or by volumetric analysis of adequate
geological and engineering data. Commercial productivity has been established
by actual production, successful testing, or in certain cases by favorable core
analyses and electrical-log interpretation when the producing characteristics
of the formation are known from nearby fields. Volumetrically, the structure,
areal extent, volume, and characteristics of the reservoir are well defined by
a reasonable interpretation of adequate subsurface well control and by known
continuity of hydrocarbon-saturated material above known fluid contacts, if
any, or above the lowest known structural occurrence of hydrocarbons.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Developed&#151;Reserves
that are recoverable from existing wells with current operating methods and
expenses. Developed reserves include both producing and non-producing reserves.
Estimates of producing reserves assume recovery by existing wells producing
from present completion intervals with normal </font></p>


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<p style="margin:0pt 0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MESA Royalty Trust<br>
March&nbsp;14, 2005<br>
Page&nbsp;3</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">operating methods and expenses. Developed
non-producing reserves are in reservoirs behind the casing or at minor depths
below the producing zone and are considered proved by production from other
wells in the field, by successful drill-stem tests, or by core analysis from
the particular zones. Non-producing reserves require only moderate expense to
be brought into production.</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Undeveloped&#151;Reserves
that are recoverable from additional wells yet to be drilled. Undeveloped
reserves are those considered proved for production by reasonable geological
interpretation of adequate subsurface control in reservoirs that are producing
or proved by other wells but are not recoverable from existing wells. This
classification of reserves requires drilling of additional wells, major
deepening of existing wells, or installation of enhanced recovery or other
facilities.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Estimates
of the net proved reserves attributable to the Trust, as of December&nbsp;31,
2004, are as follows:</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;margin-left:20.0pt;">
 <tr bgcolor="#CCEEFF">
  <td width="473" valign="top" style="padding:0pt .7pt 0pt 0pt;width:354.55pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TOTAL PROVED
  RESERVES:</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="473" valign="top" style="padding:0pt .7pt 0pt 0pt;width:354.55pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Natural Gas (Mcf)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,455,694</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="473" valign="top" style="padding:0pt .7pt 0pt 0pt;width:354.55pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Natural Gas Liquids (bbl)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">571,194</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="473" valign="top" style="padding:0pt .7pt 0pt 0pt;width:354.55pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PROVED DEVELOPED RESERVES</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="473" valign="top" style="padding:0pt .7pt 0pt 0pt;width:354.55pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Natural Gas (Mcf)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,455,694</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="473" valign="top" style="padding:0pt .7pt 0pt 0pt;width:354.55pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Natural Gas
  Liquids (bbl)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">571,194</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 11.0pt;text-align:justify;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proved natural gas liquid reserves are included herein
for the Satanta plant, which was completed and placed on stream in the Hugoton
field in Kansas during late 1993.</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Future oil and gas producing rates estimated for this
report are based on production rates considering the most recent figures
available or, in certain cases, are based on estimates. The rates used for
future production are within the capacity of the well or reservoir to produce.</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pioneer is continuing to upgrade the well gathering
system, which improves deliverability of the wells. This increase in
deliverability and the associated costs have been incorporated in the estimates
included herein.</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gas volumes shown herein are expressed at standard
conditions of 60 degrees Fahrenheit and at 14.65 pounds per square inch absolute.
Gross volumes are reported as wet gas and the net volumes are reported as
processed hydrocarbon sales; however, neither the gross or net volumes were
reduced for plant fuel usage. The value of this fuel is deducted as part of the
plant operating costs.</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revenue values in this report were estimated using
current prices and costs. Future prices were estimated using guidelines
established by the Securities and Exchange Commission and the Financial
Accounting Standards Board.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The assumptions
used for estimating future prices and costs are as follows:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Natural
Gas Prices&#151;Gas
prices were held constant for the life of the properties.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Natural
Gas Liquids Prices&#151;Natural
gas liquids prices were held constant for the life of the properties.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Operating
and Capital Costs&#151;Estimates
of operating costs based on current costs were used for the life of the
properties with no increase in the future based on inflation. Future capital
expenditures were estimated using 2004 values and were not adjusted for
inflation.</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">10</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 18.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MESA Royalty Trust<br>
March&nbsp;14, 2005<br>
Page&nbsp;4</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The estimated future net revenue, future net cashflow
and present worth discounted at 10% (percent) attributable to the Trust
Interest for the life of the Trust is as follows.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TRUST INTEREST:</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;margin-left:40.0pt;">
 <tr bgcolor="#CCEEFF">
  <td width="414" valign="top" style="padding:0pt .7pt 0pt 0pt;width:310.3pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Future Net
  Revenue ($)<sup>1</sup></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">104,857,094</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="414" valign="top" style="padding:0pt .7pt 0pt 0pt;width:310.3pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Future Lease Operating Expenses ($)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,003,293</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="414" valign="top" style="padding:0pt .7pt 0pt 0pt;width:310.3pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Future Net Production Taxes ($)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,933,833</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="414" valign="top" style="padding:0pt .7pt 0pt 0pt;width:310.3pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Future Net Ad Valorem Taxes ($)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,631,546</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="414" valign="top" style="padding:0pt .7pt 0pt 0pt;width:310.3pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Future Net Overhead Expense ($)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,034,649</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="414" valign="top" style="padding:0pt .7pt 0pt 0pt;width:310.3pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Future Capital Expenditures ($)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="414" valign="top" style="padding:0pt .7pt 0pt 0pt;width:310.3pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Future Net Cashflow ($)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">79,253,773</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="414" valign="top" style="padding:0pt .7pt 0pt 0pt;width:310.3pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Present Worth at
  10 Percent ($)<sup>1</sup></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34,985,484</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:justify;"></p>

<div align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;">

</font></div>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><sup>1.</sup>&#160;&#160;&#160;&#160;&#160;&#160; Future
income tax expenses were not taken into account in the preparation of these
estimates.</p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In our opinion, the information relating to the
estimated proved reserves, estimated future net revenue from proved reserves,
and present worth of estimated future net revenue from proved reserves of
natural gas liquids, and gas contained in this report has been prepared in
accordance with Paragraphs 10-13, 15 and 30(a)-(b)&nbsp;of Statement of
Financial Accounting Standards No.&nbsp;69 (November&nbsp;1982) of the
Financial Accounting Standards Board and Rules&nbsp;4-1 0(a)(1)-(13) of
Regulation S-X and Rule&nbsp;302(b)&nbsp;of Regulation S-K of the Securities
and Exchange Commission; provided, however, (I)&nbsp;future income tax expenses
have not been taken into account in estimating the future net revenue and
present worth values set forth herein.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the extent the
above enumerated rules, regulations, and statements require determinations of
an accounting or legal nature or information beyond the scope of this report,
we are necessarily unable to express an opinion as to whether the above-described
information is in accordance therewith or sufficient therefore.</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;font-family:Times New Roman;">
 <tr>
  <td width="608" valign="top" style="padding:0pt .7pt 0pt 0pt;width:455.75pt;">
  <p align="left" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:left;">Submitted,</p>
  </td>
 </tr>
 <tr>
  <td width="608" valign="top" style="padding:0pt .7pt 0pt 0pt;width:455.75pt;">
  <p align="left" style="margin:8.0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman"><img width="288" height="59" src="g39522dcimage004.gif"></font></p>
  </td>
 </tr>
 <tr>
  <td width="608" valign="top" style="padding:0pt .7pt 0pt 0pt;width:455.75pt;">
  <p align="left" style="margin:20.0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Paul
  McDonald</font></p>
  </td>
 </tr>
 <tr>
  <td width="608" valign="top" style="padding:0pt .7pt 0pt 0pt;width:455.75pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President Domestic
  Reservoir Engineering</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 11.0pt;text-align:justify;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">11</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>
 <p style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 16.0pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">CONOCOPHILLIPS&nbsp;INC.</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 16.0pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">LETTER REPORT</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 16.0pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">dated</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 16.0pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">MARCH&nbsp;2, 2005</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 16.0pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">on</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 16.0pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">RESERVES and REVENUE</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 16.0pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">as of</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 16.0pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">DECEMBER 31, 2004</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 16.0pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">from</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 16.0pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">CERTAIN PROPERTIES</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 16.0pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">owned by</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 16.0pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">MESA ROYALTY TRUST</font></b></p>


 <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">12</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>
 <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;font-family:Times New Roman;">
 <tr>
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:228.35pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"></p>
  </td>
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:228.35pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman"><img width="244" height="61" src="g39522dgimage002.gif"></font></p>
  </td>
 </tr>
 <tr>
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:228.35pt;">
  <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;"><b><font size="1" style="font-size:9.0pt;font-weight:bold;">Randall L. Darr</font></b></p>
  </td>
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:228.35pt;">
  <p style="margin:24.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:228.35pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Manager&#151;Reservoir Management<br>
  Reservoir Technology Center<br>
  Exploration Production Technology</font></p>
  </td>
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:228.35pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">P. O. Box 2197<br>
  Houston, Texas 77252<br>
  (281) 293-1404</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 23.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="margin:0pt 0pt 24.0pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;2, 2005</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:0pt;"><a name="MesaRoyaltyTrust_100340"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Mesa Royalty Trust</font></b></a><a name="JpmorganChaseBank_100340"></a><font style="font-weight:normal;"><br>
JPMorgan Chase Bank</font><a name="a700Lavaca2ndFloor_100340"></a><font style="font-weight:normal;"><br>
700 Lavaca, 2<sup>nd</sup> Floor</font><a name="AustinTx787013102_100340"></a><font style="font-weight:normal;"><br>
Austin, TX&#160;&#160;&#160; 78701-3102</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 12.0pt 25.0pt;page-break-after:avoid;text-indent:-25.0pt;"><a name="ReMesaRoyaltyTrustReservesAsOfDec_101221"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Re:</font></b>&nbsp;&nbsp; Mesa
Royalty Trust Reserves as of December&nbsp;31, 2004</a><br>
San Juan Basin Properties, New Mexico</p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gentlemen:</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to your request,
estimates have been prepared as of December&nbsp;31, 2004 of the extent and
value of proved natural gas, condensate, and natural gas liquid reserves of
certain properties owned by the Mesa Royalty Trust, hereinafter referred to as &#147;MRT&#148;.
The MRT interest appraised consists of a 10.29282 percent net royalty interest
in certain San Juan Basin properties administered by ConocoPhillips.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reserves in this report
are expressed as ConocoPhillips net reserves and MRT net reserves. ConocoPhillips
net reserves are defined as ConocoPhillips&#146; net share of estimated petroleum
hydrocarbons remaining to be produced from the properties after December&nbsp;31,
2004. MRT net reserves are defined as that portion of the ConocoPhillips net
reserves attributable to the interest owned by MRT.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Values shown herein are
expressed in terms of future revenue, future cash flow, and present worth. Future
revenue is that revenue which will accrue from production and sale of the
estimated net reserves. Future cash flow is calculated by deducting estimated
production and ad valorem taxes, operating and transportation expenses, capital
costs, and abandonment costs from the future revenue. Federal income taxes are
not taken into account in the preparation of these estimates. Present worth is
defined as future cash flow discounted at a specified discount rate compounded
monthly over the expected period of realization. A discount rate of 10 percent
is used in this report.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reserves attributable to
the MRT interest are calculated by allocating to MRT a portion of the
ConocoPhillips net reserves based on future cash flow. Because reserves volumes
are estimated using future cash flow, a change in prices or costs will result
in changes of reserves. Therefore, the MRT net reserves will vary if different
price and cost assumptions are used.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Petroleum reserves
included in this report are classified as proved and judged to be economically
producible in future years from known reservoirs under existing economic and
operating conditions. Total </font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">13</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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 <p style="margin:0pt 0pt 24.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2004 Mesa Royalty Trust Reserves<br> March 2, 2005</font></p>


<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">proved reserves are the
sum of developed and undeveloped reserves. Proved developed reserves are those
recoverable from existing wells with current operating methods and expenses,
and thus require little or no capital expenditure to produce. Proved
undeveloped reserves are those that require major capital expenditures for new
wells and/or facilities. Estimates of the MRT net reserves and production as of
December&nbsp;31, 2004 are tabulated below. The MRT net reserves and production
reported for the previous year are included for comparison.</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="214" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:160.45pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="114" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:85.8pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Conventional<br>
  Reservoirs</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="114" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:85.8pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Fruitland&nbsp;Coal<br>
  Reservoirs</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="114" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:85.8pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Total&nbsp;All<br>
  Reservoirs</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="34" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.8pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="150" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:112.8pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">MRT&nbsp;Net&nbsp;Proved&nbsp;Reserves<br>
  San&nbsp;Juan&nbsp;Basin<br>
  Developed&nbsp;Only + Undeveloped</font></b></p>
  </td>
  <td width="29" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.85pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="49" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">12/31/03</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="49" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">12/31/04</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="49" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">12/31/03</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="49" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">12/31/04</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="49" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">12/31/03</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="49" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">12/31/04</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="214" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:160.45pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Natural Gas,
  MMscf</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17,810</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17,251</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">498</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,460</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,307</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,711</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="214" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:160.45pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Condensate, Mbbl</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">80</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">63</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">80</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">63</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="214" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:160.45pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Natural Gas Liquids,
  Mbbl</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,865</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,777</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,865</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,777</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="34" style="border:none;"></td>
  <td width="150" style="border:none;"></td>
  <td width="29" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="49" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="49" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="49" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="49" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="49" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="49" style="border:none;"></td>
  <td width="2" style="border:none;"></td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="43" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:32.4pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="128" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:96.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="43" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:32.05pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="114" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:85.8pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Conventional<br>
  Reservoirs</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="114" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:85.8pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Fruitland&nbsp;Coal<br>
  Reservoirs</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="114" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:85.8pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Total&nbsp;All<br>
  Reservoirs</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="43" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.4pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="128" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:96.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">MRT&nbsp;Net&nbsp;Proved&nbsp;Reserves<br>
  San&nbsp;Juan&nbsp;Basin<br>
  Developed&nbsp;Only</font></b></p>
  </td>
  <td width="43" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.05pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="49" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">12/31/03</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="49" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">12/31/04</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="49" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">12/31/03</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="49" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">12/31/04</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="49" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">12/31/03</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="49" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">12/31/04</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="214" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:160.45pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Natural Gas,
  MMscf</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17,323</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16,633</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">498</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,413</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17,820</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,046</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="214" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:160.45pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Condensate, Mbbl</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">79</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">63</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">79</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">63</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="214" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:160.45pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Natural Gas Liquids,
  Mbbl</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,813</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,712</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,813</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.9pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,712</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 11.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Both MRT Proved Developed
and Proved Undeveloped reserves increased in 2004 due to improvements in
product price. Many of the Proved Undeveloped Reserves will be accessed in
future years through an active development and re-completion program. The
reserves values reflect natural gas shrinkage of 13.070 percent for
conventional gas reservoirs due to processing and plant fuel use, and an
average net back to producing properties of 61 percent of recovered natural gas
liquids. The Fruitland Coal reservoir has dry gas (no natural gas liquids) and
therefore is not subject to shrinkage due to liquids extraction.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Product
prices and operating costs used for year-end 2004 are shown in the table below,
along with those used last year for comparison. Prices and operating costs are
held constant over the life of the properties. The December&nbsp;2004 product
prices are higher than the December&nbsp;2003 product prices.</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;margin-left:20.0pt;">
 <tr>
  <td width="69" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:52.0pt;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Product&nbsp;Prices</font></b></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="300" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:225.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="72" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:54.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">December&nbsp;2003</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="72" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:54.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">December&nbsp;2004</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="376" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:282.0pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Conventional Nat.
  Gas, $/Mscf</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.69</font></p>
  </td>
  <td width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.03</font></p>
  </td>
  <td width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="376" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:282.0pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Coal Natural Gas,
  $/Mscf</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.64</font></p>
  </td>
  <td width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.98</font></p>
  </td>
  <td width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="376" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:282.0pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Condensate, $/Bbl</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28.01</font></p>
  </td>
  <td width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36.92</font></p>
  </td>
  <td width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="376" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:282.0pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Natural Gas Liquids,
  $/Bbl</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21.65</font></p>
  </td>
  <td width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26.20</font></p>
  </td>
  <td width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 11.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revenue and cash flow values in this report are based
on product prices for the San Juan Basin effective on December&nbsp;31, 2004. The
gas price excludes a transportation and processing expense of $1.49 per Mcf
($0.60 per Mcf transportation + $0.89 per Mcf processing) for conventional gas
and $0.89 per Mcf for Fruitland Coal gas. Heritage Conoco accounted for gas
processing fees as a price deduction, but effective July&nbsp;2003,
ConocoPhillips began considering gas processing and transportation fees as an
expense. &#160;The 2004 MRT evaluation has
combined the fees into a single rate. &#160;NGL reserves were increased in 2003 and this
additional value offsets the increased processing costs.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">14</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='14',FILE='C:\JMS\chanson\05-3952-2\task354492\3952-2-dg.htm',USER='chanson',CD='Mar 16 14:38 2005' -->
<br clear="all" style="page-break-before:always;">
 <p style="margin:0pt 0pt 24.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2004 Mesa Royalty Trust Reserves<br> March 2, 2005</font></p>


<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
price also excludes combined production and ad valorem tax rates of 7.53
percent and 7.51 percent of revenue for conventional and Fruitland Coal gas,
respectively. These taxes compare with the 2003 rates of 9.8 percent for
conventional gas and 8.1 percent for Fruitland Coal. The taxes and
transportation expenses are also excluded from the annual per completion operating
costs tabulated below.</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;margin-left:20.0pt;">
 <tr>
  <td width="329" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:246.45pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="96" colspan="7" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:71.8pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Net&nbsp;Active<br>
  Completions</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="96" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:71.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Operating&nbsp;Costs<br>
  ($/compl/year)</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="77" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:58.0pt;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Operating&nbsp;Costs</font></b></p>
  </td>
  <td width="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="244" valign="top" style="padding:0pt .7pt 0pt 0pt;width:183.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="40" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:29.9pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">12/31/03</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="40" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:29.9pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">12/31/04</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="40" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:29.85pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">12/31/03</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="40" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:29.85pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">12/31/04</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="329" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:246.45pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Conventional Gas</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">712</font></p>
  </td>
  <td width="9" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">739</font></p>
  </td>
  <td width="9" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17,936</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13,955</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="329" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:246.45pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fruitland Coal Gas</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">120</font></p>
  </td>
  <td width="9" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:16.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">123</font></p>
  </td>
  <td width="9" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.85pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">67,743</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.85pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">66,619</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="77" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="245" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="9" style="border:none;"></td>
  <td width="22" style="border:none;"></td>
  <td width="9" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="9" style="border:none;"></td>
  <td width="22" style="border:none;"></td>
  <td width="9" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="40" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="40" style="border:none;"></td>
  <td width="2" style="border:none;"></td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 11.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A summary
of estimated future revenue, taxes, costs, cash flow, and present worth
attributable to ConocoPhillips&#146; net reserves as of December&nbsp;31, 2004 is
shown in the table below. The 2003 numbers are included for comparison. All
costs are year-end 2004 estimates and are not adjusted for inflation. Cash flow
and present worth are reported on a before federal income tax (BFIT) basis.</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="252" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:189.15pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="112" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:84.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Conventional<br>
  Reservoirs</font></b></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="93" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:69.6pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Fruitland&nbsp;Coal<br>
  Reservoirs</font></b></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="112" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:84.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Total&nbsp;All<br>
  Reservoirs</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="89" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:66.75pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="74" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:55.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">ConocoPhillips<br>
  Net&nbsp;Interest<br>
  San&nbsp;Juan&nbsp;Basin</font></b></p>
  </td>
  <td width="89" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:66.75pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="50" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">12/31/03</font></b></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="50" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">12/31/04</font></b></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="40" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:29.85pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">12/31/03</font></b></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="41" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:30.75pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">12/31/04</font></b></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="50" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">12/31/03</font></b></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="50" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">12/31/04</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="252" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:189.15pt;">
  <p style="margin:0pt 0pt .0001pt 9.0pt;page-break-after:avoid;text-indent:-9.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Future Revenue, M$</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1,715,605</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2,033,628</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">65,797</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:30.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">139,501</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1,781,402</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2,173,129</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="252" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:189.15pt;">
  <p style="margin:0pt 0pt .0001pt 9.0pt;page-break-after:avoid;text-indent:-9.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Production&nbsp;&amp; Ad Valorem Taxes,&nbsp;M$</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">167,555</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">153,089</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">5,349</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:30.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">10,473</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">172,904</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">163,562</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="252" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:189.15pt;">
  <p style="margin:0pt 0pt .0001pt 9.0pt;page-break-after:avoid;text-indent:-9.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Operating&nbsp;&amp; Transportation Costs, M$</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">300,077</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">533,510</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">28,477</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:30.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">56,560</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">328,554</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">590,070</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="252" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:189.15pt;">
  <p style="margin:0pt 0pt .0001pt 9.0pt;page-break-after:avoid;text-indent:-9.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Abandonment Costs, M$</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">4,157</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">5,508</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">334</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:30.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">699</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">4,491</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">6,207</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="252" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:189.15pt;">
  <p style="margin:0pt 0pt .0001pt 9.0pt;page-break-after:avoid;text-indent:-9.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Capital Costs, M$</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">18,323</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">23,637</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">9,197</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:30.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1,116</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">27,520</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">24,753</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="252" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:189.15pt;">
  <p style="margin:0pt 0pt .0001pt 9.0pt;page-break-after:avoid;text-indent:-9.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Future BFIT Cash Flow, M$</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1,225,493</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1,317,884</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">22,440</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:30.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">70,653</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1,247,933</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1,388,537</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="252" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:189.15pt;">
  <p style="margin:0pt 0pt .0001pt 9.0pt;page-break-after:avoid;text-indent:-9.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Deficit Balance, M$</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">0</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">0</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">0</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:30.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">0</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">0</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">0</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="252" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:189.15pt;">
  <p style="margin:0pt 0pt .0001pt 9.0pt;page-break-after:avoid;text-indent:-9.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Future BFIT Cash Flow Subject to&nbsp;MRT Interest,
  M$</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1,225,493</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1,317,884</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">22,440</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:30.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">70,653</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1,247,933</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1,388,537</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="252" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:189.15pt;">
  <p style="margin:0pt 0pt .0001pt 9.0pt;text-indent:-9.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Present Worth @
  10%, M$</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">503,209</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">523,324</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.85pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">11,806</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:30.75pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">31,857</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">515,015</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">555,181</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="89" style="border:none;"></td>
  <td width="74" style="border:none;"></td>
  <td width="89" style="border:none;"></td>
  <td width="12" style="border:none;"></td>
  <td width="50" style="border:none;"></td>
  <td width="12" style="border:none;"></td>
  <td width="50" style="border:none;"></td>
  <td width="12" style="border:none;"></td>
  <td width="40" style="border:none;"></td>
  <td width="12" style="border:none;"></td>
  <td width="41" style="border:none;"></td>
  <td width="12" style="border:none;"></td>
  <td width="50" style="border:none;"></td>
  <td width="12" style="border:none;"></td>
  <td width="50" style="border:none;"></td>
  <td width="2" style="border:none;"></td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 11.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ConocoPhillips&#146; future revenues, BFIT cash flows, and
present worth are higher in 2004 due to the increased product prices.</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Capital costs are associated with projects required to
maintain existing production of developed reserves and to produce undeveloped
proved reserves. The capital budget focus is increasing towards conventional
reservoirs due to a depleting drilling inventory of 160-acre Fruitland Coal
infill wells.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A
summary of estimated future cash flow and present worth attributable to the MRT
interest as of December&nbsp;31, 2004 is tabulated below, along with what was
reported last year for comparison.</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="243" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:182.35pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="112" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:83.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Conventional<br>
  Reservoirs</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="96" colspan="7" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:71.8pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Fruitland&nbsp;Coal<br>
  Reservoirs</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="107" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:80.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Total&nbsp;All<br>
  Reservoirs</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="84" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:63.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="75" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:56.4pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">MRT&nbsp;Interest<br>
  (10.29282%)<br>
  San&nbsp;Juan&nbsp;Basin</font></b></p>
  </td>
  <td width="84" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:62.95pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="50" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:37.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">12/31/03</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="45" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">12/31/04</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="40" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:29.9pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">12/31/03</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="40" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:29.9pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">12/31/04</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="45" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">12/31/03</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="45" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">12/31/04</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="243" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:182.35pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Future BFIT Cash
  Flow, M$</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">126,138</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">135,647</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,310</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,272</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">128,448</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">142,919</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="243" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:182.35pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Present Worth @ 10%, M$</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51,794</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53,865</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.95pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,215</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.95pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.95pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,279</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.95pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53,009</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">57,144</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="84" style="border:none;"></td>
  <td width="75" style="border:none;"></td>
  <td width="84" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="50" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="45" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="4" style="border:none;"></td>
  <td width="32" style="border:none;"></td>
  <td width="4" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="4" style="border:none;"></td>
  <td width="32" style="border:none;"></td>
  <td width="4" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="45" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="45" style="border:none;"></td>
  <td width="2" style="border:none;"></td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 11.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Compared to last year, future BFIT cash flow and
present worth are higher for the conventional gas and the Fruitland Coal gas
due to an increase in product prices.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">15</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">
 <p style="margin:0pt 0pt 24.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2004 Mesa Royalty Trust Reserves<br> March 2, 2005</font></p>


<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
information relating to estimated proved reserves (natural gas, condensate, and
natural gas liquids), estimated future revenue from proved reserves, and present
worth of cash flow contained in this report has been prepared in accordance
with regulations of the Financial Accounting Standards Board and Securities and
Exchange Commission.</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;font-family:Times New Roman;">
 <tr>
  <td width="608" valign="top" style="padding:0pt .7pt 0pt 0pt;width:456.35pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;">Sincerely,</p>
  </td>
 </tr>
 <tr>
  <td width="608" valign="top" style="padding:0pt .7pt 0pt 0pt;width:456.35pt;">
  <p style="margin:24.0pt 0pt .0001pt;"><font size="2" face="Times New Roman"><img width="148" height="48" src="g39522dgimage004.gif"></font></p>
  </td>
 </tr>
 <tr>
  <td width="608" valign="top" style="padding:0pt .7pt 0pt 0pt;width:456.35pt;">
  <p style="margin:24.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Randall Darr</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 11.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="line-height:1.0pt;margin:0pt 0pt 11.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">16</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There are numerous uncertainties inherent in
estimating quantities of proved reserves and in projecting the future rates of
production and timing of development expenditures, including many factors
beyond the control of the producer. The preceding reserve data in the Reserve
Reports represent estimates only and should not be construed as being exact.
Reserve assessment is a subjective process of estimating the recovery from
underground accumulations of gas and oil that cannot be measured in an exact
way, and estimates of other persons might differ materially from those of PNR
and ConocoPhillips. Accordingly, reserve estimates are often different from the
quantities of hydrocarbons that are ultimately recovered.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">While estimates of reserves attributable to the
Royalty are shown in order to comply with requirements of the SEC, there is no
precise method of allocating estimates of physical quantities of reserves
between the working interest owners and the Trust, since the Royalty is not a
working interest and the Trust does not own and is not entitled to receive any
specific volume of reserves from the Royalty. Reserve quantities in the
previously mentioned reserve studies have been allocated based on the method
referenced in the Reserve Reports. The quantities of reserves attributable to
the Trust will be affected by future changes in various economic factors
utilized in estimating future gross and net revenues from the Royalty
Properties. Therefore, the estimates of reserves set forth in the Reserve
Reports are to a large extent hypothetical and differ in significant respects
from estimates of reserves attributable to a working interest.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Moreover, the discounted present values in the Reserve
Reports should not be construed as the current market value of the estimated
gas and oil reserves attributable to the Royalty Properties or the costs that
would be incurred to obtain equivalent reserves, since a market value
determination would include many additional factors. In accordance with
applicable regulations of the SEC, estimated future net revenues were based on
current prices and costs, whereas actual future prices and costs may be
materially greater or less. The estimates in the Reserve Reports use market
prices as of the end of the year. These prices (having a weighted average of
$6.19 per Mcf for Hugoton properties and $6.03 per Mcf for San Juan Basin
properties as of December&nbsp;31, 2004) were held constant over the estimated
life of the Royalty Properties. These prices were influenced by seasonal demand
for natural gas and may not be the most appropriate or representative prices to
use for estimating future revenues or related reserve data. The average price
of natural gas from the Royalty Properties during 2004 was $4.97 per Mcf,
representing a combination of contract prices and spot market prices.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The future net revenues
shown by the Reserve Reports have not been reduced for costs and expenses of
the Trust, which are expected to approximate $50,000 annually. The costs and
expenses of the Trust may increase in future years, depending on the amount of
Royalty income, increases in accounting, engineering, legal and other
professional fees and other factors.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="IncomeProductionAndAveragePrices_105618"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income,
Production and Average Prices</font></b></a></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reference is made to &#147;Summary
of Royalty Income, Production and Average Prices&#148; under Item&nbsp;7 of this Form&nbsp;10-K
for information concerning income, production and prices with respect to the
Royalty.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="Contracts_105621"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">CONTRACTS</font></b></a></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="HugotonField_105622"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hugoton Field</font></b></a></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Natural gas and natural gas liquids produced by PNR
from the Hugoton field and attributable to the Royalty accounted for
approximately 54% of the Royalty income of the Trust during 2004.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PNR has advised the Trust that since June&nbsp;1, 1995
natural gas produced from the Hugoton field has generally been sold under
short-term and multi-month contracts at market clearing prices to multiple
purchasers. During 2004, these purchasers included Tenaska, Greely Gas, Oneok
Gas Marketing,&nbsp;Inc., and </font></p>


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<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Anadarko Energy Services,&nbsp;Inc.
PNR has advised the Trust that it expects to continue to market gas production
from the Hugoton field under short-term and multi-month contracts. Overall
market prices received for natural gas from Hugoton Royalty Properties were
higher in the year-ended December&nbsp;31, 2004 as compared to the year-ended December&nbsp;31,
2003.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In June&nbsp;1994, PNR entered into a gas transportation
agreement (the &#147;Gas Transportation Agreement&#148;) with Western Resources,&nbsp;Inc.
(&#147;WRI&#148;) for a primary term of five years commencing June&nbsp;1, 1995. This
contract has been continued in effect on a year-to-year basis since June&nbsp;1,
2001. PNR has extended the contract to June&nbsp;1, 2005. Pursuant to the Gas
Transportation Agreement, WRI agreed to compress and transport up to 160 MMcf
per day of gas and redeliver such gas to PNR at the inlet of PNR&#146;s Satanta
Plant. PNR agreed to pay WRI a fee of $0.06 per Mcf escalating 4% annually as
of June&nbsp;1, 1996. This Gas Transportation Agreement has been assigned to
Kansas Gas Service (&#147;Oneok&#148;).</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Allowable rates of
production in the Hugoton field are set by the KCC based on the level of market
demand. The Hugoton field allowable for the period October&nbsp;1, 2004 through
March&nbsp;31, 2005, was 104.8&nbsp;billion cubic feet of gas, compared with
119.1&nbsp;billion cubic feet of gas during the same period last year.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="SanJuanBasin_105626"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">San Juan Basin</font></b></a></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Natural gas produced from
the San Juan Basin field and attributable to the Royalty accounted for
approximately 46% of the Royalty income of the Trust during 2004. The majority
of gas produced from the San Juan Basin is now being sold on the spot market.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="MarketForNaturalGas_105627"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Market for Natural Gas</font></b></a></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The amount of cash
distributions by the Trust is dependent on, among other things, the sales
prices for natural gas produced from the Royalty Properties and the quantities
of gas sold. The natural gas industry in the United States during the 1990&#146;s
was affected generally by a surplus in natural gas deliverability compared to
demand. Demand for gas declined during this period due to a number of factors
including the implementation of energy conservation programs, a shift in
economic activity away from energy intensive industries and competition from
alternative fuel sources such as residual fuel oil, coal and nuclear energy.
Since 2000, demand for natural gas has increased while supplies from production
have remained tight. Average annual wellhead prices generally increased from
$1.55 per Mcf in 1995 to $2.32 per Mcf in 1997 then decreased to $1.96 per Mcf
in 1998. Since 2000, these prices have been $3.69 per Mcf in 2000, $4.02 per
Mcf in 2001, $2.95 per Mcf in 2002, $5.09 per Mcf in 2003 and $5.49 per Mcf in
2004 according to Natural Gas Monthly published by the Energy Information
Administration of the Department of Energy.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><a name="DueToTheSeasonalNatureOfDemandFor_105628"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Due to the seasonal nature
of demand for natural gas and its effects on sales prices and production
volumes, the amounts of cash distributions by the Trust may vary substantially
on a seasonal basis. Generally, production volumes and prices are higher during
the first and fourth quarters of each calendar year due primarily to peak
demand in these periods. Because of the time lag between the date on which the
working interest owners receive payment for production from the Royalty
Properties and the date on which distributions are made to unitholders, the
seasonality that generally affects production volumes and prices is generally
reflected in distributions to unitholders in later periods.</font></a></p>


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<div>

<p style="font-weight:bold;margin:0pt 0pt 4.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="Competition_105632"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Competition</font></b></a></p>

<p style="margin:0pt 0pt 4.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The production and sale of
gas in the Hugoton field and San Juan Basin areas is highly competitive, and
the working interest owners&#146; competitors in these areas include the major oil
and gas companies, independent oil and gas companies, and individual producers
and operators. There are numerous producers in the Hugoton field and the San
Juan Basin areas. The working interest owners have advised the Trust that they
believe that their competitive position in their respective areas is affected
by price, contract terms and quality of service. PNR has also advised the Trust
that it believes that its competitive position in the Hugoton field is enhanced
by virtue of its substantial holdings and ownership and control of its wells,
gathering systems and processing plant. Market conditions in the San Juan Basin
are negatively affected by the fact that most of the gas produced from such
areas is transported on one of only two major pipelines, and the transportation
of such gas is generally controlled by a small number of distribution
companies.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 4.0pt;page-break-after:avoid;text-align:center;"><a name="RegulationAndPrices_133142"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">REGULATION AND
PRICES</font></b></a></p>

<p style="font-weight:bold;margin:0pt 0pt 4.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="General_110545"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">General</font></b></a></p>

<p style="margin:0pt 0pt 10.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The production and sale of
natural gas from the Royalty Properties are affected from time to time in
varying degrees by political developments and federal, state and local laws and
regulations. In particular, oil and gas production operations and economics
are, or in the past have been, affected by price controls, taxes, conservation,
safety, environmental and other laws relating to the petroleum industry, by
changes in such laws and by constantly changing administrative regulations.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 4.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="FercRegulation_110549"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">FERC Regulation</font></b></a></p>

<p style="margin:0pt 0pt 10.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In general, the FERC
regulates the transportation of natural gas in interstate commerce by
interstate pipelines. Over the course of approximately the previous decade, the
FERC adopted regulations resulting in a restructuring of the natural gas
industry. The principle elements of this restructuring were the requirement
that interstate pipelines separate, or &#147;unbundle&#148;, into individual components
the various services offered on their systems, with all transportation services
to be provided on a non-discriminatory basis, and the prohibition against an
interstate pipeline providing gas sales services except through
separately-organized affiliates. In various rulemaking proceedings following
its initial unbundling requirement, the FERC has refined its regulatory program
applicable to interstate pipelines in various respects, and it has announced
that it will continue to monitor these regulations to determine whether further
changes are needed. As to these various developments, the working interest
owners have advised the Trust that the on-going and evolving nature of these
regulatory initiatives makes it possible to predict their ultimate impact on
the prices, markets or terms of sale of natural gas related to the Trust.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 4.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="StateAndOtherRegulation_110529"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">State and Other
Regulation</font></b></a></p>

<p style="margin:0pt 0pt 4.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All of the jurisdictions
in which the Trust has an interest in producing oil and gas properties have
statutory provisions regulating the production and sale of crude oil and
natural gas. The regulations often require permits for the drilling of wells
but extend also to the spacing of wells, the prevention of waste of oil and gas
resources, the rate of production, prevention and clean-up of pollution and
other matters. See &#147;Contracts&#151;Hugoton Field&#148; for a discussion of PNR&#146;s
allowables in the Hugoton Royalty Properties.</font></p>

<p style="margin:0pt 0pt 4.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">State regulation of
gathering facilities generally includes various safety, environmental, and in
some circumstances, non-discriminatory take requirements. For example, Oklahoma
and Kansas have enacted a prohibition against discriminatory gathering rates.
In addition, certain Texas regulatory officials have expressed interest in
evaluating similar rules, but to date no actions have been taken towards
regulatory gathering rates in the state.</font></p>

<p style="margin:0pt 0pt 4.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Natural gas pipeline
facilities used for the transportation of natural gas in interstate commerce
are subject to Federal minimum safety requirements. These requirements,
however, are not applicable to, <i><font style="font-style:italic;">inter alia</font></i>,:
(1)&nbsp;onshore gathering facilities outside: (i)&nbsp;the limits of any
incorporated or unincorporated city, </font></p>


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<p style="margin:0pt 0pt 4.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">town, or
village; and (ii)&nbsp;any designated residential or commercial area; or (2)&nbsp;pipeline
facilities on the Outer Continental Shelf (&#147;OCS&#148;) upstream of the point at
which operating responsibility transfers from a producing operator to a
transporting operator. <i><font style="font-style:italic;">See</font></i> 49
C.F.R. &#167; 192.1(b). We are informed that the Royalty Properties are located in
the Hugoton field in Kansas, the San Juan Basin in New Mexico and Colorado, and
the Yellow Creek field of Wyoming. Furthermore, those states have adopted the
Federal minimum safety requirements for intrastate pipelines within their
borders. The standards governing pipeline safety have undergone recent changes
and it is possible that future changes in the regulations and statutes may
occur which may increase the stringency of the standards or expand the
applicability of the standards to facilities not currently covered.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 4.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="EnvironmentalMatters_110529"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Environmental
Matters</font></b></a></p>

<p style="margin:0pt 0pt 4.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The working interest
owners&#146; operations are subject to numerous federal, state and local laws and
regulations controlling the discharge of materials into the environment or
otherwise relating to the protection of the environment, including the
Comprehensive Environmental Response, Compensation and Liability Act (&#147;CERCLA&#148;
or &#147;Superfund&#148;), the Solid Waste Disposal Act, the Clean Air Act, and the
Federal Water Pollution Control Act. These laws and regulations, including
their state counterparts, can impose liability upon the lessee under a lease
for the cost of cleanup of discharged materials resulting from a lessee&#146;s
operations or can subject the lessee to liability for damages to natural
resources. Violations of environmental laws, regulations, or permits can result
in civil and criminal penalties as well as potential injunctions curtailing
operations in affected areas and restrictions on the injection of liquids into
the subsurface that may contaminate groundwater. The working interest owners
have advised the Trust that they maintain insurance for costs of cleanup
operations, but they are not fully insured against all such risks. A serious
release of regulated materials could result in the U.S. Department of the
Interior requiring lessees under federal leases to suspend or cease operations
in the affected area. In addition, the recent trend toward stricter standards
and regulations in environmental legislation is likely to continue. For
example, from time to time legislation has been proposed in Congress that would
reclassify certain oil and gas production wastes as &#147;hazardous wastes&#148; which would
subject the handling, disposal and cleanup of these wastes to more stringent
requirements and result in increased operating costs for the Royalty
Properties, as well as the oil and gas industry in general. State initiatives
to further regulate the disposal of oil and gas wastes are also pending in
certain states, and these initiatives could have a similar impact on the
Royalty Properties.</font></p>

<p style="margin:0pt 0pt 10.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The working interest
owners have advised the Trust that they are not involved in any administrative
or judicial proceedings relating to the Royalty Properties arising under
federal, state or local environmental protection laws and regulations or which
would have a material adverse effect on the working interest owners&#146; financial
position or results of operations.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 4.0pt;page-break-after:avoid;text-align:center;"><a name="PrincipalTrustRiskFactors_110529"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PRINCIPAL TRUST
RISK FACTORS</font></b></a></p>

<p style="margin:0pt 0pt 10.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Although risk factors are
described elsewhere in this Form&nbsp;10-K together with specific
Cautionary Statements, the following is a summary of the principal risks
associated with an investment in units in the Trust.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 4.0pt;page-break-after:avoid;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Natural
gas prices fluctuate due to a number of factors, and lower prices will reduce
net proceeds available to the Trust and distributions to Trust unitholders.</font></b></p>

<p style="margin:0pt 0pt 4.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Trust&#146;s quarterly distributions are highly dependent upon the prices realized
from the sale of natural gas. Natural gas prices can fluctuate widely on a
month-to-month basis in response to a variety of factors that are beyond the
control of the Trust and the working interest owners. Factors that contribute
to price fluctuation include, among others:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 4.0pt 50.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>political
conditions worldwide, in particular political disruption, war or other armed
conflicts in oil producing regions;</p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 4.0pt 50.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>worldwide
economic conditions;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 4.0pt 50.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>weather
conditions;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 4.0pt 50.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
supply and price of foreign natural gas;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 4.0pt 50.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
level of consumer demand;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 4.0pt 50.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
price and availability of alternative fuels;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 4.0pt 50.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
proximity to, and capacity of, transportation facilities; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 4.0pt 50.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
effect of worldwide energy conservation measures.</p>

<p style="margin:0pt 0pt 4.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Moreover, government
regulations, such as regulation of natural gas transportation and price
controls, can affect product prices in the long term.</font></p>

<p style="margin:0pt 0pt 10.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lower natural gas prices
may reduce the amount of natural gas that is economic to produce and reduce net
profits available to the Trust. The volatility of energy prices reduces the
predictability of future cash distributions to unitholders. Substantially all
of the natural gas and natural gas liquids produced from the Royalty Properties
is being sold under short-term or multi-month contracts at market clearing
prices or on the spot market.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 4.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pending Litigation Against A Working Interest Owner
Could Adversely Impact Distributable Income</font></b></p>

<p style="margin:0pt 0pt 10.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As discussed in this Form&nbsp;10-K
under &#147;Legal Proceedings,&#148; PNR is party to a 1993 class action lawsuit. PNR has
advised the Trust that PNR&#146;s liability (both for periods covered by the lawsuit
and from the last date covered by the lawsuit to the present&#151;because the
deductions continue to be taken and the plantiffs continue to be paid for a
royalty share of the helium) could reach approximately $30 million related to
the cost of production claim and approximately $40 million related to the
helium claim, plus prejudgment interest. PNR has advised that the Trust&#146;s share
of this amount could exceed $2.6 million for the cost of production claim and
$2.8&nbsp;million for the helium claim. PNR has not established any provision
for the helium claim but has established a partial reserve for the cost of
production claim for its own accounting purposes. PNR has not withheld any
amounts from Royalty income payable to the Trust. Accordingly, the amount of
any resulting liability could have a material adverse effect on the Trust&#146;s
Royalty income and distributable income for the quarterly reporting period in
which such liability is recorded and subsequent reporting periods until the
Trust&#146;s share of such amounts are recouped by PNR from future Royalty income.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 4.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Increased production and development costs for the
Royalty will result in decreased Trust distributions.</font></b></p>

<p style="margin:0pt 0pt 4.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Production and development
costs attributable to the Royalty are deducted in the calculation of the Trust&#146;s
share of net proceeds. Accordingly, higher or lower production and development
costs, without concurrent increases in revenues, directly decrease or increase
the amount received by the Trust for the Royalty.</font></p>

<p style="margin:0pt 0pt 10.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If development and
production costs of the Royalty exceed the proceeds of production from the
Royalty Properties, the Trust will not receive net proceeds for those
properties until future proceeds from production exceed the total of the excess
costs plus accrued interest during the deficit period. Development activities
may not generate sufficient additional revenue to repay the costs.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 4.0pt;page-break-after:avoid;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trust
reserve estimates depend on many assumptions that may prove to be inaccurate,
which could cause both estimated reserves and estimated future revenues to be
too high.</font></b></p>

<p style="margin:0pt 0pt 4.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
value of the units of beneficial interest of the Trust depends upon, among
other things, the amount of reserves attributable to the Royalty and the
estimated future value of the reserves. Estimating reserves is inherently
uncertain. Ultimately, actual production, revenues and expenditures for the
underlying properties will vary from estimates and those variations could be
material. Petroleum engineers </font></p>


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<p style="margin:0pt 0pt 4.0pt;page-break-after:avoid;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">consider many factors and make assumptions in
estimating reserves. Those factors and assumptions include:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 4.0pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>historical
production from the area compared with production rates from similar producing
areas;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 4.0pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
assumed effect of governmental regulation; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 4.0pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>assumptions
about future commodity prices, production and development costs, severance and
excise taxes, and capital expenditures.</p>

<p style="margin:0pt 0pt 4.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Changes in these
assumptions can materially change reserve estimates.</font></p>

<p style="margin:0pt 0pt 10.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The reserve quantities
attributable to the Royalty and revenues are based on estimates of reserves and
revenues for the underlying properties. The method of allocating a portion of
those reserves to the Trust is complicated because the Trust holds an interest
in the Royalty and does not own a specific percentage of the natural gas
reserves.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 4.0pt;page-break-after:avoid;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operating
risks for the working interest owners&#146; interests in the Royalty Properties can
adversely affect Trust distributions.</font></b></p>

<p style="margin:0pt 0pt 4.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The occurrence of
drilling, production or transportation accidents and other natural disasters at
any of the Royalty Properties will reduce Trust distributions by the amount of
uninsured costs. These occurrences include blowouts, cratering, explosives and
other environmental damage that may result in personal injuries, property
damage, damage to productive formations or equipment and environmental damages.
Any uninsured costs would be deducted as a production cost in calculating net
proceeds payable to the Trust.</font></p>

<p style="margin:0pt 0pt 10.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Most of the gas produced
in the San Juan Basin is transported on one of only two major pipelines in the
area, and transportation of this gas is generally controlled by a small number
of distribution companies. Accordingly, any disruptions to transportation lines
or increases in transportation costs for production from these properties could
also affect the Trust.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 4.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">The operators of the working interest owner are
subject to extensive governmental regulation.</font></b></p>

<p style="margin:0pt 0pt 10.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Oil and gas operations
have been, and in the future will be, affected by federal, state and local laws
and regulations and other political developments, such as price or gathering
rate controls and environmental protection regulations.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 4.0pt;page-break-after:avoid;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">None
of the Trustee, the Trust nor its unitholders control the operation or
development of the Royalty Properties and have little influence over operation
or development.</font></b></p>

<p style="margin:0pt 0pt 4.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Neither the Trustee nor
the unitholders can influence or control the operation or future development of
the underlying properties. The Royalty Properties are owned by independent
working interest owners. The working interest owners manage the underlying
properties and handle receipt and payment of funds relating to the Royalty
Properties and payments to the Trust for the Royalty.</font></p>

<p style="margin:0pt 0pt 10.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The current working
interest owners are under no obligation to continue operating the properties.
Neither the Trustee nor the unitholders have the right to replace an operator.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 4.0pt;page-break-after:avoid;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
owner of any Royalty Property may abandon any property, terminating the related
Royalty.</font></b></p>

<p style="margin:0pt 0pt 4.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The working interest
owners may at any time transfer all or part of the Royalty Property to another
unrelated third party. Unitholders are not entitled to vote on any transfer,
and the Trust will not receive any proceeds of any such transfer. Following any
transfer, the Royalty Properties will continue to be subject to the Royalty,
but the net proceeds from the transferred property would be calculated
separately and paid by the transferee. The transferee would be responsible for
all of the obligations relating to calculating, reporting and paying to the
Trust the Royalty on the transferred portion of the Royalty </font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">22</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 4.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Properties,
and the current owner of the Royalty Properties would have no continuing
obligation to the Trust for those properties.</font></p>

<p style="margin:0pt 0pt 10.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The current working
interest owners or any transferee may abandon any well or property if it
reasonably believes that the well or property can no longer produce in
commercially economic quantities. This could result in termination of the
Royalty relating to the abandoned well.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 4.0pt;page-break-after:avoid;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Royalty can be sold and the Trust can be terminated.</font></b></p>

<p style="margin:0pt 0pt 10.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust will be
terminated and the Trustee must sell the Royalty if holders of a majority of
the units of beneficial interest of the Trust approve the sale or vote to
terminate the Trust, or if the Trust&#146;s royalty income for each of two
successive years is less than $250,000 per year. Following any such termination
and liquidation, the net proceeds of any sale will be distributed to the
unitholders and unitholders will receive no further distributions from the
Trust. We cannot assure you that any such sale will be on terms acceptable to
all unitholders.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 4.0pt;page-break-after:avoid;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trust
assets are depleting assets and, if the working interest owners or other
operators of the Royalty Properties do not perform additional development
projects, the assets may deplete faster than expected.</font></b></p>

<p style="margin:0pt 0pt 10.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The net proceeds payable
to the Trust are derived from the sale of depleting assets. Accordingly, the
portion of the distributions to unitholders attributable to depletion may be
considered a return of capital. The reduction in proved reserve quantities is a
common measure of depletion. Future maintenance and development projects on the
Royalty Properties will affect the quantity of proved reserves. The timing and
size of these projects will depend on the market prices of natural gas. If
operators of the Royalty Properties do not implement additional maintenance and
development projects, the future rate of production decline of proved reserves
may be higher than the rate currently expected by the Trust. For federal income
tax purposes, depletion is reflected as a deduction, which is dependent upon
the purchase price of a unit. Please see the section entitled &#147;&#151;Description of
the Units&#151;Federal Income Tax Matters&#148; under Item&nbsp;1 of this Form&nbsp;10-K.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 4.0pt;page-break-after:avoid;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unitholders
have limited voting rights.</font></b></p>

<p style="margin:0pt 0pt 10.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voting rights as a
unitholder are more limited than those of stockholders of most public
corporations. For example, there is no requirement for annual meetings of
unitholders or for an annual or other periodic re-election of the Trustee.
Unlike corporations which are generally governed by boards of directors elected
by their equity holders, the Trust is administered by a corporate Trustee in
accordance with the Trust Indenture and other organizational documents. The
Trustee has extremely limited discretion in its administration of the Trust.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 4.0pt;page-break-after:avoid;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unitholders
have limited ability to enforce the Trust&#146;s rights against the current or
future owners of the Royalty Properties.</font></b></p>

<p style="margin:0pt 0pt 10.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust Agreement and
related trust law permit the Trustees and the Trust to sue the working interest
owners to compel them to fulfill the terms of the Conveyance of the Royalty. If
the Trustee does not take appropriate action to enforce provisions of the
Conveyance, the recourse of a unitholder would likely be limited to bringing a
lawsuit against the Trustee to compel the Trustee to take specified actions.
Unitholders probably would not be able to sue the working interest owners directly.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-style:italic;font-weight:bold;margin:0pt 0pt 4.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="Item2_134806"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 2</font></i></b></a>.&nbsp;&nbsp; Properties.</p>

<p style="margin:0pt 0pt 10.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reference is made to
Item&nbsp;1 of this Form&nbsp;10-K.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-style:italic;font-weight:bold;margin:0pt 0pt 4.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="Item3_134808"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 3</font></i></b></a>.&nbsp;&nbsp; Legal
Proceedings.</p>

<p style="margin:0pt 0pt 4.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There are no pending legal
proceedings to which the Trust is a named party. However, PNR has informed the
Trust that PNR is party to a 1993 class action lawsuit filed in the 26th
Judicial District Court </font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">23</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 4.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of
Stevens County, Kansas by two classes of royalty owners, one for each of PNR&#146;s
gathering systems connected to PNR&#146;s Satanta gas plant. The case was relatively
inactive for several years. In early 2000, the plaintiffs amended their
pleadings and it now contains two material claims. First, the plaintiffs assert
that they were improperly charged expenses (primarily field compression), which
are a &#147;cost of production&#148;, and for which the plaintiffs, as royalty owners,
are not responsible. Second, the plaintiffs claim they are entitled to
100&nbsp;percent of the value of the helium extracted at PNR&#146;s Satanta gas
plant. If the plaintiffs were to prevail on the above two claims in their
entirety, it is possible that PNR&#146;s liability (both for periods covered by the
lawsuit and from the last date covered by the lawsuit to the present&#151;because
the deductions continue to be taken and the plaintiffs continue to be paid for
a royalty share of the helium) could reach approximately $30&nbsp;million
related to the cost of production claims and approximately $40 million related
to the helium claim plus prejudgment interest. PNR has advised that the Trust&#146;s
share of this amount could exceed $2.6 million for the cost of production claim
and $2.8 million for the helium claim.</font></p>

<p style="margin:0pt 0pt 4.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">However PNR believes it
has valid defenses to the plaintiffs&#146; claims, has paid the plaintiffs properly
under their respective oil and gas leases and other agreements, and intends to
vigorously defend itself. PNR does not believe the costs it has deducted are a &#147;cost
of production&#148;. The costs being deducted are post-production costs incurred to
transport the gas to PNR&#146;s Satanta gas plant for processing, where the valuable
hydrocarbon liquids and helium are extracted from the gas. The plaintiffs
benefit from these extractions, and PNR believes that charging the plaintiffs
with their proportionate share of these transportation and processing expenses
is consistent with Kansas law and with the parties&#146; agreements.</font></p>

<p style="margin:0pt 0pt 4.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PNR has also vigorously
defended against plaintiffs&#146; claims to 100&nbsp;percent of the value of the
helium extracted, and believes that in accordance with applicable law, it has
properly accounted to the plaintiffs for their fractional royalty share of the
helium under the specified royalty clauses of the respective oil and gas
leases. PNR has not established a provision for the helium claim for it&#146;s own
accounting purposes or reserved any amounts for such claim from Royalty income
to the Trust.</font></p>

<p style="margin:0pt 0pt 4.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The factual evidence in the
case was presented to the 26th Judicial District Court without a jury in December&nbsp;2001.
Oral arguments were heard by the court in April&nbsp;2002, and although the
court has not yet entered a judgment or findings, it could do so at any time.
PNR strongly denies the existence of any material underpayment to the
plaintiffs and believes it presented strong evidence at trial to support its
positions.</font></p>

<p style="margin:0pt 0pt 4.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">However, either through a
negotiated settlement or court ruling, PNR could have to pay some part of the
cost of production claim. PNR has not established any provision for the helium
claim but has established a partial reserve for the cost of production claim
for its own accounting purposes. PNR has not withheld any amounts from Royalty
income payable to the Trust. Accordingly, the amount of any resulting liability
could have a material adverse effect on the Trust&#146;s Royalty income and
distributable income for the quarterly reporting period in which such liability
is recorded and subsequent reporting periods until the Trust&#146;s share of such
amounts are recouped by PNR from future Royalty income.</font></p>

<p style="margin:0pt 0pt 10.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Entry of a final judgment
adverse to PNR would reduce any amount available for distribution to the Trust
for the period in which liability is recorded and during periods required for
PNR to recoup any additional amounts.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-style:italic;font-weight:bold;margin:0pt 0pt 4.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="Item4_134812"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 4</font></i></b></a>.&nbsp;&nbsp; Submission of
Matters to a Vote of Security Holders.</p>

<p style="margin:0pt 0pt 4.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There were no matters
submitted to a vote of security holders during the fourth quarter of 2004.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">24</font></p>
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<div>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="Partii_123221"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;II</font></b></a></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="Item5_124656"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item
5</font></i></b></a>.&nbsp;&nbsp; Market for the Registrant&#146;s Common Equity
and Related Unitholder Matters.</p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
units of beneficial interest of the Trust are traded on the New York Stock
Exchange&#151;ticker symbol &#147;MTR&#148;. The high and low sales prices and distributions
per unit for each quarter in the two years ended December&nbsp;31, 2004, were
as follows:</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="237" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:178.1pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="168" colspan="10" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:126.1pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2004</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="168" colspan="10" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:126.1pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2003</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="40" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:30.0pt;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Quarter</font></b></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="191" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:143.1pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">High</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Low</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="59" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.1pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Distribution</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">High</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Low</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="59" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.1pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Distribution</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="237" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:178.1pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">First</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">58.96</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51.60</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1556</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.05pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49.50</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41.10</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1091</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.05pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="237" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:178.1pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Second</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">59.70</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54.75</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1650</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.05pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54.70</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">43.85</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.4726</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.05pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="237" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:178.1pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Third</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">62.25</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54.50</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1723</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.05pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53.00</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49.75</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.2291</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.05pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="237" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:178.1pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fourth</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">71.25</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">59.44</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.05pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.2370</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.05pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">57.25</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50.80</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.05pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1612</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.05pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="40" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="191" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="32" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="32" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="39" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="32" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="32" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="39" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="2" style="border:none;"></td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 11.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At March&nbsp;7, 2005, the
1,863,590 units outstanding were held by 1,109 unitholders of record.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="Item6_121417"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item
6</font></i></b></a>.<font face="Times New Roman">&nbsp;&nbsp; </font>Selected
Financial Data.</p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="266" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:199.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2004</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2003</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2002</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2001</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="266" valign="top" style="padding:0pt .7pt 0pt 0pt;width:199.2pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Royalty income</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,855,234</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,299,034</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,841,115</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,490,988</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="266" valign="top" style="padding:0pt .7pt 0pt 0pt;width:199.2pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distributable
  income</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,814,499</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,265,740</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,814,201</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,566,751</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="266" valign="top" style="padding:0pt .7pt 0pt 0pt;width:199.2pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distributable
  income per unit</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.7298</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.9720</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.5833</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.6701</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="266" valign="top" style="padding:0pt .7pt 0pt 0pt;width:199.2pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total assets at year end</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,322,309</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,711,640</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,431,621</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12,037,014</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 11.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="Item7_121430"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 7</font></i></b></a>.<font face="Times New Roman">&nbsp;&nbsp; </font>Management&#146;s Discussion and Analysis of
Financial Condition and Results of Operations.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following review of
the Trust&#146;s financial condition and results of operations should be read in
conjunction with the financial statements and notes thereto. The discussion of
net production attributable to the Hugoton and San Juan properties represents
production volumes that are to a large extent hypothetical as the Trust does
not own and is not entitled to any specific production volumes. See Note&nbsp;7
to the financial statements. Any discussion of &#147;actual&#148; production volumes
represents the hydrocarbons that were produced from the properties in which the
Trust has a net profits overriding royalty interest.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="CriticalAccountingPolicies_123222"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Critical Accounting Policies</font></b></a></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The financial statements of the Trust are prepared on
the following basis:</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160; Royalty
income recorded for a month is the amount computed and paid by the working
interest owners to the Trustee for such month rather than either the value of a
portion of the oil and gas produced by the working interest owners for such
month or the amount subsequently determined to be the Trust&#146;s proportionate
share of the net proceeds for such month;</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160; Interest
income, interest receivable and distributions payable to unitholders include
interest to be earned on short-term investments from the financial statement
date through the next date of distribution; and</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160; Trust
general and administrative expenses, net of reimbursements, are recorded in the
month they accrue.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This basis for reporting
distributable income is considered to be the most meaningful because
distributions to the unitholders for a month are based on net cash receipts for
such month. However, these statements differ from financial statements prepared
in accordance with accounting principles generally accepted in the United
States of America because, under such principles, royalty income for a month </font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">25</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='25',FILE='C:\JMS\cgunderson\05-3952-2\task353420\3952-2-dm.htm',USER='cgunder',CD='Mar 16 07:06 2005' -->
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<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">would be
based on net proceeds from production for such month without regard to when
calculated or received and interest income for a month would be calculated only
through the end of such month.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="LiquidityAndCapitalResources_123222"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Liquidity and Capital Resources</font></b></a></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As discussed under &#147;Description of the Trust&#148; in Item
1 of this Form&nbsp;10-K, the Trust&#146;s source of cash is the Royalty income
received from its share of the net proceeds from the Royalty Properties.
Reference is made to Note&nbsp;7 in the Notes to Financial Statements under
Item 8 of this Form&nbsp;10-K for estimates of future Royalty income
attributable to the Royalty.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In accordance with the
provisions of the Conveyance, generally all revenues received by the Trust, net
of Trust administrative expenses and the amount of established reserves, are
distributed currently to the unitholders.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="FinancialReview_123222"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial Review</font></b></a></p>

<p style="font-style:italic;margin:0pt 0pt 12.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Years 2004 and 2003</font></i></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="447" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:334.9pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="140" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:105.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Years&nbsp;Ended&nbsp;December&nbsp;31,</font></b></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="447" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:334.9pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2004</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2003</font></b></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="447" valign="top" style="padding:0pt .7pt 0pt 0pt;width:334.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Royalty income</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,855,234</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,299,034</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="447" valign="top" style="padding:0pt .7pt 0pt 0pt;width:334.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest income</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,823</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13,831</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="447" valign="top" style="padding:0pt .7pt 0pt 0pt;width:334.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">General and
  administrative expenses</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(51,558</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(47,125</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="447" valign="top" style="padding:0pt .7pt 0pt 0pt;width:334.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distributable income</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,814,499</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,265,740</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="447" valign="top" style="padding:0pt .7pt 0pt 0pt;width:334.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distributable income per
  unit</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.7298</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.9720</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 11.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust&#146;s Royalty income was $8,855,234 in 2004, a
decrease of approximately 5% as compared to $9,299,034 in 2003, primarily as a
result of lower production of natural gas in 2004.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Royalty income from the Hugoton Royalty Properties was
$4,821,361 in 2004, a decrease of approximately 9%, as compared to $5,277,509
in 2003, primarily as a result of lower production of natural gas volumes in
2004.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The average price received for natural gas and natural
gas liquids from the Hugoton Royalty Properties was $5.28 per Mcf and $25.50
per barrel, respectively, in 2004 as compared to $5.04 per Mcf and $21.73 per
barrel, respectively, in 2003. Net production attributable to the Hugoton
Royalty was 675,120 Mcf of natural gas and 49,359 barrels of natural gas
liquids in 2004 as compared with 815,517 Mcf of natural gas and 53,718 barrels
of natural gas liquids in 2003. Actual production volumes attributable to the
Hugoton properties were 892,353 Mcf of natural gas and 49,391 barrels of
natural gas liquids in 2004 as compared with 1,046,651 Mcf of natural gas and
53,721 barrels of natural gas liquids in 2003.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Royalty income from the San Juan Basin Royalty
properties is calculated and paid to the Trust on a state-by-state basis.
Royalty income from the San Juan Basin Royalty Properties located in the state
of New Mexico was $4,033,873 in 2004 as compared to $4,021,525 in 2003, an
increase of 0.3%. The increase in Royalty income was due to increased natural
gas and natural gas liquids prices in 2004. No Royalty income was received from
the San Juan Basin Royalty Properties located in the State of Colorado in 2004
or 2003 other than a few wells retained by ConocoPhillips. Although, the Colorado
properties have paid off the Fruitland Coal drilling program costs as of
December&nbsp;2004, the Amaco operators did not remit the December&nbsp;2004
earnings of $39,093 to the Trust. Since Mesa Royalty Trust is a cash basis
entity, the $39,093 can not be recognized as income for the year ended
December&nbsp;31, 2004.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The average price received
for natural gas and natural gas liquids, oil and condensate from the San Juan
Basin Royalty properties was $4.64 per Mcf and $26.14 per barrel, respectively,
in 2004 compared with $4.34 per Mcf and $22.07 per barrel, respectively, in
2003. Net production attributable to the San Juan </font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">26</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Basin
Royalty was 622,950 Mcf of natural gas and 43,741 barrels of natural gas
liquids, oil and condensate in 2004 as compared to 705,765 Mcf of natural gas
and 43,430 barrels of natural gas liquids, oil and condensate in 2003. Actual
production volumes attributable to the San Juan Basin properties was 1,070,437
Mcf of natural gas and 55,890 barrels of natural gas liquids, oil and
condensate in 2004 as compared with 1,142,236 Mcf of natural gas and 57,522
barrels of natural gas liquids, oil and condensate in 2003.</font></p>

<p style="font-style:italic;margin:0pt 0pt 12.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Years 2003 and 2002</font></i></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="447" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:334.9pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="140" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:105.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Years&nbsp;Ended&nbsp;December&nbsp;31,</font></b></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="447" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:334.9pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2003</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2002</font></b></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="447" valign="top" style="padding:0pt .7pt 0pt 0pt;width:334.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Royalty income</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,299,034</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,841,115</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="447" valign="top" style="padding:0pt .7pt 0pt 0pt;width:334.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest income</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13,831</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,737</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="447" valign="top" style="padding:0pt .7pt 0pt 0pt;width:334.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">General and
  administrative expenses</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(47,125</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(37,651</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="447" valign="top" style="padding:0pt .7pt 0pt 0pt;width:334.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distributable
  income</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,265,740</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,814,201</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="447" valign="top" style="padding:0pt .7pt 0pt 0pt;width:334.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distributable income per
  unit</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.9720</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.5833</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 11.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust&#146;s Royalty income was $9,299,034 in 2003, an
increase of approximately 92% as compared to $4,841,115 in 2002, primarily as a
result of higher natural gas and natural gas liquid prices in 2003.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Royalty income from the Hugoton Royalty Properties was
$5,277,509 in 2003, an increase of approximately 75%, as compared to $3,014,133
in 2002, primarily as a result of higher natural gas and natural gas liquid
prices 2003.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The average price received for natural gas and natural
gas liquids from the Hugoton Royalty Properties was $5.04 per Mcf and $21.73
per barrel, respectively, in 2003 as compared to $2.68 per Mcf and $14.25 per
barrel, respectively in 2002. Net production attributable to the Hugoton
Royalty was 815,517 Mcf of natural gas and 53,718 barrels of natural gas
liquids in 2003 as compared with 797,160 Mcf of natural gas and 61,596 barrels
of natural gas liquids in 2002. Actual production volumes attributable to the
Hugoton properties were 1,046,651 Mcf of natural gas and 53,721 barrels of
natural gas liquids in 2003 as compared with 1,196,484 Mcf of natural gas and
61,593 barrels of natural gas liquids in 2002.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Royalty income from the San Juan Basin Royalty
properties is calculated and paid to the Trust on a state-by-state basis.
Royalty income from the San Juan Basin Royalty Properties located in the state
of New Mexico was $4,021,525 in 2003 as compared to $1,826,982 in 2002, an
increase of 120%. The increase in Royalty income was due to increased natural
gas and natural gas liquids prices in 2003 and lower capital expenditures in
2003 when compared to 2002. No Royalty income was received from the San Juan
Basin Royalty Properties located in the state of Colorado in 2003 or 2002, as
costs associated with the Fruitland Coal drilling program on Royalty Properties
in that state had not been fully recovered. The San Juan Basin development drilling
program has no effect on Royalty income or distributions relating to the
Hugoton Royalty.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The average price received
for natural gas and natural gas liquids, oil and condensate from the San Juan
Basin Royalty properties was $4.34 per Mcf and $22.07 per barrel, respectively,
in 2003 compared with $2.54 per Mcf and $16.26 per barrel, respectively in
2002. Net production attributable to the San Juan Basin Royalty was 705,765 Mcf
of natural gas and 43,430 barrels of natural gas liquids, oil and condensate in
2003 as compared to 423,304 Mcf of natural gas and 46,235 barrels of natural
gas liquids, oil and condensate in 2002. Actual production volumes attributable
to the San Juan Basin properties was 1,142,236 Mcf of natural gas and 57,522
barrels of natural gas liquids, oil and condensate in 2003 as compared with
1,326,650 Mcf of natural gas and 64,615 barrels of natural gas liquids, oil and
condensate in 2002.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">27</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><a name="SummaryOfRoyaltyIncomeProductionA_123224"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SUMMARY
OF ROYALTY INCOME, PRODUCTION AND AVERAGE PRICES (Unaudited)</font></b></a></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;font-family:Times New Roman;">
 <tr>
  <td width="166" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:124.8pt;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="128" colspan="7" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:95.85pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Hugoton</font></b></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="140" colspan="7" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:105.35pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">San&nbsp;Juan&nbsp;Basin</font></b></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="140" colspan="7" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:105.35pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Total</font></b></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="166" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:124.8pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Natural&nbsp;Gas</font></b></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="59" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Natural&nbsp;Gas<br>
  Liquids(2)</font></b></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Natural&nbsp;Gas</font></b></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="72" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:53.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Oil,&nbsp;<br>
  Condensate&nbsp;<br>
  and&nbsp;Natural&nbsp;<br>
  Gas&nbsp;Liquids(2)</font></b></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Natural&nbsp;Gas</font></b></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="72" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:53.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Oil,&nbsp;<br>
  Condensate&nbsp;<br>
  and&nbsp;Natural&nbsp;<br>
  Gas&nbsp;Liquids(2)</font></b></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="166" valign="top" style="padding:0pt .7pt 0pt 0pt;width:124.8pt;">
  <p style="font-size:10.0pt;line-height:9.0pt;margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" style="font-size:8.0pt;">Year ended December&nbsp;31, 2004:</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="166" valign="top" style="padding:0pt .7pt 0pt 0pt;width:124.8pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">The Trust&#146;s
  proportionate share of&#151;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="166" valign="top" style="padding:0pt .7pt 0pt 0pt;width:124.8pt;">
  <p style="font-size:10.0pt;line-height:9.0pt;margin:0pt 0pt .0001pt 24.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" style="font-size:8.0pt;">Gross proceeds</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="54" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:40.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">4,707,717</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:33.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">1,258,655</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="54" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:40.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">5,499,710</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:33.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">1,461,209</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="54" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:40.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">10,207,427</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:33.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">2,719,864</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="166" valign="top" style="padding:0pt .7pt 0pt 0pt;width:124.8pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Less the Trust&#146;s
  proportionate share of&#151;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="166" valign="top" style="padding:0pt .7pt 0pt 0pt;width:124.8pt;">
  <p style="font-size:10.0pt;line-height:9.0pt;margin:0pt 0pt .0001pt 24.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" style="font-size:8.0pt;">Capital costs recovered(1)</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(103,035</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#151;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(681,505</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#151;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(784,540</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#151;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="166" valign="top" style="padding:0pt .7pt 0pt 0pt;width:124.8pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Operating costs</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1,041,976</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#151;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1,919,621</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(317,826</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2,961,597</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(317,826</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="166" valign="top" style="padding:0pt .7pt 0pt 0pt;width:124.8pt;">
  <p style="font-size:10.0pt;line-height:9.0pt;margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" style="font-size:8.0pt;">Interest on cost carryforward</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#151;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#151;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(8,094</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#151;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(8,094</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#151;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="166" valign="top" style="padding:0pt .7pt 0pt 0pt;width:124.8pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Royalty income</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="54" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:40.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">3,562,706</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:33.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">1,258,655</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="54" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:40.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">2,890,490</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:33.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">1,143,383</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="54" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:40.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">6,453,196</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:33.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">2,402,038</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="166" valign="top" style="padding:0pt .7pt 0pt 0pt;width:124.8pt;">
  <p style="font-size:10.0pt;line-height:9.0pt;margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" style="font-size:8.0pt;">Average sales price</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="54" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:40.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">5.28</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:33.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">25.50</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="54" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:40.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">4.64</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:33.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">26.14</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="54" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:40.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">4.97</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:33.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">25.80</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="166" valign="top" style="padding:0pt .7pt 0pt 0pt;width:124.8pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Net production
  volumes attributable to the Royalty&nbsp;paid&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p align="center" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(Mcf)</font></b></p>
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">675,120</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p align="center" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(Bbls)</font></b></p>
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">49,359</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p align="center" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(Mcf)</font></b></p>
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;622,950</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p align="center" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(Bbls)</font></b></p>
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">43,741</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p align="center" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(Mcf)</font></b></p>
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">1,298,070</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p align="center" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(Bbls)</font></b></p>
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">93,100</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="166" valign="top" style="padding:0pt .7pt 0pt 0pt;width:124.8pt;">
  <p style="font-size:10.0pt;line-height:9.0pt;margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" style="font-size:8.0pt;">Year ended December&nbsp;31, 2003:</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="166" valign="top" style="padding:0pt .7pt 0pt 0pt;width:124.8pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">The Trust&#146;s
  proportionate share of&#151;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="166" valign="top" style="padding:0pt .7pt 0pt 0pt;width:124.8pt;">
  <p style="font-size:10.0pt;line-height:9.0pt;margin:0pt 0pt .0001pt 24.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" style="font-size:8.0pt;">Gross proceeds</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="54" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:40.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">5,347,000</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:33.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">1,167,303</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="54" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:40.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">5,270,667</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:33.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">1,269,454</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="54" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:40.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">10,617,667</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:33.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">2,436,757</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="166" valign="top" style="padding:0pt .7pt 0pt 0pt;width:124.8pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Less the Trust&#146;s
  proportionate share of&#151;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="166" valign="top" style="padding:0pt .7pt 0pt 0pt;width:124.8pt;">
  <p style="font-size:10.0pt;line-height:9.0pt;margin:0pt 0pt .0001pt 24.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" style="font-size:8.0pt;">Capital costs recovered(1)</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(156,881</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#151;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(255,722</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#151;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(412,603</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#151;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="166" valign="top" style="padding:0pt .7pt 0pt 0pt;width:124.8pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt 24.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Operating costs</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1,079,913</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#151;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1,929,233</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(310,950</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(3,009,146</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(310,950</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="166" valign="top" style="padding:0pt .7pt 0pt 0pt;width:124.8pt;">
  <p style="font-size:10.0pt;line-height:9.0pt;margin:0pt 0pt .0001pt 24.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" style="font-size:8.0pt;">Interest on cost carryforward<font style="letter-spacing:2.25pt;">&nbsp;</font></font></p> </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#151;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#151;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(22,691</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#151;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(22,691</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#151;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="166" valign="top" style="padding:0pt .7pt 0pt 0pt;width:124.8pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Royalty income</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="54" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:40.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">4,110,206</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:33.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">1,167,303</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="54" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:40.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">3,063,021</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:33.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">958,504</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="54" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:40.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">7,173,227</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:33.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">2,125,807</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="166" valign="top" style="padding:0pt .7pt 0pt 0pt;width:124.8pt;">
  <p style="font-size:10.0pt;line-height:9.0pt;margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" style="font-size:8.0pt;">Average sales price</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="54" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:40.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">5.04</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:33.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">21.73</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="54" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:40.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">4.34</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:33.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">22.07</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="54" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:40.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">4.72</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:33.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">21.88</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="166" valign="top" style="padding:0pt .7pt 0pt 0pt;width:124.8pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Net production
  volumes attributable to the Royalty&nbsp;paid&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p align="center" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(Mcf)</font></b></p>
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">815,517</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p align="center" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(Bbls)</font></b></p>
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">53,718</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p align="center" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(Mcf)</font></b></p>
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">705,765</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p align="center" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(Bbls)</font></b></p>
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">43,430</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p align="center" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(Mcf)</font></b></p>
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">1,521,282</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p align="center" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(Bbls)</font></b></p>
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">97,149</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="166" valign="top" style="padding:0pt .7pt 0pt 0pt;width:124.8pt;">
  <p style="font-size:10.0pt;line-height:9.0pt;margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" style="font-size:8.0pt;">Year ended December&nbsp;31, 2002:</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="166" valign="top" style="padding:0pt .7pt 0pt 0pt;width:124.8pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">The Trust&#146;s
  proportionate share of&#151;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="166" valign="top" style="padding:0pt .7pt 0pt 0pt;width:124.8pt;">
  <p style="font-size:10.0pt;line-height:9.0pt;margin:0pt 0pt .0001pt 24.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" style="font-size:8.0pt;">Gross proceeds</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="54" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:40.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">3,202,189</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:33.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">877,745</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="54" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:40.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">3,510,634</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:33.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">1,050,782</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="54" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:40.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">6,712,823</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:33.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">1,928,527</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="166" valign="top" style="padding:0pt .7pt 0pt 0pt;width:124.8pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Less the Trust&#146;s
  proportionate share of&#151;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="166" valign="top" style="padding:0pt .7pt 0pt 0pt;width:124.8pt;">
  <p style="font-size:10.0pt;line-height:9.0pt;margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" style="font-size:8.0pt;">Capital costs recovered(1)</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(14,661</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#151;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(683,455</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#151;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(698,116</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#151;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="166" valign="top" style="padding:0pt .7pt 0pt 0pt;width:124.8pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Operating costs</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1,051,140</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#151;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1,730,011</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(298,993</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2,781,151</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(298,993</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="166" valign="top" style="padding:0pt .7pt 0pt 0pt;width:124.8pt;">
  <p style="font-size:10.0pt;line-height:9.0pt;margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" style="font-size:8.0pt;">Interest on cost carryforward</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#151;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#151;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(21,975</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#151;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(21,975</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#151;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="166" valign="top" style="padding:0pt .7pt 0pt 0pt;width:124.8pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Royalty income</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="54" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:40.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">2,136,388</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:33.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">877,745</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="54" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:40.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">1,075,193</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:33.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">751,789</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="54" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:40.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">3,211,581</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:33.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">1,629,534</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="166" valign="top" style="padding:0pt .7pt 0pt 0pt;width:124.8pt;">
  <p style="font-size:10.0pt;line-height:9.0pt;margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" style="font-size:8.0pt;">Average sales price</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="54" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:40.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">2.68</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:33.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">14.25</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="54" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:40.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">2.54</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:33.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">16.26</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="54" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:40.15pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">2.63</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:33.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">15.11</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="166" valign="top" style="padding:0pt .7pt 0pt 0pt;width:124.8pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt 16.0pt;text-indent:-8.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Net production
  volumes attributable to the Royalty&nbsp;paid&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p align="center" style="line-height:9.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(Mcf)</font></b></p>
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">797,160</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p align="center" style="line-height:9.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(Bbls)</font></b></p>
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">61,596</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.35pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p align="center" style="line-height:9.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(Mcf)</font></b></p>
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">423,304</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p align="center" style="line-height:9.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(Bbls)</font></b></p>
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">46,235</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:44.15pt;">
  <p align="center" style="line-height:9.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(Mcf)</font></b></p>
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">1,220,464</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.5pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:37.5pt;">
  <p align="center" style="line-height:9.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(Bbls)</font></b></p>
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">107,831</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.1pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="line-height:9.0pt;margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<div style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="left">

</font></div>

<p style="font-family:Times New Roman;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Capital
costs recovered represents capital costs incurred during the current or prior
periods to the extent that such costs have been recovered by the applicable
working interest owners from current period gross proceeds. Cost carryforward
represents capital costs incurred during the current or prior periods which
will be recovered from future period gross proceeds. The cost carryforward
resulting from the Fruitland Coal drilling program was $0, $256,361, and
$303,581 at December&nbsp;31, 2004, 2003 and 2002, respectively, and relates
solely to the San Juan Basin Colorado properties excluding a few wells retained
by ConocoPhillips. See &#147;Description of Royalty Properties&#151;San Juan Basin
Fruitland Coal Drilling&#148; for additional information regarding the Fruitland
Coal drilling program.</font></p>

<p style="font-family:Times New Roman;margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Gross proceeds attributable to natural gas liquids for
the Hugoton and San Juan Basin properties are net of a volumetric in-kind
processing fee retained by PNR and ConocoPhillips, respectively.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">28</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">


<p style="font-family:Times New Roman;font-size:10.0pt;font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="Item7a_121406"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 7A</font></i></b></a>.<font face="Times New Roman">&nbsp;&nbsp; </font>Quantitative and Qualitative
Disclosures About Market Risk</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="Item8_121402"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 8</font></i></b></a>.<font face="Times New Roman">&nbsp;&nbsp; </font>Financial Statements and Supplementary
Data.</p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">MESA ROYALTY TRUST<br>
<a name="StatementsOfDistributableIncome_140449">STATEMENTS OF DISTRIBUTABLE
INCOME</a></font></b></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="348" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:260.9pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="236" colspan="8" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:177.35pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Years&nbsp;Ended&nbsp;December&nbsp;31,</font></b></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="348" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:260.9pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2004</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2003</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2002</font></b></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="348" valign="top" style="padding:0pt .7pt 0pt 0pt;width:260.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Royalty income</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="60" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,855,234</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,299,034</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,841,115</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="348" valign="top" style="padding:0pt .7pt 0pt 0pt;width:260.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest income</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,823</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13,831</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,737</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="348" valign="top" style="padding:0pt .7pt 0pt 0pt;width:260.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">General and
  administrative expenses</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(51,558</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(47,125</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(37,651</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="348" valign="top" style="padding:0pt .7pt 0pt 0pt;width:260.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distributable
  income</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="60" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:45.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,814,499</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,265,740</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,814,201</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="348" valign="top" style="padding:0pt .7pt 0pt 0pt;width:260.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distributable
  income per unit</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="60" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:45.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.7298</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.9720</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.5833</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 11.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><a name="StatementsOfAssetsLiabilitiesAndT_123226"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">STATEMENTS
OF ASSETS, LIABILITIES AND TRUST CORPUS</font></b></a></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="422" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:316.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="164" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:122.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">December&nbsp;31,</font></b></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="422" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:316.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2004</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2003</font></b></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="422" valign="top" style="padding:0pt .7pt 0pt 0pt;width:316.7pt;">
  <p align="center" style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ASSETS</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="422" valign="top" style="padding:0pt .7pt 0pt 0pt;width:316.7pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash and
  short-term investments</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="67" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,302,407</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="67" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,161,640</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="422" valign="top" style="padding:0pt .7pt 0pt 0pt;width:316.7pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest
  receivable</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,835</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,308</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="422" valign="top" style="padding:0pt .7pt 0pt 0pt;width:316.7pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net overriding
  royalty interests in oil and gas properties</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42,498,034</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42,498,034</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="422" valign="top" style="padding:0pt .7pt 0pt 0pt;width:316.7pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Less: accumulated amortization</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(33,480,967</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(32,950,342</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="422" valign="top" style="padding:0pt .7pt 0pt 0pt;width:316.7pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total assets</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="67" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,322,309</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="67" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,711,640</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="422" valign="top" style="padding:0pt .7pt 0pt 0pt;width:316.7pt;">
  <p align="center" style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">LIABILITIES AND
  TRUST CORPUS</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="422" valign="top" style="padding:0pt .7pt 0pt 0pt;width:316.7pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distributions
  payable</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="67" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,305,242</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="67" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,163,948</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="422" valign="top" style="padding:0pt .7pt 0pt 0pt;width:316.7pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trust corpus
  (1,863,590 units of beneficial interest authorized and outstanding)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,017,067</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,547,692</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="422" valign="top" style="padding:0pt .7pt 0pt 0pt;width:316.7pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total liabilities and
  trust corpus</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="67" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,322,309</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="67" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,711,640</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 11.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><a name="StatementsOfChangesInTrustCorpus_123226"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">STATEMENTS
OF CHANGES IN TRUST CORPUS</font></b></a></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="348" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:261.3pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="236" colspan="8" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:177.35pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Years&nbsp;Ended&nbsp;December&nbsp;31,</font></b></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="348" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:261.3pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2004</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2003</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2002</font></b></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="348" valign="top" style="padding:0pt .7pt 0pt 0pt;width:261.3pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trust corpus,
  beginning of year</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="60" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,547,692</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,077,432</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,865,266</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="348" valign="top" style="padding:0pt .7pt 0pt 0pt;width:261.3pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distributable income</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,814,499</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,265,740</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,814,201</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="348" valign="top" style="padding:0pt .7pt 0pt 0pt;width:261.3pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distributions to unitholders</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8,814,499</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9,265,740</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4,814,201</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="348" valign="top" style="padding:0pt .7pt 0pt 0pt;width:261.3pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amortization of net overriding royalty interests</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(530,625</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(529,740</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(787,834</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="348" valign="top" style="padding:0pt .7pt 0pt 0pt;width:261.3pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trust corpus, end of
  year</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="60" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:45.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,017,067</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,547,692</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,077,432</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 11.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The accompanying notes are an integral part of these
financial statements.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">29</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>
 <p style="font-weight:bold;line-height:normal;margin:0pt 0pt 24.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">MESA ROYALTY TRUST<br> NOTES TO FINANCIAL STATEMENTS</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="a1TrustOrganizationAndProvisions_133435"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1) Trust
Organization and Provisions</font></b></a></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Mesa Royalty Trust (the &#147;Trust&#148;) was created on November&nbsp;1,
1979. On that date, Mesa Petroleum Co., predecessor to Mesa Limited Partnership
(&#147;MLP&#148;) which was the predecessor to MESA&nbsp;Inc., conveyed to the Trust a 90%
net overriding royalty interest (the &#147;Royalty&#148;) in certain producing oil and
gas properties located in the Hugoton field of Kansas, the San Juan Basin field
of New Mexico and Colorado and the Yellow Creek field of Wyoming (the &#147;Royalty
Properties&#148;). On April&nbsp;30, 1991, MLP sold its interests in the Royalty
Properties located in San Juan Basin field to ConocoPhillips. ConocoPhillips
sold the portion of its interests in the San Juan Basin Royalty Properties
located in Colorado to MarkWest Energy Partners,&nbsp;Ltd. (effective January&nbsp;1,
1993) and Red Willow Production Company (effective April&nbsp;1, 1992). On October&nbsp;26,
1994, MarkWest Energy Partners,&nbsp;Ltd. sold substantially all of its
interest in the Colorado San Juan Basin Royalty Properties to BP Amoco
Production Company (&#147;BP Amoco&#148;), a subsidiary of BP Amoco. Until August&nbsp;7,
1997, MESA&nbsp;Inc. operated the Hugoton Royalty Properties through Mesa
Operating Co., a wholly owned subsidiary of MESA&nbsp;Inc. On August&nbsp;7,
1997, MESA&nbsp;Inc. merged with and into Pioneer Natural Resources Company (&#147;Pioneer&#148;),
formerly a wholly owned subsidiary of MESA&nbsp;Inc., and Parker&nbsp;&amp;
Parsley Petroleum Company merged with and into Pioneer Natural Resources USA,&nbsp;Inc.
(successor to Mesa Operating Co.), a wholly owned subsidiary of Pioneer (&#147;PNR&#148;)
(collectively, the mergers are referred to herein as the &#147;Merger&#148;). Subsequent
to the Merger, the Hugoton Royalty Properties have been operated by PNR. The
San Juan Basin Royalty Properties located in New Mexico are operated by
ConocoPhillips. The San Juan Basin Royalty Properties located in Colorado are
operated by BP Amoco. As used in this report, PNR refers to the operator of the
Hugoton Royalty Properties, ConocoPhillips refers to the operator of the San
Juan Basin Royalty Properties, other than the portion of such properties
located in Colorado, and BP Amoco refers to the operator of the Colorado San
Juan Basin Royalty Properties unless otherwise indicated.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">JPMorgan Chase Bank, N.A. is trustee for the Trust
(the &#147;Trustee&#148;). JPMorgan Chase Bank, N.A. was formerly known as The Chase
Manhattan Bank, and is the successor by mergers to the original name of the
Trustee, Texas Commerce Bank National Association. The terms of the Mesa
Royalty Trust Indenture (the &#147;Trust Indenture&#148;) provide, among other things,
that:</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160; the Trust
cannot engage in any business or investment activity or purchase any assets;</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160; the Royalty
can be sold in part or in total for cash upon approval of the unitholders;</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160; the
Trustee can establish cash reserves and borrow funds to pay liabilities of the
Trust and can pledge the assets of the Trust to secure payment of the
borrowings;</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160; the Trustee
will make cash distributions to the unitholders in January, April, July&nbsp;and
October&nbsp;each year as discussed more fully in Note&nbsp;4;</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160; the Trust will
terminate upon the first to occur of the following events: (i)&nbsp;at such
time as the Trust&#146;s royalty income for each of two successive years is less
than $250,000 per year or (ii)&nbsp;a vote by the unitholders in favor of
termination. Upon termination of the Trust, the Trustee will sell for cash all
the assets held in the Trust estate and make a final distribution to
unitholders of any funds remaining after all Trust liabilities have been
satisfied; and</font></p>

<p style="margin:0pt 0pt 12.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160; PNR, ConocoPhillips, and BP Amoco (collectively the &#147;Working
Interest Owners&#148;) will reimburse the Trust for 59.34%, 27.45% and 1.77%,
respectively, for general and administrative expenses of the Trust.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">30</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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 <p style="font-weight:bold;line-height:normal;margin:0pt 0pt 24.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">MESA ROYALTY TRUST<br> NOTES TO FINANCIAL STATEMENTS (Continued)</font></b></p>


<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2) Net Overriding Royalty
Interest</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In accordance with the instruments conveying the
Royalty, the Working Interest Owners will calculate and pay the Trust each
month an amount equal to 90% of the net proceeds for the preceding month. The
Trust Indenture was amended in 1985, the effect of which was an overall
reduction of approximately 88.56% in the size of the Trust; therefore, the
Trust is now entitled to receive 90% of 11.44% of the net proceeds for the
preceding month. Generally, net proceeds means the excess of the amounts
received by the Working Interest Owners from sales of oil and gas from the
Royalty Properties over the operating and capital costs incurred.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amortization of the
Royalty is computed on a unit-of-production basis and is charged directly to
trust corpus since such amount does not affect distributable income.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3) Basis of Accounting</font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The financial
statements of the Trust are prepared on the following basis:</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160; Royalty
income recorded for a month is the amount computed and paid by the working
interest owners to the Trustee for such month rather than either the value of a
portion of the oil and gas produced by the working interest owners for such
month or the amount subsequently determined to be the Trust&#146;s proportionate
share of the net proceeds for such month;</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160; Interest
income, interest receivable and distributions payable to unitholders include
interest to be earned on short-term investments from the financial statement
date through the next date of distribution; and</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160; Trust
general and administrative expenses, net of reimbursements, are recorded in the
month they accrue.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This basis for reporting
distributable income is considered to be the most meaningful because
distributions to the unitholders for a month are based on net cash receipts for
such month. However, these statements differ from financial statements prepared
in accordance with accounting principles generally accepted in the United
States of America because, under such principles, royalty income for a month
would be based on net proceeds from production for such month without regard to
when calculated or received and interest income for a month would be calculated
only through the end of such month.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:auto;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4) Distributions to Unitholders</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under the terms of the
Trust Indenture, the Trustee must distribute to the unitholders all cash
receipts, after paying liabilities and providing for cash reserves as
determined necessary by the Trustee. The amounts distributed are determined on
a monthly basis and are payable to unitholders of record as of the last
business day of each month. However, cash distributions are made quarterly in
January, April, July&nbsp;and October, and include interest earned from the
monthly record dates to the date of the distribution.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:auto;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5) Federal Income Taxes</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In a technical advice
memorandum dated February&nbsp;26, 1982, the IRS advised the Dallas District
Director that the Trust is classifiable as a grantor trust and not as an
association taxable as a corporation. As a grantor trust, the Trust will incur
no federal income tax liability.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">31</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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 <p style="font-weight:bold;line-height:normal;margin:0pt 0pt 24.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">MESA ROYALTY TRUST<br> NOTES TO FINANCIAL STATEMENTS (Continued)</font></b></p>


<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6) PNR Legal Proceedings</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PNR has informed the Trust that PNR is party to a 1993
class action lawsuit filed in the 26th Judicial District Court of Stevens
County, Kansas by two classes of royalty owners, one for each of PNR&#146;s
gathering systems connected to PNR&#146;s Satanta gas plant. The case was relatively
inactive for several years. In early 2000, the plaintiffs amended their
pleadings and it now contains two material claims. First, the plaintiffs assert
that they were improperly charged expenses (primarily field compression), which
are a &#147;cost of production&#148;, and for which the plaintiffs, as royalty owners,
are not responsible. Second, the plaintiffs claim they are entitled to
100&nbsp;percent of the value of the helium extracted at PNR&#146;s Satanta gas
plant. If the plaintiffs were to prevail on the above two claims in their
entirety, it is possible that PNR&#146;s liability (both for periods covered by the
lawsuit and from the last date covered by the lawsuit to the present&#151;because
the deductions continue to be taken and the plaintiffs continue to be paid for
a royalty share of the helium) could reach approximately $30&nbsp;million
related to the cost of production claims and approximately $40 million related
to the helium claim plus prejudgment interest. PNR has advised that the Trust&#146;s
share of this amount could exceed $2.6 million for the cost of production claim
and $2.8 million for the helium claim.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PNR does not believe the costs it has deducted are a &#147;cost
of production&#148;. The costs being deducted are post-production costs incurred to
transport the gas to PNR&#146;s Satanta gas plant for processing, where the valuable
hydrocarbon liquids and helium are extracted from the gas. The plaintiffs
benefit from these extractions, and PNR believes that charging the plaintiffs
with their proportionate share of these transportation and processing expenses
is consistent with Kansas law and with the parties&#146; agreements.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PNR has also vigorously defended against plaintiffs&#146;
claims to 100&nbsp;percent of the value of the helium extracted, and believes
that in accordance with applicable law, it has properly accounted to the
plaintiffs for their fractional royalty share of the helium under the specified
royalty clauses of the respective oil and gas leases.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The factual evidence in the case was presented to the
26th Judicial District Court without a jury in December&nbsp;2001. Oral
arguments were heard by the court in April&nbsp;2002, and although the court
has not yet entered a judgment or findings, it could do so at any time. PNR
strongly denies the existence of any material underpayment to the plaintiffs
and believes it presented strong evidence at trial to support its positions.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">However, either through a negotiated settlement or
court ruling, PNR could have to pay some part of the cost of production claim. PNR
has not withheld any amounts from Royalty income payable to the Trust. Accordingly,
the amount of any resulting liability could have a material adverse effect on
the Trust&#146;s Royalty income and distributable income for the quarterly reporting
period in which such liability is recorded and subsequent reporting periods
until the Trust&#146;s share of such amounts are recouped by PNR from future Royalty
income.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Entry of a final judgment
adverse to PNR would reduce any amount available for distribution to the Trust
for the period in which liability is recorded and during periods required for
PNR to recoup any additional amounts.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7) Supplemental Reserve
Information (Unaudited)</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Estimates of the proved oil and gas reserves
attributable to the Hugoton Royalty Properties as of December&nbsp;31, 2004,
2003, 2002 and 2001 are based on reports prepared by PNR. The estimates were </font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">32</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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 <p style="font-weight:bold;line-height:normal;margin:0pt 0pt 24.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">MESA ROYALTY TRUST<br> NOTES TO FINANCIAL STATEMENTS (Continued)</font></b></p>


<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(7)
Supplemental Reserve Information (Unaudited)</font> (Continued)</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">prepared in accordance
with guidelines established by the Securities and Exchange Commission (the &#147;SEC&#148;).
Accordingly, the estimates were based on existing economic and operating
conditions. The reserve volumes and revenue values for the Trust net profits
interest were estimated by allocating to the Trust a portion of the estimated
combined net reserve volumes of the Hugoton Royalty Properties based on future
net revenue. Production volumes are allocated based on royalty income. Because
the net reserve volumes attributable to the Trust net profits interest are
estimated using an allocation of reserve volumes based on estimates of future net
revenue, a change in prices or costs will result in changes in the estimated
net reserve volumes. Therefore, the estimated net reserve volumes attributable
to the Trust net profits interest will vary if different future price and cost
assumptions are used. Only costs necessary to develop and produce existing
proved reserve volumes were assumed in the allocation of reserve volumes to the
Royalty.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Estimates of proved oil and gas reserves attributable
to the New Mexico portion of the San Juan Basin Royalty Properties are based on
a reserve report prepared by ConocoPhillips. These estimates were prepared in
accordance with SEC regulations and on a basis generally consistent with those
used to derive the oil and gas reserves attributable to the Hugoton Royalty Properties.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Estimates of proved oil and gas reserves attributable
to the Colorado portion of the San Juan Basin Royalty Properties have been
omitted from the Trust&#146;s reserve disclosures, as they represent less than 5% of
the Trust&#146;s total reserves and future net revenues.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Future prices for natural gas and oil, condensate and
natural gas liquids were based on prices at each year end. Operating costs,
production and ad valorem taxes and future development and abandonment costs
were based on current costs as of each year end, with no escalation.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There are numerous uncertainties inherent in
estimating the quantities and value of proved reserves and in projecting the
future rates of production and timing of expenditures. The reserve data below
represent estimates only and should not be construed as being exact. Moreover,
the discounted values should not be construed as representative of the current
market value of the Royalty. A market value determination would include many
additional factors including: (i)&nbsp;anticipated future oil and gas prices; (ii)&nbsp;the
effect of federal income taxes, if any, on the future royalties; (iii)&nbsp;an
allowance for return on investment; (iv)&nbsp;the effect of governmental
legislation; (v)&nbsp;the value of additional reserves, not considered proved
at present, which may be recovered as a result of further exploration and
development activities; and (vi)&nbsp;other business risks.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Estimates of reserve volumes attributable to the
Royalty are shown in order to comply with requirements of the SEC. There is no
precise method of allocating estimates of physical quantities of reserve
volumes between the Working Interest Owners and the Trust, since the Royalty is
not a working interest and the Trust does not own and is not entitled to
receive any specific volume of reserves from the Royalty. The quantities of
reserves attributable to the Trust have been and will be affected by changes in
various economic factors utilized in estimating net revenues from the Royalty
Properties. Therefore, the estimates of reserve volumes set forth below are to
a large extent hypothetical and differ in significant respects from estimates
of reserves attributable to a working interest.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following schedules
set forth (i)&nbsp;the estimated net quantities of proved and proved developed
oil, condensate and natural gas liquids and natural gas reserves attributable
to the Royalty, and (ii)&nbsp;the standardized measure of the discounted future
royalty income attributable to the Royalty and the nature of changes in such
standardized measure between years. These schedules are prepared on the accrual
basis, </font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">33</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='33',FILE='C:\JMS\cpiercy\05-3952-2\task354271\3952-2-do.htm',USER='cpiercy',CD='Mar 16 13:47 2005' -->
<br clear="all" style="page-break-before:always;">
 <p style="font-weight:bold;line-height:normal;margin:0pt 0pt 24.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">MESA ROYALTY TRUST<br> NOTES TO FINANCIAL STATEMENTS (Continued)</font></b></p>


<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)
Supplemental Reserve Information (Unaudited) (Continued)</font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">which is the basis on which the Working Interest
Owners maintain their production records and is different from the basis on
which the Royalty is computed.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="EstimatedQuantitiesOfProvedAndPro_070735"></a><a name="_estimatedQuantitiesOfProvedAndPr_070726"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ESTIMATED QUANTITIES OF PROVED AND PROVED DEVELOPED
RESERVES</font></b></a><br>
(Unaudited)</p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="440" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:330.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="76" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:57.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Oil,&nbsp;Condensate<br>
  and&nbsp;Natural<br>
  Gas&nbsp;Liquids</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Natural&nbsp;Gas</font></b></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="440" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:330.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="76" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:57.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">(Bbls)</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">(Mcf)</font></b></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="440" valign="top" style="padding:0pt .7pt 0pt 0pt;width:330.0pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proved Reserves:</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="440" valign="top" style="padding:0pt .7pt 0pt 0pt;width:330.0pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;31, 2001</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,647,580</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27,837,477</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="440" valign="top" style="padding:0pt .7pt 0pt 0pt;width:330.0pt;">
  <p style="margin:0pt 0pt .0001pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revisions to previous estimates</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">299,279</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,306,509</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="440" valign="top" style="padding:0pt .7pt 0pt 0pt;width:330.0pt;">
  <p style="margin:0pt 0pt .0001pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Production</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(107,382</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,220,464</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="440" valign="top" style="padding:0pt .7pt 0pt 0pt;width:330.0pt;">
  <p style="margin:4.0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;31, 2002</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.75pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,839,477</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.75pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30,923,522</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="440" valign="top" style="padding:0pt .7pt 0pt 0pt;width:330.0pt;">
  <p style="margin:0pt 0pt .0001pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revisions to previous estimates</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">798,050</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,038,687</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="440" valign="top" style="padding:0pt .7pt 0pt 0pt;width:330.0pt;">
  <p style="margin:0pt 0pt .0001pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Production</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(97,149</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,521,282</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="440" valign="top" style="padding:0pt .7pt 0pt 0pt;width:330.0pt;">
  <p style="margin:4.0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;31, 2003</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.75pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,540,378</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.75pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31,440,927</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="440" valign="top" style="padding:0pt .7pt 0pt 0pt;width:330.0pt;">
  <p style="margin:0pt 0pt .0001pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revisions to previous estimates</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(36,084</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(976,163</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="440" valign="top" style="padding:0pt .7pt 0pt 0pt;width:330.0pt;">
  <p style="margin:0pt 0pt .0001pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Production</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(93,100</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,298,070</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="440" valign="top" style="padding:0pt .7pt 0pt 0pt;width:330.0pt;">
  <p style="margin:4.0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;31, 2004</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.75pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,411,194</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.75pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29,166,694</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="440" valign="top" style="padding:0pt .7pt 0pt 0pt;width:330.0pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proved Developed
  Reserves:</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.75pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.75pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="440" valign="top" style="padding:0pt .7pt 0pt 0pt;width:330.0pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;31, 2001</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,609,580</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13,703,038</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="440" valign="top" style="padding:0pt .7pt 0pt 0pt;width:330.0pt;">
  <p style="margin:4.0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;31, 2002</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.75pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,789,477</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.75pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30,164,322</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="440" valign="top" style="padding:0pt .7pt 0pt 0pt;width:330.0pt;">
  <p style="margin:4.0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;31, 2003</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.75pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,487,378</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.75pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30,953,927</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="440" valign="top" style="padding:0pt .7pt 0pt 0pt;width:330.0pt;">
  <p style="margin:4.0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;31,
  2004</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.75pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,346,194</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.75pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28,501,694</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"></p>

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;">

</font></div>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The estimated quantities
of proved reserves for oil, condensate and natural gas liquids include oil and
condensate reserves at December&nbsp;31 of the respective years as follows:
2004, 63,000 Bbls; 2003, 80,000 Bbls; and 2002, 79,000 Bbls.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Hugoton Royalty
represents 24%, 23%, and 38% of the estimated proved oil, condensate and
natural gas liquids reserves and 36%, 42%, and 44% of the estimated proved
natural gas reserves as of December&nbsp;31 of 2004, 2003 and 2002,
respectively.</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">34</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">
 <p style="font-weight:bold;line-height:normal;margin:0pt 0pt 24.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">MESA ROYALTY TRUST<br> NOTES TO FINANCIAL STATEMENTS (Continued)</font></b></p>


<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="StandardizedMeasureOfFutureRoyalt_112144"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7) Supplemental Reserve Information
(Unaudited) (Continued)</font></b></a></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">STANDARDIZED MEASURE OF FUTURE ROYALTY INCOME FROM<br>
PROVED OIL AND GAS RESERVES, DISCOUNTED AT 10% PER ANNUM<br>
(Unaudited)</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="393" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:294.6pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="198" colspan="8" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:148.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">December&nbsp;31,</font></b></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="393" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:294.6pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="57" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:42.85pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2004</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="57" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:42.85pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2003</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2002</font></b></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="393" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:294.6pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="198" colspan="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:148.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">(In&nbsp;thousands)</font></b></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="393" valign="top" style="padding:0pt .7pt 0pt 0pt;width:294.6pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust&#146;s
  proportionate share of future gross proceeds</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">328,533</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">310,365</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">249,610</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="393" valign="top" style="padding:0pt .7pt 0pt 0pt;width:294.6pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Less the Trust&#146;s
  proportionate share of&#151;Future operating costs</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="57" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:42.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(103,173</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="57" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:42.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(89,163</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(76,163</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="393" valign="top" style="padding:0pt .7pt 0pt 0pt;width:294.6pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Future capital costs</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="57" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:42.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3,187</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="57" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:42.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3,295</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2,389</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="393" valign="top" style="padding:0pt .7pt 0pt 0pt;width:294.6pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Future royalty income</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="57" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:42.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">222,173</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="57" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:42.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">217,907</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">171,058</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="393" valign="top" style="padding:0pt .7pt 0pt 0pt;width:294.6pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Discount at 10%
  per annum</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="57" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:42.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(130,044</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="57" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:42.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(126,145</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(97,273</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="393" valign="top" style="padding:0pt .7pt 0pt 0pt;width:294.6pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Standardized
  measure of future royalty income from proved oil and&nbsp;gas reserves</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:4.0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="50" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:37.85pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">92,129</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:4.0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="50" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:37.85pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">91,762</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:4.0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">73,785</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 11.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><a name="ChangesInTheStandardizedMeasureOf_112448"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">CHANGES
IN THE STANDARDIZED MEASURE OF FUTURE ROYALTY INCOME FROM<br>
PROVED OIL AND GAS RESERVES, DISCOUNTED AT 10% PER ANNUM<br>
(Unaudited)</font></b></a></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="393" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:294.6pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="198" colspan="8" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:148.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">December&nbsp;31,</font></b></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="393" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:294.6pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="57" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:42.85pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2004</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="57" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:42.85pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2003</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2002</font></b></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="393" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:294.6pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="198" colspan="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:148.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">(In&nbsp;thousands)</font></b></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="393" valign="top" style="padding:0pt .7pt 0pt 0pt;width:294.6pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Standardized
  measure at beginning of year</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="50" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:37.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">91,762</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="50" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:37.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">73,785</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35,375</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="393" valign="top" style="padding:0pt .7pt 0pt 0pt;width:294.6pt;">
  <p style="margin:4.0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revisions of previous estimates</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="57" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:42.85pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8,338</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="57" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:42.85pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,871</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,320</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="393" valign="top" style="padding:0pt .7pt 0pt 0pt;width:294.6pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net changes in price and production costs</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="57" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:42.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,385</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="57" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:42.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,026</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30,394</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="393" valign="top" style="padding:0pt .7pt 0pt 0pt;width:294.6pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Royalty income</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="57" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:42.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8,855</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="57" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:42.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9,299</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4,841</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="393" valign="top" style="padding:0pt .7pt 0pt 0pt;width:294.6pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accretion of discount</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="57" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:42.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,176</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="57" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:42.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,379</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,537</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="393" valign="top" style="padding:0pt .7pt 0pt 0pt;width:294.6pt;">
  <p style="margin:4.0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net changes in standardized measure</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="57" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:42.85pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">368</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="57" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:42.85pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17,977</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38,410</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="393" valign="top" style="padding:0pt .7pt 0pt 0pt;width:294.6pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Standardized
  measure at end of year</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:4.0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="50" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:37.85pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">92,129</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:4.0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="50" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:37.85pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">91,762</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:4.0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">73,785</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"></p>

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;">

</font></div>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Hugoton Royalty
represents approximately 56% and 42% of the standardized measure of future
royalty income for 2004 and 2003, respectively.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Standardized measure at December&nbsp;31,
2004 was calculated using natural gas prices of $6.19 per Mcf for Hugoton
properties and $6.03 per Mcf for San Juan properties.</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">35</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='35',FILE='C:\JMS\cpiercy\05-3952-2\task354271\3952-2-do.htm',USER='cpiercy',CD='Mar 16 13:47 2005' -->
<br clear="all" style="page-break-before:always;">
 <p style="font-weight:bold;line-height:normal;margin:0pt 0pt 24.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">MESA ROYALTY TRUST<br> NOTES TO FINANCIAL STATEMENTS (Continued)</font></b></p>


<p style="font-weight:bold;margin:0pt 0pt 12.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8) Selected
Quarterly Financial Data (Unaudited)</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="300" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:225.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.25pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="299" colspan="11" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:223.9pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Summarized&nbsp;Quarterly&nbsp;Results<br>
  Three&nbsp;Months&nbsp;Ended</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="300" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:225.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.25pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">March&nbsp;31</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">June&nbsp;30</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="65" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:48.4pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">September&nbsp;30</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">December&nbsp;31</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="300" valign="top" style="padding:0pt .7pt 0pt 0pt;width:225.0pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2004:</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:48.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="300" valign="top" style="padding:0pt .7pt 0pt 0pt;width:225.0pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Royalty income</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,162,026</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,187,806</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="58" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:43.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,192,290</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,313,112</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="300" valign="top" style="padding:0pt .7pt 0pt 0pt;width:225.0pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distributable income</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,153,600</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,171,040</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="58" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:43.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,184,617</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,305,242</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="300" valign="top" style="padding:0pt .7pt 0pt 0pt;width:225.0pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distributable income per unit</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1556</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1650</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="58" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:43.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1722</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.2370</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="300" valign="top" style="padding:0pt .7pt 0pt 0pt;width:225.0pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2003:</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:48.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="300" valign="top" style="padding:0pt .7pt 0pt 0pt;width:225.0pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Royalty income</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,074,269</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,751,725</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="58" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:43.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,300,957</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,172,083</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="300" valign="top" style="padding:0pt .7pt 0pt 0pt;width:225.0pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distributable income</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,066,928</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,744,271</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="58" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:43.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,290,593</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,163,948</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="300" valign="top" style="padding:0pt .7pt 0pt 0pt;width:225.0pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distributable
  income per unit</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.25pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1091</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.4726</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="58" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:43.4pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.2291</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1612</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 11.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">36</font></p>
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<div style="font-family:Times New Roman;">
 <p style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 18.0pt;page-break-after:avoid;text-align:center;"><a name="ReportOfIndependentRegisteredPubl_115044"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></b></a></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">JP Morgan Chase
Bank, N.A., Trustee<br>
and the Unit Holders of Mesa Royalty Trust:</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have audited the accompanying statements of assets,
liabilities, and trust corpus of Mesa Royalty Trust as of December&nbsp;31,
2004 and 2003, and the related statements of distributable income and changes
in trust corpus for each of the years in the three-year period ended December&nbsp;31,
2004. These financial statements are the responsibility of the Trustee. Our
responsibility is to express an opinion on these financial statements based on
our audits.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We conducted our audits in accordance with the
standards of the Public Company Accounting Oversight Board (United States). Those
standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As described in Note 3, these financial statements
were prepared on the basis of cash receipts and disbursements as prescribed by
the Securities and Exchange Commission, which is a comprehensive basis of
accounting other than accounting principles generally accepted in the United
States of America.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In our
opinion, the financial statements referred to above present fairly, in all
material respects, the assets, liabilities, and trust corpus of Mesa Royalty
Trust as of December&nbsp;31, 2004 and 2003, and the distributable income and
changes in trust corpus for each of the years in the three-year period ended December&nbsp;31,
2004, in conformity with the basis of accounting described in Note 3.</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="607" valign="top" style="padding:0pt .7pt 0pt 0pt;width:455.6pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;">KPMG LLP</p>
  </td>
 </tr>
 <tr>
  <td width="607" valign="top" style="padding:0pt .7pt 0pt 0pt;width:455.6pt;">
  <p style="margin:24.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Houston, Texas</font></p>
  </td>
 </tr>
 <tr>
  <td width="607" valign="top" style="padding:0pt .7pt 0pt 0pt;width:455.6pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;14, 2005</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 11.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">37</font></p>
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<div>

<p style="font-family:Times New Roman;font-size:10.0pt;font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="Item9_133551"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item
9</font></i></b></a>.<font face="Times New Roman">&nbsp;&nbsp; </font>Changes
in and Disagreements with Accountants on Accounting and Financial Disclosure.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="Item9a_133554"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 9A</font></i></b></a>.<font face="Times New Roman">&nbsp;&nbsp; </font>Controls and Procedures.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Evaluation of Disclosure Controls
and Procedures.&nbsp;&nbsp; </font></i>The Trustee maintains disclosure
controls and procedures designed to ensure that information required to be
disclosed by the Trust in the reports that it files or submits under the
Exchange Act of 1934, as amended, is recorded, processed, summarized and
reported within the time periods specified in the SEC&#146;s rules&nbsp;and regulations.
Disclosure controls and procedures include controls and procedures designed to
ensure that information required to be disclosed by the Trust is accumulated
and communicated by the working interest owners to JPMorgan Chase Bank,&nbsp;N.A.,
as Trustee of the Trust, and its employees who participate in the preparation
of the Trust&#146;s periodic reports as appropriate to allow timely decisions
regarding required disclosure.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the end of the period covered by this report,
the Trustee carried out an evaluation of the Trustee&#146;s disclosure controls and
procedures. Mike Ulrich, as Trust Officer of the Trustee, has concluded that
the controls and procedures are effective, while noting certain limitations on
disclosure controls and procedures as set forth below.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Due to the
contractual arrangements of (i)&nbsp;the Trust Indenture, and (ii)&nbsp;the
rights of the Trust under the Conveyance regarding information furnished by the
working interest owners, there are certain potential weaknesses that are not
subject to change or modification by the Trustee or its employees. The
contractual limitations creating potential weaknesses in disclosure controls
and procedures may be deemed to include:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
working interest owners alone control (i)&nbsp;historical operating data,
including production volumes, marketing of products, operating and capital
expenditures, environmental and other liabilities, the effects of regulatory
changes and the number of producing wells and acreage, (ii)&nbsp;plans for
future operating and capital expenditures, (iii)&nbsp;geological data relating
to reserves, as well as the reserve report that contains projected production,
operating expenses and capital expenses, and (iv)&nbsp;information relating to
projected production. While the Trustee requests material information for use
in periodic reports as part of its disclosure controls and procedures, the
Trustee does not control this information and relies entirely on the working
interest owners to provide accurate and timely information when requested for
use in the Trust&#146;s periodic reports.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Under
the terms of the Trust Agreement, the Trustee is entitled to rely, and in fact
relies, on certain experts in good faith. While the Trust has no reason to
believe its reliance upon experts is unreasonable, its reliance on experts and
limited access to information may be viewed as a weakness.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trustee does not intend to expand its
responsibilities beyond those permitted or required by the Trust Indenture and
those required under applicable law.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Management&#146;s Report on Internal Control over Financial
Reporting.&nbsp;&nbsp; </font></i>In accordance with Release No.&nbsp;50754 by
the SEC on November&nbsp;30, 2004 and as permitted by paragraph (b)&nbsp;of the
SEC&#146;s exemptive order, the Trustee is not filing &#147;Management&#146;s annual report on
internal control over financial reporting,&#148; required by Item 308(a)&nbsp;of
Regulation S-K, and the related &#147;Attestation report of the independent registered
public accounting firm,&#148; required by Item 308(b)&nbsp;of Regulation S-K. This
information will be provided by an amendment not later than 45 days after March&nbsp;16,
2005. Based upon testing performance as of the date of the filing of this Form&nbsp;10-K,
the Trustee has not identified any material weakness in its internal control
over financial reporting, and the Trusts&#146;s independent registered public
accounting firm has not identified such a material weakness and has communicated
this finding to the Trustee. However, as a result of the Trust&#146;s ongoing
evaluation of internal control over financial reporting, weaknesses or </p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">38</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='38',FILE='C:\JMS\nyang\05-3952-2\task354602\3952-2-ds.htm',USER='nyang',CD='Mar 16 15:12 2005' -->
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<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">deficiencies may be
identified, either alone or in combination with others, that may be considered
a material weakness.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trustee&#146;s assessment of the effectiveness of the
Trust&#146;s internal control over financial reporting as of December&nbsp;31, 2004 will
be audited by KPMG LLP, an independent registered public accounting firm.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Changes
in Internal Control over Financial Reporting.&nbsp;&nbsp; </font></i>In
connection with the evaluation by the Trustee of changes in internal control
over financial reporting of the Trust that occurred during the Trust&#146;s last
fiscal quarter, no change in the Trust&#146;s internal control over financial
reporting was identified that has materially affected, or is reasonably likely
to materially affect, the Trust&#146;s internal control over financial reporting.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="Item9b_133839"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 9B</font></i></b></a>.<font face="Times New Roman">&nbsp;&nbsp; </font>Other Information.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="Partiii_115205"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;III</font></b></a></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="Item10_133842"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 10</font></i></b></a>.<font face="Times New Roman">&nbsp;&nbsp; </font>Directors and Executive Officers of the
Registrant.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There are no directors or executive officers of the
Registrant. The Trustee is a corporate trustee which may be removed by the
affirmative vote of the majority at a meeting of the holders of units of
beneficial interest of the Trust at which a quorum is present.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust does not have a principal executive officer,
principal financial officer, principal accounting officer or controller and,
therefore, has not adopted a code of ethics applicable to such persons.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">However, employees of the
Trustee must comply with the bank&#146;s code of ethics. The Trust does not have a
board of directors, and therefore does not have an audit committee, an audit
committee financial expert, or a nominating committee.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="Item11_133846"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 11</font></i></b></a>.<font face="Times New Roman">&nbsp;&nbsp; </font>Executive Compensation.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="Item12_133849"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 12</font></i></b></a>.<font face="Times New Roman">&nbsp;&nbsp; </font>Security Ownership of Certain
Beneficial Owners and Management.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;page-break-after:avoid;text-indent:-20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(a)</font></b><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Security
Ownership of Certain Beneficial Owners.</b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following information
has been taken from filings with the Securities and Exchange Commission on
Schedules 13D and 13G and Form&nbsp;4.</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;font-family:Times New Roman;">
 <tr>
  <td width="80" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:60.0pt;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;">Title&nbsp;of&nbsp;Class&nbsp;of<br>
  Voting&nbsp;Securities</p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="116" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:87.05pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="202" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:151.85pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Name&nbsp;and&nbsp;Address<br>
  of&nbsp;Beneficial&nbsp;Owner</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="94" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:70.25pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Amount&nbsp;and&nbsp;Nature<br>
  of&nbsp;Beneficial<br>
  Ownership(1)</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="49" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:36.4pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Percent&nbsp;of<br>
  Class</font></b></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="203" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:152.05pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;">Units of Beneficial Interest</p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="202" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:151.85pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alpine
  Capital, L.P.&nbsp; </font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.15pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="203" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:152.05pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="202" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:151.85pt;">
  <p align="left" style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">201 Main Street, Suite&nbsp;3100</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.15pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="203" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:152.05pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="202" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:151.85pt;">
  <p align="left" style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fort Worth, Texas 76102</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">206,616</font></p>
  </td>
  <td width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.15pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.1</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="203" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:152.05pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Units of Beneficial Interest</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="202" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:151.85pt;">
  <p align="left" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Beck, Mack&nbsp;&amp; Oliver LLC&nbsp; </font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.1pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.15pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.2pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="203" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:152.05pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="202" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:151.85pt;">
  <p align="left" style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">360 Madison Avenue, 20th Floor</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.15pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="203" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:152.05pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="202" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:151.85pt;">
  <p align="left" style="margin:0pt 0pt .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, NY 10017</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.1pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">306,057</font></p>
  </td>
  <td width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:18.15pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.2pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.4</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"></p>

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;">

</font></div>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;">(1)<font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Under applicable
regulations of the Securities and Exchange Commission, securities are deemed to
be &#147;beneficially&#148; owned by a person who directly or indirectly holds or shares
voting power or investment power with respect thereto.</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">39</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='39',FILE='C:\JMS\nyang\05-3952-2\task354602\3952-2-ds.htm',USER='nyang',CD='Mar 16 15:12 2005' -->
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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Information obtained
from Schedule&nbsp;13D Amendment No.&nbsp;40 filed January&nbsp;28, 2005 of
Alpine Capital, L.P. (&#147;Alpine&#148;), Robert W. Bruce III, Algenpar,&nbsp;Inc.
Alpine directly owns and has sole voting and dispositive power with respect to
all of such units. Mr.&nbsp;Bruce, by virtue of his position as a general
partner of Alpine may be deemed to be a beneficial owner of the
206,616&nbsp;units owned by Alpine with shared voting and dispositive power
with respect to all of such units. Mr.&nbsp;Crandall, by virtue of his position
as President and sole stockholder of Algenpar,&nbsp;Inc., which is one of two
general partners of Alpine, may also be deemed to be a beneficial owner of the
206,616&nbsp;units owned by Alpine with shared voting and dispositive power
with respect to all of such units.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Information obtained
from Schedule&nbsp;13G filed January&nbsp;26, 2005 of Beck, Mack&nbsp;&amp;
Oliver LLC (&#147;BMO&#148;). BMO has sole voting power over 291,473 of such units and
shared dispositive power with respect to all of such units. All of such units
are owned by the investment advisory clients of BMO.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(b)</font></b><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Security
Ownership of Management.</b></p>

<p style="margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 40.0pt;text-indent:-20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(c)</font></b><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Changes in Control.&nbsp;&nbsp; </b>Registrant
knows of no arrangements, including the pledge of securities of the Registrant,
the operation of which may at a subsequent date result in a change in control
of the Registrant.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="Item13__133908"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 13.</font></i></b></a><font face="Times New Roman">&nbsp;&nbsp; </font>Certain
Relationships and Related Transactions.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="Item14_133910"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 14</font></i></b></a>.<font face="Times New Roman">&nbsp;&nbsp; </font>Principal Accountant Fees and Services.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust does not have an audit committee. Any
pre-approval and approval of all services performed by the principal auditor or
any other professional services firms and related fees are granted by the
Trustee.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
following table presents fees for professional audit services rendered by KPMG
LLP for the audit of the Mesa Royalty Trust financial statements for 2004 and
2003 and fees billed for other services rendered by KPMG LLP.</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;margin-left:20.0pt;">
 <tr>
  <td width="415" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:311.6pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2004</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2003</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="415" valign="top" style="padding:0pt .7pt 0pt 0pt;width:311.6pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Audit fees (1)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">220,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">145,200</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="415" valign="top" style="padding:0pt .7pt 0pt 0pt;width:311.6pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Audit related
  fees</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="415" valign="top" style="padding:0pt .7pt 0pt 0pt;width:311.6pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tax fees (2)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">43,000</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="415" valign="top" style="padding:0pt .7pt 0pt 0pt;width:311.6pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All other fees</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:39.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="415" valign="top" style="padding:0pt .7pt 0pt 0pt;width:311.6pt;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total fees</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">260,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">188,200</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"></p>

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;">

</font></div>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;">1)<font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Audit fees consist
of fees for the audit of the Mesa Royalty Trust financial statements, internal
control over financial reporting (2004 only) and reimbursement for travel
related expenses. The Mesa Royalty Trust is reimbursed by the working interest
owners for 88.56% of general and administrative expenses incurred.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Tax
fees consist of fees related to the Mesa Royalty Trust&#146;s tax information for
its unitholders paid in 2004 related to 2003 tax work. The Mesa Royalty Trust
is reimbursed by the working interest owners for 88.56% of general and
administrative expenses incurred.</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">40</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="Partiv_121257"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;IV</font></b></a></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><a name="Item15__133919"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 15.</font></i></b></a><font face="Times New Roman">&nbsp;&nbsp; </font>Exhibits,
Financial Statement Schedules.</p>

<p style="margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(a)(1) Financial Statements</font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
following financial statements are set forth under Part&nbsp;II, Item&nbsp;8 of
this Annual Report on Form&nbsp;10-K on the pages&nbsp;indicated.</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="533" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:399.8pt;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="56" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:42.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Page&nbsp;in&nbsp;this<br>
  Form&nbsp;10-K</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="533" valign="top" style="padding:0pt .7pt 0pt 0pt;width:399.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#StatementsOfDistributableIncome_140449">Statements of Distributable
  Income</a></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29</font></p>
  </td>
  <td width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="533" valign="top" style="padding:0pt .7pt 0pt 0pt;width:399.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#StatementsOfAssetsLiabilitiesAndT_123226">Statements of Assets,
  Liabilities and Trust Corpus</a></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29</font></p>
  </td>
  <td width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="533" valign="top" style="padding:0pt .7pt 0pt 0pt;width:399.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#StatementsOfChangesInTrustCorpus_123226">Statements of Changes in
  Trust Corpus</a></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29</font></p>
  </td>
  <td width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="533" valign="top" style="padding:0pt .7pt 0pt 0pt;width:399.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#a1TrustOrganizationAndProvisions_133435">Notes to Financial Statements</a></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>
  </td>
  <td width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="533" valign="top" style="padding:0pt .7pt 0pt 0pt;width:399.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ReportOfIndependentRegisteredPubl_115044">Report of Independent
  Registered Public Accounting Firm &#151; KPMG LLP</a></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.25pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>
  </td>
  <td width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.25pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 11.0pt;page-break-after:avoid;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(a)(2) Schedules</font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedules have been
omitted because they are not required, not applicable or the information
required has been included elsewhere herein.</font></p>

<p style="margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(a)(3) Exhibits</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Asterisk indicates exhibit previously filed with the
Securities and Exchange Commission and incorporated herein by reference
JPMorgan Chase Bank, N.A. is successor by mergers to the original name of the
Trustee, Texas Commerce Bank National Association.)</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">

  <tr>
   <td width="39" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:29.6pt;">
   <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Exhibit<br>
   Number</font></b></p>
   </td>
   <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.95pt;">
   <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
   </td>
   <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.1pt;">
   <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
   </td>
   <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.15pt;">
   <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
   </td>
   <td width="396" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:297.35pt;">
   <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
   </td>
   <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
   <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
   </td>
   <td width="70" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:52.2pt;">
   <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">SEC File or<br>
   Registration<br>
   Number</font></b></p>
   </td>
   <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
   <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
   </td>
   <td width="41" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:31.05pt;">
   <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Exhibit<br>
   Number</font></b></p>
   </td>
  </tr>

 <tr bgcolor="#CCEEFF">
  <td width="53" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4(a)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.15pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="396" valign="top" style="padding:0pt .7pt 0pt 0pt;width:297.35pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*Mesa Royalty
  Trust Indenture between Mesa Petroleum Co. and Texas Commerce Bank National
  Association, as Trustee, dated November&nbsp;1, 1979</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.4pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.6pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2-65217</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:31.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1(a)</font></p>
  </td>
 </tr>
 <tr>
  <td width="53" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4(b)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.15pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="396" valign="top" style="padding:0pt .7pt 0pt 0pt;width:297.35pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*Overriding
  Royalty Conveyance between Mesa Petroleum Co. and Texas Commerce Bank, as
  Trustee, dated November&nbsp;1, 1979</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.4pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.6pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2-65217</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:31.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1(b)</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="53" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4(c)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.15pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="396" valign="top" style="padding:0pt .7pt 0pt 0pt;width:297.35pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*First Amendment
  to the Mesa Royalty Trust Indenture dated as of March&nbsp;14, 1985
  (Exhibit&nbsp;4(c)&nbsp;to Form&nbsp;10-K for year ended December&nbsp;31, 1984
  of Mesa Royalty Trust)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.4pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.6pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1-7884</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:31.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4(c)</font></p>
  </td>
 </tr>
 <tr>
  <td width="53" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4(d)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.15pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="396" valign="top" style="padding:0pt .7pt 0pt 0pt;width:297.35pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*Form&nbsp;of
  Assignment of Overriding Royalty Interest, effective April&nbsp;1, 1985, from
  Texas Commerce Bank National Association, as Trustee, to MTR Holding Co.
  (Exhibit&nbsp;4(d)&nbsp;to Form&nbsp;10-K for year ended December&nbsp;31,
  1984 of Mesa Royalty Trust)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.4pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.6pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1-7884</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:31.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4(d)</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="53" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4(e)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.15pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="396" valign="top" style="padding:0pt .7pt 0pt 0pt;width:297.35pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*Purchase and
  Sale Agreement, dated March&nbsp;25, 1991, by and among Mesa Limited
  Partnership, Mesa Operating Limited Partnership and ConocoPhillips, as
  amended on April&nbsp;30, 1991 (Exhibit&nbsp;4(e)&nbsp;to Form&nbsp;10-K for
  year ended December&nbsp;31, 1991 of Mesa Royalty Trust)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.4pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.6pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1-7884</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:31.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4(e)</font></p>
  </td>
 </tr>
 <tr>
  <td width="53" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.15pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="396" valign="top" style="padding:0pt .7pt 0pt 0pt;width:297.35pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certification
  furnished pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.4pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46" valign="top" style="padding:0pt .7pt 0pt 0pt;width:34.6pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="top" style="padding:0pt .7pt 0pt 0pt;width:31.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="53" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.15pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="396" valign="top" style="padding:0pt .7pt 0pt 0pt;width:297.35pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certification
  furnished pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.4pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46" valign="top" style="padding:0pt .7pt 0pt 0pt;width:34.6pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="top" style="padding:0pt .7pt 0pt 0pt;width:31.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 11.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">41</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>
 <p style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="Signatures_114833"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIGNATURES</font></b></a></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant
to the requirements of Section&nbsp;13 or 15(d)&nbsp;of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MESA ROYALTY TRUST</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:24.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.44%;">
  <p style="margin:24.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>
  </td>
  <td width="46%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.56%;">
  <p style="margin:24.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">JPMORGAN CHASE BANK,
  N.A., TRUSTEE</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:24.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.44%;">
  <p style="margin:24.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.56%;">
  <p align="center" style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  MIKE ULRICH</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:46.56%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mike Ulrich</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.44%;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="46%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.56%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Vice
  President&nbsp;&amp; Trust Officer</font></i></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 11.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;14, 2005</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Registrant, Mesa Royalty Trust, has no principal
executive officer, principal financial officer, board of directors or persons
performing similar functions. Accordingly, no additional signatures are
available and none have been provided.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">42</font></p>
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<div style="font-family:Times New Roman;">

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><a name="ExhibitIndex_140722"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT INDEX</font></b></a></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">

  <tr>
   <td width="39" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:29.6pt;">
   <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Exhibit<br>
   Number</font></b></p>
   </td>
   <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.95pt;">
   <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
   </td>
   <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.1pt;">
   <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
   </td>
   <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.15pt;">
   <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
   </td>
   <td width="396" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:297.35pt;">
   <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
   </td>
   <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
   <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
   </td>
   <td width="70" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:52.2pt;">
   <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">SEC File or<br>
   Registration<br>
   Number</font></b></p>
   </td>
   <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
   <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
   </td>
   <td width="41" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:31.05pt;">
   <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Exhibit<br>
   Number</font></b></p>
   </td>
  </tr>

 <tr bgcolor="#CCEEFF">
  <td width="53" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4(a)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.15pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="396" valign="top" style="padding:0pt .7pt 0pt 0pt;width:297.35pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*Mesa Royalty
  Trust Indenture between Mesa Petroleum Co. and Texas Commerce Bank National
  Association, as Trustee, dated November&nbsp;1, 1979</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.4pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.6pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2-65217</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:31.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1(a)</font></p>
  </td>
 </tr>
 <tr>
  <td width="53" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4(b)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.15pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="396" valign="top" style="padding:0pt .7pt 0pt 0pt;width:297.35pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*Overriding
  Royalty Conveyance between Mesa Petroleum Co. and Texas Commerce Bank, as
  Trustee, dated November&nbsp;1, 1979</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.4pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.6pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2-65217</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:31.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1(b)</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="53" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4(c)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.15pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="396" valign="top" style="padding:0pt .7pt 0pt 0pt;width:297.35pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*First Amendment
  to the Mesa Royalty Trust Indenture dated as of March&nbsp;14, 1985
  (Exhibit&nbsp;4(c)&nbsp;to Form&nbsp;10-K for year ended December&nbsp;31,
  1984 of Mesa Royalty Trust)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.4pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.6pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1-7884</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:31.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4(c)</font></p>
  </td>
 </tr>
 <tr>
  <td width="53" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4(d)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.15pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="396" valign="top" style="padding:0pt .7pt 0pt 0pt;width:297.35pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*Form&nbsp;of
  Assignment of Overriding Royalty Interest, effective April&nbsp;1, 1985, from
  Texas Commerce Bank National Association, as Trustee, to MTR Holding Co.
  (Exhibit&nbsp;4(d)&nbsp;to Form&nbsp;10-K for year ended December&nbsp;31,
  1984 of Mesa Royalty Trust)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.4pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.6pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1-7884</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:31.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4(d)</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="53" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4(e)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.15pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="396" valign="top" style="padding:0pt .7pt 0pt 0pt;width:297.35pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*Purchase and
  Sale Agreement, dated March&nbsp;25, 1991, by and among Mesa Limited
  Partnership, Mesa Operating Limited Partnership and ConocoPhillips, as
  amended on April&nbsp;30, 1991 (Exhibit&nbsp;4(e)&nbsp;to Form&nbsp;10-K for
  year ended December&nbsp;31, 1991 of Mesa Royalty Trust)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.4pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.6pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1-7884</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:31.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4(e)</font></p>
  </td>
 </tr>
 <tr>
  <td width="53" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.15pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="396" valign="top" style="padding:0pt .7pt 0pt 0pt;width:297.35pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certification
  furnished pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.4pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46" valign="top" style="padding:0pt .7pt 0pt 0pt;width:34.6pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="top" style="padding:0pt .7pt 0pt 0pt;width:31.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF">
  <td width="53" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.15pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="396" valign="top" style="padding:0pt .7pt 0pt 0pt;width:297.35pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certification
  furnished pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.4pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46" valign="top" style="padding:0pt .7pt 0pt 0pt;width:34.6pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" valign="top" style="padding:0pt .7pt 0pt 0pt;width:31.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"></p>

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;">

</font></div>

<p style="font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;">*<font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Previously
filed with the Securities and Exchange Commission and incorporated herein by
reference.</p>

</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<DESCRIPTION>EX-31
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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit 31</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><a name="Certification_145220"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">CERTIFICATION</font></b></a></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, Mike Ulrich, certify that:</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1. I have reviewed this annual report on Form&nbsp;10-K
of Mesa Royalty Trust, for which JPMorgan Chase Bank, N.A. acts as Trustee;</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2. Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period
covered by this report;</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3. Based on my knowledge, the financial statements,
and other financial information included in this report, fairly present in all
material respects the financial condition, distributable income and changes in
trust corpus of the registrant as of, and for, the periods presented in this
report;</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4. I am responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e)&nbsp;and
15d-15(e)), or for causing such controls and procedures to be established
and maintained, for the registrant and I have:</font></p>

<p style="margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;Designed such disclosure controls and
procedures, or caused such disclosure controls and procedures to be designed
under my supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to me by
others within those entities, particularly during the period in which this
report is being prepared;</font></p>

<p style="margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;Evaluated the effectiveness of the registrant&#146;s
disclosure controls and procedures and presented in this report my conclusions
about the effectiveness of the disclosure controls and procedures, as of the
end of the period covered by this report based on such evaluation; and</font></p>

<p style="margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;Disclosed in this report any change in the
registrant&#146;s internal control over financial reporting that occurred during the
registrant&#146;s most recent fiscal quarter (the registrant&#146;s fourth fiscal quarter
in the case of an annual report) that has materially affected or is reasonably
likely to materially affect the registrant&#146;s internal control over financial reporting;
and</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5. I have
disclosed, based on my most recent evaluation, to the registrant&#146;s auditors:</font></p>

<p style="margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;All significant deficiencies and material
weaknesses in the design or operation of internal control over financial
reporting, which are reasonably likely to adversely affect the registrant&#146;s
ability to record, process, summarize and report information; and</font></p>

<p style="margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;Any fraud, whether or not material, that
involves any persons who have a significant role in the registrant&#146;s internal
control over financial reporting.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
giving the foregoing certifications in paragraphs 4 and 5, I have relied to the
extent I consider reasonable on information provided to me by the working
interest owners.</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="320" valign="top" style="padding:0pt .7pt 0pt 0pt;width:240.0pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;">Date: March&nbsp;14, 2005</p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="275" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:206.25pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ MIKE ULRICH</font></p>
  </td>
 </tr>
 <tr>
  <td width="320" valign="top" style="padding:0pt .7pt 0pt 0pt;width:240.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="275" valign="top" style="padding:0pt .7pt 0pt 0pt;width:206.25pt;">
  <p align="center" style="margin:0pt 0pt .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mike Ulrich</font></p>
  </td>
 </tr>
 <tr>
  <td width="320" valign="top" style="padding:0pt .7pt 0pt 0pt;width:240.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="275" valign="top" style="padding:0pt .7pt 0pt 0pt;width:206.25pt;">
  <p align="center" style="margin:0pt 0pt .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Vice President and Trust Officer</font></i></p>
  </td>
 </tr>
 <tr>
  <td width="320" valign="top" style="padding:0pt .7pt 0pt 0pt;width:240.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="275" valign="top" style="padding:0pt .7pt 0pt 0pt;width:206.25pt;">
  <p align="center" style="margin:0pt 0pt .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">JPMorgan Chase Bank, N.A.</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 11.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div style="font-family:Times New Roman;">

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit 32</font></b></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;14, 2005</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Via EDGAR</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities and Exchange Commission</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Judiciary Plaza</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">450 Fifth Street, N.W.</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, D.C. 20549</font></p>

<p style="margin:0pt 0pt 6.0pt 58.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re: Certification
pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906
of the Sarbanes-Oxley Act of 2002</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with
the Annual Report of Mesa Royalty Trust (the &#147;Trust&#148;) on Form&nbsp;10-K
for the year ended December&nbsp;31, 2004 as filed with the Securities and
Exchange Commission on the date hereof (the &#147;Report&#148;), the undersigned, not in
its individual capacity but solely as the trustee of the Trust, certifies
pursuant to 18 U.S.C. 1350, as adopted pursuant to Section&nbsp;906 of the
Sarbanes-Oxley Act of 2002, that to its knowledge:</font></p>

<p style="margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;The Report
fully complies with the requirements of Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of
the Securities Exchange Act of 1934, as amended; and</font></p>

<p style="margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;The
information contained in the Report fairly presents, in all material respects,
the financial condition and results of operations of the Trust.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
above certification is furnished solely pursuant to Section&nbsp;906 of the
Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) and is not being filed as part of
the Form&nbsp;10-K or as a separate disclosure document.</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;margin-left:220.0pt;">
 <tr>
  <td width="314" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:235.55pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;">JPMORGAN
  CHASE BANK, N.A.<br>
  Trustee for Mesa Royalty Trust</p>
  </td>
 </tr>
 <tr>
  <td width="33" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="267" valign="top" style="padding:0pt .7pt 0pt 0pt;width:200.55pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="33" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="267" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:200.55pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ MIKE ULRICH</font></p>
  </td>
 </tr>
 <tr>
  <td width="33" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="267" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:200.55pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mike Ulrich</font></p>
  </td>
 </tr>
 <tr>
  <td width="33" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="267" valign="top" style="padding:0pt .7pt 0pt 0pt;width:200.55pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President
  and Trust Officer</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 11.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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