NET ASSETS

 

	Market Value	Carrying Value
Cash and cash equivalents	$     1,586,951	$      1,586,951
Marketable Securities	162,886,257	142,023,787
Real estate and minerals	5,483,577	1,030,056
Other assets	48,594	48,594
	______________	______________
	$ 170,005,379	$ 144,689,388
	===========	===========

 

CORPUS

 

July 1, 2006		$  146,535,369
ADD:
Interest and dividends	$   4,615,920
Royalties	1,162,251
Capital gain	1,217,909
Other	10,659	$    7,006,739
	_______________
DEDUCT:
Grants	$   7,563,120
Administrative expenses	1,125,938
Production and ad valorem taxes	163,662
		$     8,852,720
		_________________
June 30, 2007		$ 144,689,388
Adjustment to fair market value		25,315,991
		_________________
June 30, 2007		$ 170,005,379
		=============