NET ASSETS

 

	Market Value	Carrying Value
Cash and cash equivalents	$      164,148	$       164,148
Marketable Securities	112,028,853	138,542,039
Real estate and minerals	8,668,750	1,029,779
Other assets	47,763	47,763
	______________	______________
	$ 120,909,514	$ 139,783,729
	===========	===========

 

CORPUS

 

July 1, 2008		$  141,973,540
ADD:
Interest and dividends	$   3,843,144
Royalties	1,052,906
Other	327,479	$    5,223,529
	_______________
DEDUCT:
Grants	$   5,023,264
Capital Loss	906,900
Administrative expenses	1,340,334
Production and ad valorem taxes	142,842
		$    7,413,340
		_________________
June 30, 2009		$ 139,783,729
Adjustment to fair market value		(18,874,215)
		_________________
June 30, 2009		$ 120,909,514
		=============