Exhibit 99.2

February 25, 2010

Dominion Black Warrior Trust 1994-1
c/o U.S. Trust, Bank of America Private Wealth Management
P. O. Box 830650
Dallas, Texas 75283

Attn:		Mr. Ron E. Hooper Sr. Vice President, Trustee

Re: Estimated Reserves and Non Escalated Future
Net Revenue Remaining as of December 31, 2009
Dominion Black Warrior Trust 1994-1

Gentlemen:

At your request the firm of Ralph E. Davis Associates, Inc. of Houston, Texas has prepared an estimate of the natural gas reserves on specific leaseholds in which Dominion Black Warrior Trust 1994-1 (the Trust) has certain interests. The interests evaluated are a royalty interest ownership position applicable to specific gas properties in the Black Warrior Basin, Tuscaloosa County, Alabama. This report presents our estimate of the proved reserves anticipated to be produced from those leaseholds and remaining as of December 31, 2009.

Davis has reviewed 100% of the Trust’s proved developed properties located in the Black Warrior Basin area of Alabama. It is our opinion that these properties represent all of the Trust’s natural gas assets that may be classified as proved as per the Securities Exchange Commission directives as detailed later in this report.

The reserves associated with this review have been classified in accordance with the definitions of the Securities and Exchange Commission as found in Part 210—Form and Content of and Requirements for Financial Statements, Securities Act of 1933, Securities Exchange Act of 1934, Public Utility Holding Company Act of 1935, Investment Company Act of 1940, Investment Advisers Act of 1940, and Energy Policy and Conservation Act of 1975, under Rules of General Application § 210.4-10 Financial accounting and reporting for oil and gas producing activities pursuant to the Federal securities laws and the Energy Policy and Conservation Act of 1975. A summation of these definitions is included as a portion of this letter.

We have also estimated the future net revenue and discounted present value associated with these reserves as of December 31, 2009, utilizing a scenario of non-escalated product prices

Dominion Black Warrior Trust 1994-1		February 25, 2010
Mr. Ron E. Hooper, Trustee		Page 2

as well as non-escalated costs of operations, i.e., prices and costs were not escalated above current values as detailed later in this report. The present value is presented for your information and should not be construed as an estimate of the fair market value.

The results of our study may be summarized as follows:

Non Escalated Pricing Scenario
Estimated Reserves and Future Net Income
Net to Dominion Black Warrior Basin Trust 1994-1
As of December 31, 2009

		Total Proved
Net Remaining Sales Gas Reserves:
Gas: Mcf			15,749,550
Future Revenue:
Sales Revenue		$	55,145,422
Tax Credit Revenue			0
Total Revenue		$	55,145,422
Production Taxes		$	3,308,725
Other Deductions			0
Future Net Income		$	51,836,703
Future Net Income Discounted @ 10%		$	32,525,078

The Section 29 Tax Credit that was in effect in previous years is no longer applicable as of January 1, 2003.

Gas volumes are expressed in millions of standard cubic feet (MMSCF) at the official temperature and pressure bases of the areas wherein the gas reserves are located.

DATA SOURCE

Basic well and field data used in the preparation of this report were furnished by HighMount Exploration & Production LLC (HighMount), the operator, or were obtained from commercial sources. Records as they pertain to factual matters such as acreage controlled, the number and depths of wells, production history, the existence of contractual obligations to others and similar matters were accepted as presented.

RALPH E. DAVIS ASSOCIATES, INC.
Texas Registered Engineering Firm F-1529

Dominion Black Warrior Trust 1994-1		February 25, 2010
Mr. Ron E. Hooper, Trustee		Page 3

Ownership interest, operating costs and information related to contractual obligations regarding the sale of produced gas were furnished by HighMount. No physical inspection of the properties was made nor any well tests conducted.

RESERVE ESTIMATES

The estimate of reserves included in this report is based primarily upon production history, or analogy with wells in the area producing from the same or similar formations. Individual well production histories were analyzed and forecast until an anticipated economic limit. The economic limit was based upon an analysis of overall field operating costs and an appropriate daily producing rate was utilized for each individual well. The data utilized, assumptions made and methods and procedures used are considered appropriate for the estimates made and purposes for which this report was prepared.

Future production for the unit was then analyzed as it applies to the total revenue stream. Future production was forecast until the unit operations would no longer be economical, and this future point in time was then utilized as a terminus of production from the area of interest.

The reserves included in this report are estimates only and should not be construed as being exact quantities. The accuracy of the estimates is dependent upon the quality of available data and upon the independent geological and engineering interpretation of that data. The quantities presented herein are estimated reserves of natural gas that geologic and engineering data demonstrate can be recovered from known reservoirs under current economic conditions with reasonable certainty. Reserve estimates presented in this report are calculated using acceptable methods and procedures and are believed to be appropriate and reasonable; however, future reservoir performance may justify revision of these estimates.

PRODUCING RATES

For the purpose of this report, estimated reserves are scheduled for recovery primarily on the basis of actual producing rates or appropriate well test information. They were prepared giving consideration to engineering and geological data such as reservoir pressure, anticipated producing mechanisms, the number and types of completions, as well as past performance of analogous reservoirs.

These and other future rates may be subject to regulation by various agencies, changes in market demand or other factors; consequently, reserves recovered and the actual rates of recovery may vary from the estimates included herein. Scheduled dates of future well completions may vary from that provided by Highmount due to changes in market demand or the availability of materials and/or capital; however, the timing of the wells and their

RALPH E. DAVIS ASSOCIATES, INC.
Texas Registered Engineering Firm F-1529

Dominion Black Warrior Trust 1994-1		February 25, 2010
Mr. Ron E. Hooper, Trustee		Page 4

estimated rates of production are reasonable and consistent with established performance to date.

PRICING PROVISIONS

Prices utilized in the evaluation results presented in the letter portion of this report and summarized in the various tables included in this evaluation were based upon certain data furnished by the operator. Prices received for products sold, adjustments due to the BTU content of the gas, shrinkage for transportation, etc., were accepted as presented.

Natural Gas - The unit price used throughout this report for natural gas is an initial price of $3.68 per MMBTU, based upon the appropriate price in effect the first trading of each month during calendar 2009, and averaged for the year. This price is representative of the price in effect for sales based upon the Sonat T1 price on that trading day. A basis differential was applied to all sales volumes, and this differential as well as the price for gas was held constant throughout the producing life of the property. Prices for gas reserves scheduled for initial production at some future date were estimated using this same price.

FUTURE NET INCOME

Future net income is based upon gross income from future production, less appropriate taxes (production, severance, ad valorem or other). Operating costs and any estimated future capital requirements were not considered in the estimation of net income due to the Trust’s royalty ownership position. No allowance was made for depletion, depreciation, income taxes or administrative expense.

Future net income has been discounted for present worth at values ranging from 0 to 100 percent using monthly discounting. In this report the future net income is discounted at a primary rate of ten (10.0) percent.

GENERAL

HighMount Exploration & Production LLC as operator has provided access to all of its accounts, records, geological and engineering data, reports and other information as required for this investigation. The ownership interests, product classifications relating to prices and other factual data were accepted as furnished without verification.

No consideration was given in this report to either gas contract disputes including take or pay demands or gas sales imbalances.

No consideration was given in this report to potential environmental liabilities which may exist, nor were any costs included for potential liability to restore and clean up damages, if any, caused by past operating practices.

RALPH E. DAVIS ASSOCIATES, INC.
Texas Registered Engineering Firm F-1529

Dominion Black Warrior Trust 1994-1		February 25, 2010
Mr. Ron E. Hooper, Trustee		Page 5

The estimates of reserves and the forecasted rates of production may be subject to regulation by various agencies, changes in market demand or other factors; consequently, the volumes of reserves recovered and the actual rates of recovery may vary from the estimates included herein.

If investments or business decisions are to be made in reliance on these estimates by anyone other than our client, such person with the approval of our client is invited to arrange a visit so that he can evaluate the assumptions made and the completeness and extent of the data available on which the estimates are made.

Neither Ralph E. Davis Associates, Inc. nor its employees has any interest in the subject properties and neither the employment to make this study nor our compensation is contingent on our estimates of reserves and future income for the subject properties.

This report has been prepared for the exclusive use of Dominion Black Warrior Basin Trust 1994-1 and shall not be reproduced, distributed or made available to any other company without the written consent of Ralph E. Davis Associates, Inc. Such consent will not be unreasonably withheld if the report is utilized in its entirety.

Very truly yours,

RALPH E. DAVIS ASSOCIATES, INC.


Allen C. Barron, P.E.
President

RALPH E. DAVIS ASSOCIATES, INC.
Texas Registered Engineering Firm F-1529

SECURITIES AND EXCHANGE COMMISSION
DEFINITIONS OF RESERVES

The following information is taken from the United States Securities and Exchange Commission:

PART 210—FORM AND CONTENT OF AND REQUIREMENTS FOR FINANCIAL STATEMENTS, SECURITIES ACT OF 1933, SECURITIES EXCHANGE ACT OF 1934, PUBLIC UTILITY HOLDING COMPANY ACT OF 1935, INVESTMENT COMPANY ACT OF 1940, INVESTMENT ADVISERS ACT OF 1940, AND ENERGY POLICY AND CONSERVATION ACT OF 1975

Rules of General Application

§ 210.4-10 Financial accounting and reporting for oil and gas producing activities pursuant to the Federal securities laws and the Energy Policy and Conservation Act of 1975.

Reserves

Reserves are estimated remaining quantities of oil and gas and related substances anticipated to be economically producible, as of a given date, by application of development projects to known accumulations. In addition, there must exist, or there must be a reasonable expectation that there will exist, the legal right to produce or a revenue interest in the production, installed means of delivering oil and gas or related substances to market, and all permits and financing required to implement the project.

Reserves should not be assigned to adjacent reservoirs isolated by major, potentially sealing, faults until those reservoirs are penetrated and evaluated as economically producible. Reserves should not be assigned to areas that are clearly separated from a known accumulation by a non-productive reservoir (i.e., absence of reservoir, structurally low reservoir, or negative test results). Such areas may contain prospective resources (i.e., potentially recoverable resources from undiscovered accumulations).

Proved Oil and Gas Reserves

Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible—from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations—prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time.

(i)

The area of the reservoir considered as proved includes:

     (A) The area identified by drilling and limited by fluid contacts, if any, and

     (B) Adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and to contain economically producible oil or gas on the basis of available geoscience and engineering data.

(ii) In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons (LKH) as seen in a well penetration unless geoscience, engineering, or performance data and reliable technology establishes a lower contact with reasonable certainty.

(iii) Where direct observation from well penetrations has defined a highest known oil (HKO) elevation and the potential exists for an associated gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering, or performance data and reliable technology establish the higher contact with reasonable certainty.

(iv) Reserves which can be produced economically through application of improved recovery techniques (including, but not limited to, fluid injection) are included in the proved classification when:

     (A) Successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the reservoir as a whole, the operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was based; and

Securities and Exchange Commission		Page 2
§210.4-10 Definitions (of Reserves)
Modified, Effective 2009 for Filings of 12/31/2009 and Thereafter

     (B) The project has been approved for development by all necessary parties and entities, including governmental entities.

(v) Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price shall be the average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions.

Reasonable certainty. If deterministic methods are used, reasonable certainty means a high degree of confidence that the quantities will be recovered. If probabilistic methods are used, there should be at least a 90% probability that the quantities actually recovered will equal or exceed the estimate. A high degree of confidence exists if the quantity is much more likely to be achieved than not, and, as changes due to increased availability of geoscience (geological, geophysical, and geochemical), engineering, and economic data are made to estimated ultimate recovery (EUR) with time, reasonably certain EUR is much more likely to increase or remain constant than to decrease.

Reliable technology. Reliable technology is a grouping of one or more technologies (including computational methods) that has been field tested and has been demonstrated to provide reasonably certain results with consistency and repeatability in the formation being evaluated or in an analogous formation.

Probable Reserves

Probable reserves are those additional reserves that are less certain to be recovered than proved reserves but which, together with proved reserves, are as likely as not to be recovered.

     (i) When deterministic methods are used, it is as likely as not that actual remaining quantities recovered will exceed the sum of estimated proved plus probable reserves. When probabilistic methods are used, there should be at least a 50% probability that the actual quantities recovered will equal or exceed the proved plus probable reserves estimates.

     (ii) Probable reserves may be assigned to areas of a reservoir adjacent to proved reserves where data control or interpretations of available data are less certain, even if the interpreted reservoir continuity of structure or productivity does not meet the reasonable certainty criterion. Probable reserves may be assigned to areas that are structurally higher than the proved area if these areas are in communication with the proved reservoir.

     (iii) Probable reserves estimates also include potential incremental quantities associated with a greater percentage recovery of the hydrocarbons in place than assumed for proved reserves.

Possible Reserves

Possible reserves are those additional reserves that are less certain to be recovered than probable reserves.

     (i) When deterministic methods are used, the total quantities ultimately recovered from a project have a low probability of exceeding proved plus probable plus possible reserves. When probabilistic methods are used, there should be at least a 10% probability that the total quantities ultimately recovered will equal or exceed the proved plus probable plus possible reserves estimates.

     (ii) Possible reserves may be assigned to areas of a reservoir adjacent to probable reserves where data control and interpretations of available data are progressively less certain. Frequently, this will be in areas where geoscience and engineering data are unable to define clearly the area and vertical limits of commercial production from the reservoir by a defined project.

     (iii) Possible reserves also include incremental quantities associated with a greater percentage recovery of the hydrocarbons in place than the recovery quantities assumed for probable reserves.

     (iv) The proved plus probable and proved plus probable plus possible reserves estimates must be based on reasonable alternative technical and commercial interpretations within the reservoir or subject project that are clearly documented, including comparisons to results in successful similar projects.

     (v) Possible reserves may be assigned where geoscience and engineering data identify directly adjacent portions of a reservoir within the same accumulation that may be separated from proved areas by faults with displacement less than

Securities and Exchange Commission		Page 3
§210.4-10 Definitions (of Reserves)
Modified, Effective 2009 for Filings of 12/31/2009 and Thereafter

formation thickness or other geological discontinuities and that have not been penetrated by a wellbore, and the registrant believes that such adjacent portions are in communication with the known (proved) reservoir. Possible reserves may be assigned to areas that are structurally higher or lower than the proved area if these areas are in communication with the proved reservoir.

     (vi) Pursuant to paragraph (a)(22)(iii) of this section, where direct observation has defined a highest known oil (HKO) elevation and the potential exists for an associated gas cap, proved oil reserves should be assigned in the structurally higher portions of the reservoir above the HKO only if the higher contact can be established with reasonable certainty through reliable technology. Portions of the reservoir that do not meet this reasonable certainty criterion may be assigned as probable and possible oil or gas based on reservoir fluid properties and pressure gradient interpretations.

Developed Oil and Gas Reserves

Developed oil and gas reserves are reserves of any category that can be expected to be recovered:

     (i) Through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared to the cost of a new well; and

     (ii) Through installed extraction equipment and infrastructure operational at the time of the reserves estimate if the extraction is by means not involving a well.

Undeveloped Oil and Gas Reserves

Undeveloped oil and gas reserves are reserves of any category that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion.

     (i) Reserves on undrilled acreage shall be limited to those directly offsetting development spacing areas that are reasonably certain of production when drilled, unless evidence using reliable technology exists that establishes reasonable certainty of economic producibility at greater distances.

     (ii) Undrilled locations can be classified as having undeveloped reserves only if a development plan has been adopted indicating that they are scheduled to be drilled within five years, unless the specific circumstances, justify a longer time.

     (iii) Under no circumstances shall estimates for undeveloped reserves be attributable to any acreage for which an application of fluid injection or other improved recovery technique is contemplated, unless such techniques have been proved effective by actual projects in the same reservoir or an analogous reservoir, as defined in paragraph (a)(2) of this section, or by other evidence using reliable technology establishing reasonable certainty.

Additional Definitions:

Deterministic Estimate

The method of estimating reserves or resources is called deterministic when a single value for each parameter (from the geoscience, engineering, or economic data) in the reserves calculation is used in the reserves estimation procedure.

Probabilistic Estimate

The method of estimation of reserves or resources is called probabilistic when the full range of values that could reasonably occur for each unknown parameter (from the geoscience and engineering data) is used to generate a full range of possible outcomes and their associated probabilities of occurrence.

Reasonable Certainty

If deterministic methods are used, reasonable certainty means a high degree of confidence that the quantities will be recovered. If probabilistic methods are used, there should be at least a 90% probability that the quantities actually recovered will equal or exceed the estimate. A high degree of confidence exists if the quantity is much more likely to be achieved than not, and, as changes due to increased availability of geoscience (geological, geophysical, and geochemical), engineering, and economic data are made to estimated ultimate recovery (EUR) with time, reasonably certain EUR is much more likely to increase or remain constant than to decrease.

DOMINION BLACK WARRIOR TRUST 1994-1
UNESCALATED ANALYSIS
TOTAL ROYALTY INTERESTS
TOTAL PROVED RESERVES

RESERVES AND ECONOMICS

EFFECTIVE DATE: 12/31/2009

						-----GROSS PRODUCTION-----												-----NET PRODUCTION-----								-----PRICES-----								-----OPERATIONS, M$-----
---END---		NO. OF				OIL				WELL HEAD				SALES				OIL				SALES				OIL				GAS				OIL				GAS				TAX				TOTAL
MO-YEAR		WELLS				MBBL				GAS, MMCF				GAS, MMCF				MBBL				GAS, MMCF				$/B				$/M				REVENUE				REVENUE				CREDITS				REVENUE
12-2010			475.2				0.000				4783.229				4200.153				0.000				2237.007				0.00				3.696				0.000				8266.930				0.000				7804.644
12-2011			455.7				0.000				4185.707				3675.471				0.000				1959.696				0.00				3.696				0.000				7242.794				0.000				6838.100
12-2012			434.5				0.000				3663.226				3216.678				0.000				1716.467				0.00				3.696				0.000				6344.448				0.000				5990.840
12-2013			410.6				0.000				3196.429				2806.784				0.000				1499.335				0.00				3.697				0.000				5542.487				0.000				5235.877
12-2014			380.8				0.000				2767.399				2430.053				0.000				1298.986				0.00				3.697				0.000				4802.597				0.000				4540.284
12-2015			340.2				0.000				2352.969				2066.143				0.000				1106.317				0.00				3.698				0.000				4091.231				0.000				3870.193
12-2016			297.5				0.000				1981.380				1739.850				0.000				933.040				0.00				3.699				0.000				3451.483				0.000				3267.811
12-2017			257.3				0.000				1660.303				1457.913				0.000				783.737				0.00				3.700				0.000				2900.176				0.000				2746.627
12-2018			223.2				0.000				1395.048				1224.991				0.000				659.802				0.00				3.702				0.000				2442.414				0.000				2314.472
12-2019			190.0				0.000				1161.442				1019.862				0.000				550.237				0.00				3.703				0.000				2037.715				0.000				1932.936
12-2020			164.2				0.000				975.389				856.490				0.000				462.997				0.00				3.705				0.000				1715.324				0.000				1629.743
12-2021			142.7				0.000				824.598				724.080				0.000				391.997				0.00				3.706				0.000				1452.842				0.000				1380.790
12-2022			120.0				0.000				686.596				602.900				0.000				326.838				0.00				3.708				0.000				1211.980				0.000				1151.497
12-2023			100.2				0.000				570.539				500.990				0.000				271.808				0.00				3.710				0.000				1008.503				0.000				958.305
12-2024			81.1				0.000				465.555				408.804				0.000				222.436				0.00				3.713				0.000				825.952				0.000				785.206
S TOT			1.8				0.000				30669.811				26931.162				0.000				14420.699				0.00				3.699				0.000				53336.879				0.000				50447.320
AFTER			1.8				0.000				2759.472				2423.093				0.000				1328.851				0.00				3.705				0.000				4923.945				0.000				4698.100
TOTAL			1.8				0.000				33429.281				29354.254				0.000				15749.550				0.00				3.699				0.000				58260.824				0.000				55145.422

		-------OPERATIONS, M$-------																-------CAPITAL COSTS, M$-------																				10.0%
---END---		PRODUCTION				AD VALOREM				NET OPER				OPERATION				TANGIBLE				INTANG.				TOTAL				TOTAL				CASH FLOW				DISCOUNTED
---MO-YEAR---		TAXES				EXPENSES				EXPENSES				CASH FLOW				INV.				INV.				BORROW INV				EQUITY INV				BTAX, M$				BTAX, M$
12-2010			468.278				0.000				0.000				7336.363				0.000				0.000				0.000				0.000				7336.363				7004.635
12-2011			410.286				0.000				0.000				6427.813				0.000				0.000				0.000				0.000				6427.813				5579.540
12-2012			359.451				0.000				0.000				5631.393				0.000				0.000				0.000				0.000				5631.393				4443.766
12-2013			314.153				0.000				0.000				4921.726				0.000				0.000				0.000				0.000				4921.726				3530.913
12-2014			272.417				0.000				0.000				4267.867				0.000				0.000				0.000				0.000				4267.867				2783.788
12-2015			232.212				0.000				0.000				3637.982				0.000				0.000				0.000				0.000				3637.982				2157.324
12-2016			196.069				0.000				0.000				3071.743				0.000				0.000				0.000				0.000				3071.743				1656.138
12-2017			164.798				0.000				0.000				2581.829				0.000				0.000				0.000				0.000				2581.829				1265.527
12-2018			138.868				0.000				0.000				2175.603				0.000				0.000				0.000				0.000				2175.603				969.361
12-2019			115.976				0.000				0.000				1816.959				0.000				0.000				0.000				0.000				1816.959				735.936
12-2020			97.785				0.000				0.000				1531.959				0.000				0.000				0.000				0.000				1531.959				564.041
12-2021			82.847				0.000				0.000				1297.942				0.000				0.000				0.000				0.000				1297.942				434.524
12-2022			69.090				0.000				0.000				1082.407				0.000				0.000				0.000				0.000				1082.407				329.443
12-2023			57.498				0.000				0.000				900.806				0.000				0.000				0.000				0.000				900.806				249.197
12-2024			47.112				0.000				0.000				738.094				0.000				0.000				0.000				0.000				738.094				185.755
S TOT			3026.839				0.000				0.000				47420.492				0.000				0.000				0.000				0.000				47420.492				31889.889
AFTER			281.886				0.000				0.000				4416.213				0.000				0.000				0.000				0.000				4416.213				635.191
TOTAL			3308.725				0.000				0.000				51836.703				0.000				0.000				0.000				0.000				51836.703				32525.078

		OIL				GAS										P.W. %				P.W., M$
GROSS WELLS			0.0				532.0			LIFE, YRS.			42.42				5.00				39776.484
GROSS ULT., MB & MMF			0.000				193055.812			DISCOUNT %			10.00				10.00				32525.070
GROSS CUM., MB & MMF			0.000				159626.531			UNDISCOUNTED PAYOUT, YRS.			0.00				15.00				27669.428
GROSS RES., MB & MMF			0.000				33429.281			DISCOUNTED PAYOUT, YRS.			0.00				18.00				25454.299
NET RES., MB & MMF			0.000				15749.551			UNDISCOUNTED NET/INVEST.			0.00				20.00				24185.990
NET REVENUE, M$			0.000				58260.824			DISCOUNTED NET/INVEST.			0.00				25.00				21564.266
INITIAL PRICE, $			0.000				3.693			RATE-OF-RETURN, PCT.			100.00				40.00				16537.217
INITIAL N.I., PCT.			0.000				53.335			INITIAL W.I., PCT.			0.000				60.00				12942.846
																	80.00				10849.019
																	100.00				9473.192

RALPH E. DAVIS ASSOCIATES, INC.
TEXAS REGISTERED FIRM F-1529

     

BLACK WARRIOR TRUST 1994-1		RESERVES and REVENUES
TOTAL ROYALTY INTERESTS		AS OF DECEMBER 31, 2009
TOTAL PROVED RESERVES

														Gross Volumes												Net Volumes								Product				Production				Operating				Future Net Income
		Life				Working				Revenue				Oil				Wellhead Gas				Sales Gas				Oil				Sales Gas				Sales				Taxes				Expense				Undiscounted				Disc. @ 10%
Well Name & Number		Years				Interest				Interest				Bbls				Mcf				Mcf				Bbls				Mcf				$				$				$				$				$
ALABAMA BASIC 23-10- 4			28.3				0.00000	%			56.87502	%			0				285,353				250,568				0				142,511				476,671				28,600				0				448,070				216,384
ALABAMA BASIC 23-14- 5			7.0				0.00000	%			56.87502	%			0				42,110				36,977				0				21,031				70,344				4,221				0				66,123				51,165
ALABAMA BASIC 23-16- 6			5.5				0.00000	%			56.87502	%			0				30,203				26,521				0				15,084				50,453				3,027				0				47,425				38,402
ALABAMA BASIC 26- 1- 7			6.2				0.00000	%			56.87502	%			0				37,025				32,511				0				18,491				61,848				3,711				0				58,137				46,292
ALABAMA BASIC 27-16- 8			11.6				0.00000	%			57.20324	%			0				95,991				84,290				0				48,216				161,274				9,676				0				151,598				105,144
ALABAMA BASIC 34- 3-14			21.9				0.00000	%			56.79375	%			0				80,757				70,913				0				40,274				450,667				27,040				0				423,627				246,911
ALABAMA BASIC 36- 2- 2			4.6				0.00000	%			58.18800	%			0				21,479				18,860				0				10,974				36,707				2,202				0				34,505				28,687
ALABAMA BASIC 36- 4- 1			6.6				0.00000	%			58.18800	%			0				33,730				29,618				0				17,234				57,645				3,459				0				54,186				42,083
ALABAMA BASIC 36- 5- 9			6.3				0.00000	%			56.26400	%			0				32,554				28,586				0				16,084				53,797				3,228				0				50,569				39,651
ALABAMA BASIC 36- 9- 3			10.2				0.00000	%			58.18800	%			0				58,829				51,657				0				30,058				100,539				6,032				0				94,507				65,752
ALABAMA BASIC 36-13-10			13.1				0.00000	%			58.18800	%			0				73,384				64,439				0				37,496				137,983				8,279				0				129,704				83,424
ALABAMA BASIC 36-14-11			5.3				0.00000	%			58.18800	%			0				22,779				20,002				0				11,639				42,831				2,570				0				40,261				32,563
ALABAMA BASIC 36-16-12			16.3				0.00000	%			58.18800	%			0				100,090				87,889				0				51,141				188,198				11,292				0				176,906				105,436
ALCUS 12- 4- 1			4.1				0.00000	%			54.84375	%			0				14,500				12,732				0				6,983				25,697				1,542				0				24,155				20,205
ALCUS 12- 5- 2			0.0				0.00000	%			54.19375	%			0				0				0				0				0				0				0				0				0				0
BAUGHMAN 18- 3- 2			8.4				0.00000	%			56.87500	%			0				62,655				55,017				0				31,291				104,662				6,280				0				98,383				74,046
BAUGHMAN 18- 6- 3			16.3				0.00000	%			56.87500	%			0				133,236				116,994				0				66,540				244,869				14,692				0				230,177				142,606
BAUGHMAN 18- 7- 4			13.2				0.00000	%			56.87500	%			0				84,501				74,200				0				42,201				155,301				9,318				0				145,983				95,079
BEAN 14-15- 1			4.8				0.00000	%			55.76460	%			0				23,140				20,320				0				11,331				37,900				2,274				0				35,626				29,408
BIGHAM 4-13- 1			4.3				0.00000	%			56.87500	%			0				26,034				22,860				0				13,002				47,847				2,871				0				44,976				38,453
CANTLEY 17- 7- 2			1.3				0.00000	%			56.87500	%			0				4,309				3,784				0				2,152				7,919				475				0				7,444				7,039
CARNLEY 18- 5- 3			8.1				0.00000	%			61.70529	%			0				47,918				42,077				0				25,964				86,844				5,211				0				81,633				61,357
CARNLEY 18-12- 4			14.3				0.00000	%			61.70528	%			0				140,538				123,406				0				76,148				254,700				15,282				0				239,418				159,331
CARNLEY 18-14- 5			8.8				0.00000	%			61.70528	%			0				93,800				82,366				0				50,824				169,996				10,200				0				159,796				123,470
CASSIDY 19- 1-72			5.9				0.00000	%			48.75000	%			0				31,005				27,225				0				13,272				48,842				2,931				0				45,911				36,329
CASSIDY 19- 2-73			4.5				0.00000	%			48.75000	%			0				22,919				20,125				0				9,811				32,816				1,969				0				30,847				25,508
CASSIDY 19- 3-74			8.1				0.00000	%			48.75000	%			0				45,166				39,661				0				19,335				71,151				4,269				0				66,882				49,213
CASSIDY 19- 6-96			5.6				0.00000	%			48.75000	%			0				32,428				28,475				0				13,882				46,432				2,786				0				43,646				34,911
CASSIDY 19- 7-75			5.2				0.00000	%			48.75000	%			0				27,561				24,202				0				11,798				39,463				2,368				0				37,095				29,971
CASSIDY 19- 9-76			9.1				0.00000	%			48.75000	%			0				57,184				50,213				0				24,479				90,082				5,405				0				84,677				61,009
CASSIDY 19-10-77			6.3				0.00000	%			48.75000	%			0				31,020				27,239				0				13,279				48,867				2,932				0				45,935				35,585
CASSIDY 19-11-97			4.4				0.00000	%			48.75000	%			0				21,393				18,785				0				9,158				30,631				1,838				0				28,793				23,818
CASSIDY 19-13-78			13.9				0.00000	%			52.81250	%			0				88,708				77,895				0				41,138				137,599				8,256				0				129,343				79,728
CASSIDY 19-15-79			9.0				0.00000	%			48.75000	%			0				46,227				40,592				0				19,789				72,822				4,369				0				68,452				48,286
CASSIDY 19-16-80			4.0				0.00000	%			48.75000	%			0				22,388				19,659				0				9,584				32,055				1,923				0				30,132				25,568
CASSIDY 20- 3-81			8.5				0.00000	%			48.75000	%			0				50,214				44,093				0				21,495				71,898				4,314				0				67,584				48,625
CASSIDY 20- 5-82			3.3				0.00000	%			48.75000	%			0				16,516				14,503				0				7,070				23,649				1,419				0				22,230				19,345
CASSIDY 20- 6-83			4.7				0.00000	%			48.75000	%			0				23,082				20,269				0				9,881				33,050				1,983				0				31,067				25,477
CASSIDY 20- 7-84			7.8				0.00000	%			48.75000	%			0				41,303				36,268				0				17,681				65,065				3,904				0				61,161				45,301
CASSIDY 20- 8-85			13.8				0.00000	%			48.75000	%			0				98,409				86,413				0				42,126				155,025				9,301				0				145,723				92,357
CASSIDY 20-10-86			4.4				0.00000	%			48.75000	%			0				24,929				21,890				0				10,671				35,694				2,142				0				33,552				28,021
CASSIDY 20-12-87			6.2				0.00000	%			48.75000	%			0				36,565				32,107				0				15,652				52,354				3,141				0				49,213				38,577
CASSIDY 20-14-88			2.6				0.00000	%			48.75000	%			0				11,900				10,450				0				5,094				17,039				1,022				0				16,017				14,282
CASSIDY 20-16-89			0.0				0.00000	%			48.75000	%			0				0				0				0				0				0				0				0				0				0
CASSIDY 21- 2-102			7.2				0.00000	%			48.75000	%			0				40,003				35,126				0				17,124				63,017				3,781				0				59,236				45,003
CASSIDY 21- 3-116			12.9				0.00000	%			48.75000	%			0				113,713				99,851				0				48,678				162,817				9,769				0				153,048				100,562
CASSIDY 21- 4-117			14.3				0.00000	%			48.75000	%			0				79,178				69,527				0				33,894				124,731				7,484				0				117,247				69,978
CASSIDY 21- 6-103			10.3				0.00000	%			48.75000	%			0				72,949				64,056				0				31,227				104,450				6,267				0				98,183				68,080
CASSIDY 21- 8-104			1.1				0.00000	%			48.75000	%			0				4,113				3,612				0				1,761				6,480				389				0				6,091				5,794
CASSIDY 21-10-105			9.0				0.00000	%			48.75000	%			0				58,238				51,139				0				24,930				83,386				5,003				0				78,383				56,019

		RALPH E. DAVIS ASSOCIATES, INC. TEXAS REGISTERED FIRM F-1529		Page 1 of 11

     

BLACK WARRIOR TRUST 1994-1		RESERVES and REVENUES
TOTAL ROYALTY INTERESTS		AS OF DECEMBER 31, 2009
TOTAL PROVED RESERVES

														Gross Volumes												Net Volumes								Product				Production				Operating				Future Net Income
		Life				Working				Revenue				Oil				Wellhead Gas				Sales Gas				Oil				Sales Gas				Sales				Taxes				Expense				Undiscounted				Disc. @ 10%
Well Name & Number		Years				Interest				Interest				Bbls				Mcf				Mcf				Bbls				Mcf				$				$				$				$				$
CASSIDY 21-11-106			31.8				0.00000	%			48.75000	%			0				240,898				211,533				0				103,122				379,490				22,769				0				356,721				147,601
CASSIDY 21-14-118			8.2				0.00000	%			48.75000	%			0				49,938				43,851				0				21,377				78,669				4,720				0				73,949				54,722
CASSIDY 22- 1-107			14.3				0.00000	%			48.75000	%			0				81,819				71,845				0				35,024				128,890				7,733				0				121,156				72,701
CASSIDY 22- 3-108			3.2				0.00000	%			48.75000	%			0				14,632				12,848				0				6,264				20,950				1,257				0				19,693				17,125
CASSIDY 22- 6-110			0.0				0.00000	%			48.75000	%			0				0				0				0				0				0				0				0				0				0
CASSIDY 22- 7-111			0.0				0.00000	%			48.90418	%			0				0				0				0				0				0				0				0				0				0
CASSIDY 22-13-112			5.5				0.00000	%			48.75000	%			0				23,178				20,353				0				9,922				36,513				2,191				0				34,322				27,124
CASSIDY 22-14-113			9.4				0.00000	%			48.75000	%			0				45,799				40,216				0				19,606				72,148				4,329				0				67,819				46,819
CASSIDY 25- 3-11			1.3				0.00000	%			48.75000	%			0				5,172				4,541				0				2,214				8,147				489				0				7,659				7,242
CASSIDY 25- 4-66			3.3				0.00000	%			48.75000	%			0				16,113				14,149				0				6,897				23,071				1,384				0				21,686				18,858
CASSIDY 25- 5-67			3.3				0.00000	%			48.75000	%			0				16,888				14,829				0				7,229				24,180				1,451				0				22,729				19,811
CASSIDY 25- 6-13			3.3				0.00000	%			48.75000	%			0				15,621				13,717				0				6,687				22,367				1,342				0				21,025				18,254
CASSIDY 25-10- 1			1.0				0.00000	%			48.75000	%			0				4,314				3,788				0				1,847				6,177				371				0				5,806				5,545
CASSIDY 25-12-14			1.3				0.00000	%			48.75000	%			0				5,998				5,267				0				2,568				8,588				515				0				8,073				7,599
CASSIDY 25-14-21			5.5				0.00000	%			48.75000	%			0				30,137				26,463				0				12,901				47,475				2,849				0				44,627				35,979
CASSIDY 25-15-20			0.0				0.00000	%			48.75000	%			0				0				0				0				0				0				0				0				0				0
CASSIDY 25-16- 1			2.7				0.00000	%			48.75000	%			0				12,057				10,588				0				5,161				17,264				1,036				0				16,228				14,409
CASSIDY 26- 8-122			5.5				0.00000	%			48.75000	%			0				29,684				26,065				0				12,707				42,502				2,550				0				39,952				31,876
CASSIDY 26-10-123			2.3				0.00000	%			48.75000	%			0				10,631				9,336				0				4,551				15,222				913				0				14,309				12,957
CASSIDY 28- 1-114			17.8				0.00000	%			48.75000	%			0				110,211				96,777				0				47,179				173,617				10,417				0				163,200				89,620
CASSIDY 28- 7-115			34.1				0.00000	%			48.75000	%			0				240,967				211,593				0				103,152				379,599				22,776				0				356,823				137,955
CASSIDY 28- 8-131			31.5				0.00000	%			47.93020	%			0				345,550				303,427				0				145,433				486,446				29,187				0				457,259				202,959
CASSIDY 29- 1-95			3.2				0.00000	%			48.75000	%			0				32,277				28,342				0				13,817				50,846				3,051				0				47,795				43,351
CASSIDY 29- 2-98			4.7				0.00000	%			48.75000	%			0				22,215				19,507				0				9,510				34,995				2,100				0				32,895				27,129
CASSIDY 29- 3-90			6.2				0.00000	%			48.75000	%			0				29,005				25,470				0				12,416				45,693				2,742				0				42,951				33,363
CASSIDY 29- 4-91			1.9				0.00000	%			48.75000	%			0				8,925				7,837				0				3,820				12,778				767				0				12,012				11,030
CASSIDY 29- 5-92			6.4				0.00000	%			48.75000	%			0				32,440				28,486				0				13,887				51,103				3,066				0				48,037				37,193
CASSIDY 29- 6-93			9.8				0.00000	%			48.75000	%			0				52,734				46,305				0				22,574				83,072				4,984				0				78,088				54,013
CASSIDY 29- 9-94			8.8				0.00000	%			48.75000	%			0				67,193				59,002				0				28,763				96,208				5,772				0				90,436				66,138
CASSIDY 29-10-99			7.3				0.00000	%			48.75000	%			0				45,401				39,867				0				19,435				71,521				4,291				0				67,230				51,291
CASSIDY 30- 2-119			13.6				0.00000	%			48.75000	%			0				137,401				120,652				0				58,818				196,734				11,804				0				184,930				121,508
CASSIDY 30- 4-120			12.1				0.00000	%			52.81250	%			0				80,779				70,932				0				37,461				125,300				7,518				0				117,782				77,428
CASSIDY 30- 8-121			22.1				0.00000	%			46.51560	%			0				166,430				146,143				0				67,979				250,163				15,010				0				235,153				118,994
CASSIDY 30-12-15			5.0				0.00000	%			46.51559	%			0				29,384				25,802				0				12,002				44,167				2,650				0				41,517				34,147
CASSIDY 30-13- 1			0.8				0.00000	%			48.75000	%			0				3,493				3,067				0				1,495				5,002				300				0				4,702				4,523
CASSIDY 30-14- 1			2.4				0.00000	%			48.75000	%			0				11,120				9,764				0				4,760				17,517				1,051				0				16,466				14,854
CASSIDY 30-15-12			4.6				0.00000	%			48.75000	%			0				21,218				18,632				0				9,083				33,426				2,006				0				31,420				25,950
CASSIDY 31- 1-17			0.1				0.00000	%			48.75000	%			0				295				259				0				126				465				28				0				437				436
CASSIDY 31- 2-10			8.2				0.00000	%			48.75000	%			0				45,546				39,994				0				19,497				71,749				4,305				0				67,444				49,471
CASSIDY 31- 3-16			5.8				0.00000	%			48.75000	%			0				25,410				22,312				0				10,877				40,029				2,402				0				37,627				29,422
CASSIDY 31- 4- 1			2.4				0.00000	%			48.75000	%			0				9,601				8,431				0				4,110				15,124				907				0				14,217				12,760
CASSIDY 31- 5- 1A			6.6				0.00000	%			48.75000	%			0				40,205				35,304				0				17,211				63,335				3,800				0				59,535				46,540
CASSIDY 31- 6-18			5.1				0.00000	%			48.75000	%			0				28,661				25,168				0				12,269				41,038				2,462				0				38,576				31,378
CASSIDY 31- 8-70			3.0				0.00000	%			48.75000	%			0				13,828				12,142				0				5,919				19,799				1,188				0				18,611				16,299
CASSIDY 31-10-124			6.7				0.00000	%			48.75000	%			0				39,642				34,809				0				16,970				56,760				3,406				0				53,354				41,058
CASSIDY 31-12-125			7.3				0.00000	%			48.75000	%			0				38,277				33,611				0				16,385				60,298				3,618				0				56,680				42,551
CASSIDY 31-14-65			3.3				0.00000	%			48.75000	%			0				16,295				14,309				0				6,976				23,332				1,400				0				21,932				19,074
CASSIDY 31-16-69			2.3				0.00000	%			48.75000	%			0				10,578				9,288				0				4,528				15,146				909				0				14,237				12,887
CASSIDY 32- 1-101			6.8				0.00000	%			48.75000	%			0				49,677				43,622				0				21,265				71,129				4,268				0				66,861				52,052
CASSIDY 32- 2-41			5.4				0.00000	%			48.75000	%			0				29,739				26,114				0				12,731				46,849				2,811				0				44,038				35,617