Sable Natural Resources (SNREQ) 10-K 2010 FY Annual report

EXHIBIT 99

ESTIMATE OF RESERVES AND FUTURE NET CASH FLOW
to the
NYTEX PETROLEUM, INC. INTEREST
In certain properties located in
ARCHER, HUTCHINSON, LEON, LIBERTY
AND MOORE COUNTIES, TEXAS

as of
DECEMBER 31, 2010

BASED ON CONSTANT PRICE AND COST PARAMETERS
PROVIDED BY NYTEX PETROLEUM, INC.

LaRoche Petroleum Consultants, Ltd.

March 3, 2011

Ms. Georgianna Hanes — Controller
NYTEX Petroleum, Inc.
12222 Merit Drive, Suite 1850
Dallas, TX 75251

Dear Ms. Hanes:

     At your request, LaRoche Petroleum Consultants, Ltd. (LPC) has estimated the proved developed producing reserves and future cash flow, as of December 31, 2010, to the NYTEX Petroleum, Inc. (NYTEX) interest in certain properties located in Archer, Hutchinson, Leon, Liberty and Moore counties, Texas. The work in this report was completed as of the date of this letter. This report was prepared to provide NYTEX with Securities and Exchange Commission (SEC) compliant reserve estimates. It is our understanding that the properties evaluated by LPC comprise one hundred percent (100%) of NYTEX’s proved developed producing reserves. We believe that the assumptions, data, methods, and procedures used in preparing this report, as set out below, are appropriate for the purpose of this report. This report has been prepared using constant prices and costs and conforms to our understanding of the SEC guidelines, reserves definitions, and applicable financial accounting rules.

     Summarized below are LPC’s estimates of net reserves and future net cash flow. Future net cash flow is after deducting operating expenses, and future capital expenditures, but before consideration of federal income taxes. The discounted cash flow values included in this report are intended to represent the time value of money and should not be construed to represent an estimate of fair market value. We estimate the net reserves and future net cash flow to the NYTEX interest, as of December 31, 2010, to be:

	Net Reserves				Future Net Cash Flow ($)
	Oil & NGL		Gas				Present Worth
Category	(Barrels)		(Mcf)		Total		at 10%
Proved Developed Producing		33,382		25,901	$	617,132	$	537,508

     The oil reserves include crude oil, condensate, and natural gas liquids (NGL). Oil and NGL reserves are expressed in barrels, which are equivalent to 42 United States gallons. Gas reserves are expressed in thousands of standard cubic feet (Mcf) at the contract temperature and pressure bases.

     The estimated reserves and future cash flow shown in this report are for proved developed producing reserves. This report does not include any value that could be attributed to interests in undeveloped acreage.

     This report includes: (1) summary economic projections of reserves and cash flow for each reserve category, (2) one-line summaries of basic economic data and reserves for each property evaluated, and (3) economic projections of reserves and cash flow for each evaluated property.

4600 Greenville Avenue, Suite 160     •     Dallas, Texas 75206     •     Phone (214) 363-3337     •     Fax (214) 363-1608

     Estimates of reserves for this report were prepared using standard geological and engineering methods generally accepted by the petroleum industry. The reserves in this report have been estimated using deterministic methods. The method or combination of methods utilized in the evaluation of each reservoir included consideration of the stage of development of the reservoir, quality and completeness of basic data, and production history. Recovery from various reservoirs and leases was estimated after consideration of the type of energy inherent in the reservoirs, the structural positions of the properties, and reservoir and well performance. In some instances, comparisons were made to similar properties for which more complete data were available. We have used all methods and procedures that we considered necessary under the circumstances to prepare this report. We have excluded from our consideration all matters as to which the controlling interpretation may be legal or accounting rather than engineering or geoscience.

     The estimated reserves and future cash flow amounts in this report are related to hydrocarbon prices. Historical prices through December 31, 2010 were used in the preparation of this report as required by SEC guidelines; however, actual future prices may vary significantly from the SEC prices. In addition, future changes in environmental and administrative regulations may significantly affect the ability of NYTEX to produce oil and gas at the projected levels. Therefore, volumes of reserves actually recovered and amounts of cash flow actually received may differ significantly from the estimated quantities presented in this report.

     Benchmark prices used in this report are based on the twelve-month un-weighted arithmetic average of the first day of the month price for the period January through December 2010. Gas prices are referenced to a Henry Hub (HH) price of $4.38 per MMBtu, as published in Platts Gas Daily, and are adjusted for energy content, transportation fees, and regional price differentials. Oil and NGL prices are referenced to a West Texas Intermediate (WTI) crude oil price of $75.96 per barrel, as posted by Plains Marketing, L.P., and are adjusted for gravity, crude quality, transportation fees, and regional price differentials. These reference prices are held constant in accordance with SEC guidelines. The weighted average prices after adjustments over the life of the properties are $75.15 per barrel for oil, $4.37 per mcf for gas, and $52.66 per barrel for NGL.

     Lease and well operating expenses are based on data obtained from NYTEX. Expenses for the properties operated by NYTEX include allocated overhead costs, direct lease and field level costs as well as compression costs and marketing expenses. Leases and wells operated by others include all direct expenses as well as general and administrative costs and overhead costs allowed under the specific joint operating agreements. Lease and well operating costs are held constant in accordance with SEC guidelines.

     Estimates of the cost to plug and abandon the wells net of salvage value have been provided by NYTEX and are included and scheduled at the end of the economic life of individual properties. These costs are held constant.

     LPC has made no investigation of possible gas volume and value imbalances that may have resulted from the overdelivery or underdelivery to the NYTEX interest. Our projections are based on the NYTEX interest receiving its net revenue interest share of estimated future gross oil and gas production.

LaRoche Petroleum Consultants, Ltd.

     Technical information necessary for the preparation of the reserve estimates herein was furnished by NYTEX or was obtained from state regulatory agencies and commercially available data sources. No special tests were obtained to assist in the preparation of this report. For the purpose of this report, the individual well test and production data as reported by the above sources were accepted as represented together with all other factual data presented by NYTEX including the extent and character of the interest evaluated.

     An on-site inspection of the properties has not been performed nor has the mechanical operation or condition of the wells and their related facilities been examined by LPC. In addition, the costs associated with the continued operation of uneconomic properties are not reflected in the cash flows.

     The evaluation of potential environmental liability from the operation and abandonment of the properties is beyond the scope of this report. In addition, no evaluation was made to determine the degree of operator compliance with current environmental rules, regulations, and reporting requirements. Therefore, no estimate of the potential economic liability, if any, from environmental concerns is included in the projections presented herein.

     The reserves included in this report are estimates only and should not be construed as exact quantities. They may or may not be recovered; if recovered, the revenues therefrom and the costs related thereto could be more or less than the estimated amounts. These estimates should be accepted with the understanding that future development, production history, changes in regulations, product prices, and operating expenses would probably cause us to make revisions in subsequent evaluations. As in all aspects of oil and gas evaluation, there are uncertainties inherent in the interpretation of engineering and geological data; therefore, our conclusions represent informed professional judgments only, not statements of fact.

     The results of our third party study were prepared in accordance with the disclosure requirements set forth in the SEC regulations and intended for public disclosure as an exhibit in filings made with the SEC by NYTEX.

     NYTEX makes periodic filings on Form 10-K with the SEC under the 1934 Exchange Act. Furthermore, NYTEX has certain registration statements filed with the SEC under the 1933 Securities Act into which any subsequently filed Form 10-K is incorporated by reference. We have consented to the incorporation by reference in the registration statements on Form S-3 and Form S-8 of NYTEX of the references to our name, together with references to our third party report for NYTEX which appears in the December 31, 2010 annual report on Form 10-K and/or 10-K/A of NYTEX. Our written consent for such use is included as a separate exhibit to the filings made with the SEC by NYTEX.

     We have provided NYTEX with a digital version of the original signed copy of this report letter. In the event there are any differences between the digital version included in filings made by NYTEX and the original signed report letter, the original signed report letter shall control and supersede the digital version.

     The technical persons responsible for preparing the reserve estimates presented herein meet the requirements regarding qualifications, independence, objectivity, and confidentiality set forth in the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information promulgated by the Society of Petroleum Engineers. The technical person primarily responsible for overseeing the preparation of reserves estimates herein is Joe A. Young. Mr. Young is a Professional Engineer licensed in the State of Texas who has twenty-nine years of engineering experience in the oil and gas industry. Mr. Young earned his Bachelor of Science degree in Petroleum Engineering from Texas A&M

LaRoche Petroleum Consultants, Ltd.

University and has prepared reserves estimates for his employers and his own companies throughout his career. He has prepared and overseen preparation of reports for public filings for LPC for the past fourteen years. LPC is an independent firm of petroleum engineers, geologists, and geophysicists; and are not employed on a contingent basis. Data pertinent to this report are maintained on file in our office.

Very truly yours, LaRoche Petroleum Consultants, Ltd. State of Texas Registration Number F-1360
/s/ Joe A. Young	[SEAL]
Joe A. Young
Licensed Professional Engineer State of Texas No. 62866

JAY:mk
11-039

LaRoche Petroleum Consultants, Ltd.

NYTEX INTEREST
VARIOUS TEXAS PROPERTIES
PROVED DEVELOPED PRODUCING

R E S E R V E S   A N D   E C O N O M I C S

AS OF DATE: 01/2011

	GROSS OIL		GROSS GAS		NET OIL		NET GAS		NET NGL		NET OIL		NET GAS		NET NGL		NET OIL		NET GAS		TOTAL NET
END	PRODUCTION		PRODUCTION		PRODUCTION		PRODUCTION		PRODUCTION		PRICE		PRICE		PRICE		SALES		SALES		SALES
MO-YEAR	MBBLS		MMCF		MBBLS		MMCF		MBBLS		$/BBL		$/MCF		$/BBL		M$		M$		M$
12-2011		18.000		143.901		3.339		3.703		1.225		75.139		4.388		52.467		250.884		16.248		331.413
12-2012		14.536		99.609		3.059		3.306		1.126		75.135		4.378		52.570		229.846		14.472		303.531
12-2013		10.868		77.976		2.792		2.998		1.039		75.135		4.372		52.629		209.769		13.105		277.540
12-2014		9.274		64.835		2.552		2.737		0.959		75.134		4.369		52.668		191.754		11.958		254.235
12-2015		8.354		55.391		2.348		2.508		0.887		75.130		4.367		52.697		176.380		10.953		234.051
12-2016		7.539		47.595		2.160		2.301		0.820		75.126		4.365		52.722		162.254		10.043		215.505
12-2017		6.807		40.931		1.987		2.112		0.758		75.123		4.363		52.746		149.269		9.214		198.448
12-2018		6.151		35.231		1.828		1.939		0.701		75.119		4.362		52.768		137.332		8.458		182.760
12-2019		4.647		16.072		1.653		1.720		0.644		75.113		4.349		52.886		124.176		7.481		165.699
12-2020		2.368		4.635		1.443		1.545		0.593		75.108		4.339		52.968		108.398		6.704		146.506
12-2021		1.777		2.253		1.108		0.959		0.258		75.486		4.298		51.895		83.601		4.121		101.112
12-2022		0.138		0.164		0.087		0.073		0.018		75.530		4.292		51.653		6.535		0.313		7.796
12-2023
12-2024		��
12-2025
S TOT		90.460		588.594		24.355		25.901		9.027		75.146		4.366		52.657		1830.198		113.070		2418.596
AFTER		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000
TOTAL		90.460		588.594		24.355		25.901		9.027		75.146		4.366		52.657		1830.198		113.070		2418.596

	AD VALOREM		PRODUCTION		DIRECT OPER		INTEREST		CAPITAL		EQUITY		FUTURE NET		CUMULATIVE		10% CUM DISC
END	TAX		TAX		EXPENSE		PAID		REPAYMENT		INVESTMENT		CASH FLOW		CASH FLOW		CASH FLOW
MO-YEAR	M$		M$		M$		M$		M$		M$		M$		M$		M$
12-2011		10.982		17.631		131.049		0.000		0.000		11.680		160.071		160.071		152.078
12-2012		10.058		16.145		131.011		0.000		0.000		0.016		146.301		306.372		278.889
12-2013		9.197		14.774		129.933		0.000		0.000		1.125		122.511		428.883		375.427
12-2014		8.424		13.545		129.005		0.000		0.000		0.000		103.261		532.144		449.398
12-2015		7.755		12.474		129.005		0.000		0.000		0.000		84.817		616.960		504.633
12-2016		7.141		11.490		129.005		0.000		0.000		0.000		67.869		684.830		544.814
12-2017		6.575		10.585		129.005		0.000		0.000		0.000		52.284		737.114		572.953
12-2018		6.055		9.752		129.005		0.000		0.000		0.000		37.948		775.062		591.520
12-2019		5.490		8.851		126.542		0.000		0.000		1.739		23.078		798.140		601.796
12-2020		4.852		7.866		120.406		0.000		0.000		0.000		13.382		811.522		607.207
12-2021		3.358		5.176		88.423		0.000		0.000		46.720		-42.564		768.958		590.722
12-2022		0.259		0.396		7.126		0.000		0.000		151.840		-151.826		617.132		537.508
12-2023
12-2024
12-2025
S TOT		80.147		128.685		1379.514		0.000		0.000		213.120		617.132		617.132		537.508
AFTER		0.000		0.000		0.000		0.000		0.000		0.000		0.000		617.132		537.508
TOTAL		80.147		128.685		1379.514		0.000		0.000		213.120		617.132		617.132		537.508

	OIL		GAS				P.W. %		P.W., M$
GROSS WELLS		24.0		0.0	LIFE, YRS.	11.08		5.00		580.498
GROSS ULT., MB & MMF		639.544		4278.199	DISCOUNT %	10.00		10.00		537.508
GROSS CUM., MB & MMF		549.084		3689.604	UNDISCOUNTED PAYOUT, YRS.	0.07		15.00		495.245
GROSS RES., MB & MMF		90.460		588.594	DISCOUNTED PAYOUT, YRS.	0.07		20.00		456.418
NET RES., MB & MMF		24.355		25.901	UNDISCOUNTED NET/INVEST.	3.90		25.00		421.803
NET REVENUE, M$		1830.198		113.070	DISCOUNTED NET/INVEST.	7.36		30.00		391.343
INITIAL PRICE, $		75.431		4.730	RATE-OF-RETURN, PCT.	100.00		40.00		341.294
INITIAL N.I., PCT.		10.847		2.718	INITIAL W.I., PCT.	15.880		60.00		272.406
								80.00		228.453
								100.00		198.276

THESE DATA ARE PART OF A LAROCHE PETROLEUM CONSULTANTS, LTD. REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.

LaRoche Petroleum Consultants, Ltd.

PROVED DEVELOPED PRODUCING
NYTEX PETROLEUM, INC.
AS OF DECEMBER 31, 2010

			Gross Reserves				Net Reserves						Net Revenue
																							Net Adval,		Net Prod		Net		Net Undis		Net Disc
LEASE	STATE	COUNTY	Oil, Bbls		Gas, MCF		Oil, Bbls		Gas, MCF		NGL, Bbls		Oil, $		Gas, $		NGL, $		Total, $		Net Opex, $		$		Tax, $		Capex, $		Cash Flow, $		Cash Flow, $
BLOXSOM 2	TX	LIBERTY		1,205		11,366		1		5		0		42		29		0		71		53		2		4		16		-5		-4
BURNETT R - 47	TX	HUTCHINSON		0		0		0		0		0		0		0		0		0		0		0		0		11,680		-11,680		-11,680
BURNETT U LEASE	TX	HUTCHINSON		6,823		34,117		3,736		7,845		4,875		273,497		34,705		262,927		571,129		351,818		18,766		34,958		46,720		118,866		107,376
LIBERTY FARMS UNIT 2	TX	LIBERTY		12,215		507,339		63		2,175		149		4,909		10,195		5,674		20,778		7,914		678		1,417		176		10,593		8,747
MCLAUGHLIN LEASE	TX	MOORE		30,170		35,773		18,857		15,875		4,002		1,424,266		68,141		206,728		1,699,136		947,793		56,445		86,416		151,840		456,641		398,563
SAND HILL FARM C-2	TX	LEON		4,727		0		27		0		0		2,009		0		0		2,009		1,443		67		93		188		218		223
SAND HILL FARM C-3	TX	LEON		33,404		0		1,587		0		0		119,130		0		0		119,130		67,010		3,977		5,504		1,563		41,077		32,865
STEEN 1S	TX	ARCHER		1,915		0		85		0		0		6,346		0		0		6,346		3,482		212		293		938		1,421		1,418
TOTAL PROVED DEVELOPED PRODUCING				90,460		588,594		24,355		25,901		9,027		1,830,198		113,070		475,328		2,418,597		1,379,513		80,147		128,685		213,120		617,132		537,508

A LAROCHE PETROLEUM CONSULTANTS, LTD. REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.

BLOXSOM 2
FORT APACHE ENERGY INCORPORATED
LIBERTY, TX
PROVED DEVELOPED PRODUCING

R E S E R V E S   A N D   E C O N O M I C S

AS OF DATE: 01/2011

	GROSS OIL		GROSS GAS		NET OIL		NET GAS		NET NGL		NET OIL		NET GAS		NET NGL		NET OIL		NET GAS		TOTAL NET
END	PRODUCTION		PRODUCTION		PRODUCTION		PRODUCTION		PRODUCTION		PRICE		PRICE		PRICE		SALES		SALES		SALES
MO-YEAR	MBBLS		MMCF		MBBLS		MMCF		MBBLS		$/BBL		$/MCF		$/BBL		M$		M$		M$
12-2011		1.057		9.972		0.000		0.005		0.000		74.140		5.387		0.000		0.037		0.025		0.062
12-2012		0.148		1.394		0.000		0.001		0.000		74.140		5.387		0.000		0.005		0.004		0.009
12-2013
12-2014
12-2015
12-2016
12-2017
12-2018
12-2019
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT		1.205		11.366		0.001		0.005		0.000		74.140		5.387		0.000		0.042		0.029		0.071
AFTER		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000
TOTAL		1.205		11.366		0.001		0.005		0.000		74.140		5.387		0.000		0.042		0.029		0.071

	AD VALOREM		PRODUCTION		DIRECT OPER		INTEREST		CAPITAL		EQUITY		FUTURE NET		CUMULATIVE		10% CUM DISC
END	TAX		TAX		EXPENSE		PAID		REPAYMENT		INVESTMENT		CASH FLOW		CASH FLOW		CASH FLOW
MO-YEAR	M$		M$		M$		M$		M$		M$		M$		M$		M$
12-2011		0.002		0.004		0.046		0.000		0.000		0.000		0.011		0.011		0.010
12-2012		0.000		0.001		0.008		0.000		0.000		0.016		-0.015		-0.005		-0.004
12-2013
12-2014
12-2015
12-2016
12-2017
12-2018
12-2019
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT		0.002		0.004		0.053		0.000		0.000		0.016		-0.005		-0.005		-0.004
AFTER		0.000		0.000		0.000		0.000		0.000		0.000		0.000		-0.005		-0.004
TOTAL		0.002		0.004		0.053		0.000		0.000		0.016		-0.005		-0.005		-0.004

	OIL		GAS				P.W. %		P.W., M$
GROSS WELLS		1.0		0.0	LIFE, YRS.	1.17		5.00		-0.004
GROSS ULT., MB & MMF		11.768		133.403	DISCOUNT %	10.00		10.00		-0.004
GROSS CUM., MB & MMF		10.563		122.037	UNDISCOUNTED PAYOUT, YRS.	0.00		15.00		-0.003
GROSS RES., MB & MMF		1.205		11.366	DISCOUNTED PAYOUT, YRS.	0.00		20.00		-0.003
NET RES., MB & MMF		0.001		0.005	UNDISCOUNTED NET/INVEST.	0.69		25.00		-0.003
NET REVENUE, MS		0.042		0.029	DISCOUNTED NET/INVEST.	0.73		30.00		-0.002
INITIAL PRICE, $		74.140		5.387	RATE-OF-RETURN, PCT.	0.00		40.00		-0.002
INITIAL N.I., PCT.		0.047		0.047	INITIAL W.I., PCT.	0.063		60.00		-0.001
								80.00		0.000
								100.00		0.000

THESE DATA ARE PART OF A LAROCHE PETROLEUM CONSULTANTS, LTD. REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.

LaRoche Petroleum Consultants, Ltd.

BURNETT R — 47
NYTEX PETROLEUM INCORPORATED
HUTCHINSON , TX
PROVED DEVELOPED PRODUCING

R E S E R V E S   A N D    E C O N O M I C S

AS OF DATE: 01/2011

	GROSS OIL		GROSS GAS		NET OIL		NET GAS		NET NGL		NET OIL		NET GAS		NET NGL		NET OIL		NET GAS		TOTAL NET
END	PRODUCTION		PRODUCTION		PRODUCTION		PRODUCTION		PRODUCTION		PRICE		PRICE		PRICE		SALES		SALES		SALES
MO-YEAR	MBBLS		MMCF		MBBLS		MMCF		MBBLS		$/BBL		$/MCF		$/BBL		M$		M$		M$
12-2011		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000
12-2012
12-2013
12-2014
12-2015
12-2016
12-2017
12-2018
12-2019
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000
AFTER		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000
TOTAL		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000

	AD VALOREM		PRODUCTION		DIRECT OPER		INTEREST		CAPITAL		EQUITY		FUTURE NET		CUMULATIVE		10% CUM DISC
END	TAX		TAX		EXPENSE		PAID		REPAYMENT		INVESTMENT		CASH FLOW		CASH FLOW		CASH FLOW
MO-YEAR	M$		M$		M$		M$		M$		M$		M$		M$		M$
12-2011		0.000		0.000		0.000		0.000		0.000		11.680		-11.680		-11.680		-11.680
12-2012
12-2013
12-2014
12-2015
12-2016
12-2017
12-2018
12-2019
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT		0.000		0.000		0.000		0.000		0.000		11.680		-11.680		-11.680		-11.680
AFTER		0.000		0.000		0.000		0.000		0.000		0.000		0.000		-11.680		-11.680
TOTAL		0.000		0.000		0.000		0.000		0.000		11.680		-11.680		-11.680		-11.680

	OIL		GAS				P.W. %		P.W., M$
GROSS WELLS		1.0		0.0	LIFE, YRS.	0.08		5.00		-11.680
GROSS ULT., MB & MMF		0.000		608.635	DISCOUNT %	10.00		10.00		-11.680
GROSS CUM., MB & MMF		0.000		608.635	UNDISCOUNTED PAYOUT, YRS.	0.08		15.00		-11.680
GROSS RES., MB & MMF		0.000		0.000	DISCOUNTED PAYOUT, YRS.	0.08		20.00		-11.680
NET RES., MB & MMF		0.000		0.000	UNDISCOUNTED NET/INVEST.	0.00		25.00		-11.680
NET REVENUE, M$		0.000		0.000	DISCOUNTED NET/INVEST.	0.00		30.00		-11.680
INITIAL PRICE, $		0.000		0.000	RATE-OF-RETURN, PCT.	0.00		40.00		-11.680
INITIAL N.I., PCT.		0.000		0.000	INITIAL W.I., PCT.	0.000		60.00		-11.680
								80.00		-11.680
								100.00		-11.680

THESE DATA ARE PART OF A LAROCHE PETROLEUM CONSULTANTS, LTD. REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.

LaRoche Petroleum Consultants, Ltd.

BURNETT U LEASE
NYTEX PETROLEUM INCORPORATED
HUTCHINSON, TX
PROVED DEVELOPED PRODUCING

R E S E R V E S   A N D   E C O N O M I C S

AS OF DATE: 01/2011

	GROSS OIL		GROSS GAS		NET OIL		NET GAS		NET NGL		NET OIL		NET GAS		NET NGL		NET OIL		NET GAS		TOTAL NET
END	PRODUCTION		PRODUCTION		PRODUCTION		PRODUCTION		PRODUCTION		PRICE		PRICE		PRICE		SALES		SALES		SALES
MO YEAR	MBBLS		MMCF		MBBLS		MMCF		MBBLS		$/BBL		$/MCF		$/BBL		M$		M$		M$
12-2011		0.920		4.602		0.504		1.058		0.658		73.210		4.424		53.932		36.892		4.681		77.040
12-2012		0.856		4.280		0.469		0.984		0.612		73.210		4.424		53.932		34.310		4.354		71.648
12-2013		0.796		3.980		0.436		0.915		0.569		73.210		4.424		53.932		31.908		4.049		66.632
12-2014		0.740		3.702		0.405		0.851		0.529		73.210		4.424		53.932		29.675		3.766		61.968
12-2015		0.689		3.443		0.377		0.792		0.492		73.210		4.424		53.932		27.597		3.502		57.630
12-2016		0.640		3.202		0.351		0.736		0.457		73.210		4.424		53.932		25.666		3.257		53.596
12-2017		0.595		2.977		0.326		0.685		0.425		73.210		4.424		53.932		23.869		3.029		49.844
12-2018		0.554		2.769		0.303		0.637		0.396		73.210		4.424		53.932		22.198		2.817		46.355
12-2019		0.515		2.575		0.282		0.592		0.368		73.210		4.424		53.932		20.644		2.620		43.110
12-2020		0.479		2.395		0.262		0.551		0.342		73.210		4.424		53.932		19.199		2.436		40.093
12-2021		0.038		0.192		0.021		0.044		0.027		73.210		4.424		53.932		1.538		0.195		3.212
12-2022
12-2023
12-2024
12-2025
S TOT		6.823		34.117		3.736		7.845		4.875		73.210		4.424		53.932		273.496		34.705		571.129
AFTER		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000
TOTAL		6.823		34.117		3.736		7.845		4.875		73.210		4.424		53.932		273.496		34.705		571.129

	AD VALOREM		PRODUCTION		DIRECT OPER		INTEREST		CAPITAL		EQUITY		FUTURE NET		CUMULATIVE		10% CUM DISC
END	TAX		TAX		EXPENSE		PAID		REPAYMENT		INVESTMENT		CASH FLOW		CASH FLOW		CASH FLOW
MO YEAR	M$		M$		M$		M$		M$		M$		M$		M$		M$
12-2011		2.531		4.716		34.891		0.000		0.000		0.000		34.902		34.902		33.278
12-2012		2.354		4.385		34.891		0.000		0.000		0.000		30.017		64.919		59.296
12-2013		2.189		4.078		34.891		0.000		0.000		0.000		25.473		90.393		79.369
12-2014		2.036		3.793		34.891		0.000		0.000		0.000		21.248		111.640		94.590
12-2015		1.894		3.527		34.891		0.000		0.000		0.000		17.318		128.958		105.868
12-2016		1.761		3.281		34.891		0.000		0.000		0.000		13.663		142.622		113.957
12-2017		1.638		3.051		34.891		0.000		0.000		0.000		10.265		152.886		119.481
12-2018		1.523		2.837		34.891		0.000		0.000		0.000		7.104		159.990		122.957
12-2019		1.417		2.639		34.891		0.000		0.000		0.000		4.164		164.154		124.809
12-2020		1.317		2.454		34.891		0.000		0.000		0.000		1.430		165.584		125.387
12-2021		0.106		0.197		2.908		0.000		0.000		46.720		-46.718		118.866		107.376
12-2022
12-2023
12-2024
12-2025
S TOT		18.766		34.958		351.818		0.000		0.000		46.720		118.866		118.866		107.376
AFTER		0.000		0.000		0.000		0.000		0.000		0.000		0.000		118.866		107.376
TOTAL		18.766		34.958		351.818		0.000		0.000		46.720		118.866		118.866		107.376

	OIL		GAS				P.W. %		P.W., M$
GROSS WELLS		5.0		0.0	LIFE, YRS.	10.08		5.00		114.143
GROSS ULT., MB & MMF		46.337		401.034	DISCOUNT %	10.00		10.00		107.376
GROSS CUM., MB & MMF		39.514		366.918	UNDISCOUNTED PAYOUT, YRS.	0.00		15.00		100.173
GROSS RES., MB & MMF		6.823		34.117	DISCOUNTED PAYOUT, YRS.	0.00		20.00		93.246
NET RES. MB & MMF		3.736		7.845	UNDISCOUNTED NET/INVEST.	3.54		25.00		86.877
NET REVENUE. M $		273.496		34,705	DISCOUNTED NET/INVEST.	6.96		30.00		81.146
INITIAL PRICE, $		73.210		4.424	RATE-OF-RETURN, PCT.	100.00		40.00		71.508
INITIAL N.I., PCT.		54.750		54.750	INITIAL W.I., PCT.	73.000		60.00		57.872
								80.00		49.003
								100.00		42.8631

THESE DATA ARE PART OF A LAROCHE PETROLEUM CONSULTANTS, LTD. REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.

LaRoche Petroleum Consultants, Ltd.

LIBERTY FARMS UNIT 2
CRIMSON EXPLORATION OPERATING IN
LIBERTY, TX
PROVED DEVELOPED PRODUCING

R E S E R V E S    A N D    E C O N O M I C S

AS OF DATE: 01/2011

	GROSS OIL		GROSS GAS		NET OIL		NET GAS		NET NGL		NET OIL		NET GAS		NET NGL		NET OIL		NET GAS		TOTAL NET
END	PRODUCTION		PRODUCTION		PRODUCTION		PRODUCTION		PRODUCTION		PRICE		PRICE		PRICE		SALES		SALES		SALES
MO-YEAR	MBBLS		MMCF		MBBLS		MMCF		MBBLS		$/BBL		$/MCF		$/BBL		M$		M$		M$
12-2011		3.039		124.582		0.016		0.534		0.037		77.790		4.687		37.980		1.221		2.503		5.118
12-2012		2.163		89.570		0.011		0.384		0.026		77.790		4.687		37.980		0.869		1.800		3.671
12-2013		1.680		69.979		0.009		0.300		0.021		77.790		4.687		37.980		0.675		1.406		2.864
12-2014		1.374		57.439		0.007		0.246		0.017		77.790		4.687		37.980		0.552		1.154		2.349
12-2015		1.160		48.549		0.006		0.208		0.014		77.790		4.687		37.980		0.466		0.976		1.985
12-2016		0.986		41.266		0.005		0.177		0.012		77.790		4.687		37.980		0.396		0.829		1.687
12-2017		0.838		35.076		0.004		0.150		0.010		77.790		4.687		37.980		0.337		0.705		1.434
12-2018		0.712		29.815		0.004		0.128		0.009		77.790		4.687		37.980		0.286		0.599		1.219
12-2019		0.264		11.062		0.001		0.047		0.003		77.790		4.687		37.980		0.106		0.222		0.452
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT		12.215		507.339		0.063		2.175		0.149		77.790		4.687		37.980		4.909		10.195		20.778
AFTER		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000
TOTAL		12.215		507.339		0.063		2.175		0.149		77.790		4.687		37.980		4.909		10.195		20.778

	AD VALOREM		PRODUCTION		DIRECT OPER		INTEREST		CAPITAL		EQUITY		FUTURE NET		CUMULATIVE		10% CUM DISC
END	TAX		TAX		EXPENSE		PAID		REPAYMENT		INVESTMENT		CASH FLOW		CASH FLOW		CASH FLOW
MO-YEAR	M$		M$		M$		M$		M$		M$		M$		M$		M$
12-2011		0.167		0.349		0.940		0.000		0.000		0.000		3.662		3.662		3.492
12-2012		0.120		0.250		0.940		0.000		0.000		0.000		2.360		6.023		5.538
12-2013		0.093		0.195		0.940		0.000		0.000		0.000		1.635		7.658		6.826
12-2014		0.077		0.160		0.940		0.000		0.000		0.000		1.172		8.829		7.665
12-2015		0.065		0.135		0.940		0.000		0.000		0.000		0.844		9.673		8.215
12-2016		0.055		0.115		0.940		0.000		0.000		0.000		0.576		10.250		8.556
12-2017		0.047		0.098		0.940		0.000		0.000		0.000		0.349		10.599		8.744
12-2018		0.040		0.083		0.940		0.000		0.000		0.000		0.156		10.754		8.820
12-2019		0.015		0.031		0.392		0.000		0.000		0.176		-0.162		10.593		8.747
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT		0.678		1.417		7.914		0.000		0.000		0.176		10.593		10.593		8.747
AFTER		0.000		0.000		0.000		0.000		0.000		0.000		0.000		10.593		8.747
TOTAL		0.678		1.417		7.914		0.000		0.000		0.176		10.593		10.593		8.747

	OIL		GAS				P.W. %		P.W., MS
GROSS WELLS		1.0		0.0	LIFE, YRS.	8.42		5.00		9.576
GROSS ULT., MB & MMF		95.286		2449.214	DISCOUNT %	10.00		10.00		8.747
GROSS CUM., MB & MMF		83.071		1941.875	UNDISCOUNTED PAYOUT, YRS.	0.00		15.00		8.062
CROSS RES., MB & MMF		12.215		507.339	DISCOUNTED PAYOUT, YRS.	0.00		20.00		7.488
NET RES., MB & MMF		0.063		2.175	UNDISCOUNTED NET/INVEST.	61.02		25.00		7.001
NET REVENUE, M$		4.909		10.195	DISCOUNTED NET/INVEST.	110.68		30.00		6.583
INITIAL PRICE, $		77.790		4.687	RATE-OF-RETURN, PCT.	100.00		40.00		5.904
INITIAL N.I., PCT.		0.517		0.517	INITIAL W.I., PCT.	0.706		60.00		4.956
								80.00		4.324
								100.00		3.871

THESE DATA ARE PART OF A LAROCHE PETROLEUM CONSULTANTS, LTD. REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.

LaRoche Petroleum Consultants, Ltd.

MCLAUGHLIN LEASE
NYTEX PETROLEUM INCORPORATED
MOORE, TX
PROVED DEVELOPED PRODUCING

R E S E R V E S  A N D  E C O N O M I C S

AS OF DATE: 01/2011

	GROSS OIL		GROSS GAS		NET OIL		NET GAS		NET NGL		NET OIL		NET GAS		NET NGL		NET OIL		NET GAS		TOTAL NET
END	PRODUCTION		PRODUCTION		PRODUCTION		PRODUCTION		PRODUCTION		PRICE		PRICE		PRICE		SALES		SALES		SALES
MO-YEAR	MBBLS		MMCF		MBBLS		MMCF		MBBLS		$/BBL		$/MCF		$/BBL		M$		M$		M$
12-2011		4.002		4. 745		2. 501		2.106		0.531		75.530		4.292		51.653		188.917		9. 038		225.376
12-2012		3.682		4.365		2.301		1.937		0.488		75.530		4.292		51.653		173.803		8.315		207.346
12-2013		3.387		4.016		2.117		1.782		0.449		75.530		4.292		51.653		159.899		7.650		190.758
12-2014		3.116		3.695		1.948		1.640		0.413		75.530		4.292		51.653		147.107		7.038		175.497
12-2015		2.867		3.399		1.792		1.508		0.380		75.530		4.292		51.6S3		135.339		6.475		161.458
12-2016		2.637		3.127		1.649		1.388		0.350		75.530		4.292		51.653		124.512		5.957		148.541
12-2017		2.426		2.877		1.517		1.277		0.322		75.530		4.292		51.653		114.551		5.480		136.658
12-2018		2.232		2.647		1.395		1.175		0.296		75.530		4.292		51.653		105.387		5.042		125.725
12-2019		2.054		2.435		1.284		1.081		0.272		75.530		4.292		51.653		96.956		4.639		115.667
12-2020		1.889		2.240		1.181		0.994		0.251		75.530		4.292		51.653		89.199		4.268		106.414
12-2021		1.738		2.061		1.086		0.915		0.231		75.530		4.292		51.653		82.063		3.926		97.901
12-2022		0.138		0.164		0.087		0.073		0.018		75.530		4.292		51.653		6.535		0.313		7.796
12-2023
12-2024
12-2025
S TOT		30.170		35.773		18.857		15.875		4.002		75.530		4.292		51.653		1424.266		68.141		1699.135
AFTER		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000
TOTAL		30.170		35.773		18.857		15.875		4.002		75.530		4.292		51.653		1424.266		68.141		1699.135

	AD VALOREM		PRODUCTION		DIRECT OPER		INTEREST		CAPITAL		EQUITY		FUTURE NET		CUMULATIVE		10% CUM DISC
END	TAX		TAX		EXPENSE		PAID		REPAYMENT		INVESTMENT		CASH FLOW		CASH FLOW		CASH FLOW
MO-YEAR	M$		M$		M$		M$		M$		M$		M$		M$		M$
12-2011		7.487		11.462		85.515		0.000		0.000		0.000		120.911		120.911		115.284
12-2012		6.888		10.545		85.515		0.000		0.000		0.000		104.397		225.308		205.774
12-2013		6.337		9.702		85.515		0.000		0.000		0.000		89.204		314.512		276.066
12-2014		5.830		8.926		85.515		0.000		0.000		0.000		75.227		389.739		329.954
12-2015		5.364		8.212		85.515		0.000		0.000		0.000		62.367		452.106		370.570
12-2016		4.935		7.555		85.515		0.000		0.000		0.000		50.537		502.643		400.489
12-2017		4.540		6.950		85.515		0.000		0.000		0.000		39.653		542.296		421.830
12-2018		4.177		6.394		85.515		0.000		0.000		0.000		29.639		571.935		436.332
12-2019		3.842		5.883		85.515		0.000		0.000		0.000		20.427		592.362		445.417
12-2020		3.535		5.412		85.515		0.000		0.000		0.000		11.951		604.313		450.250
12-2021		3.252		4.979		85.515		0.000		0.000		0.000		4.154		608.467		451.777
12-2022		0.259		0.396		7.126		0.000		0.000		151.840		-151.826		456.641		398.563
12-2023
12-2024
12-2025
S TOT		56.445		86.416		947.793		0.000		0.000		151.840		456.641		456.641		398.563
AFTER		0.000		0.000		0.000		0.000		0.000		0.000		0.000		456.641		398.563
TOTAL		56.445		86.416		947.793		0.000		0.000		151.840		456.641		456.641		398.563

	OIL		GAS				P.W. %		P.W., M$
GROSS WELLS		13.0		0.0	LIFE, YRS.	11.08		5.00		430.284
GROSS ULT., MB & MMF		410.287		685.828	DISCOUNT %	10.00		10.00		398.563
GROSS CUM., MB & MMF		380.117		650.056	UNDISCOUNTED PAYOUT, YRS.	0.00		15.00		367.202
GROSS RES., MB & MMF		30.170		35.773	DISCOUNTED PAYOUT, YRS.	0.00		20.00		338.384
NET RES., MB & MMF		18.857		15.875	UNDISCOUNTED NET/INVEST.	4.01		25 00		312.734
NET REVENUE. M$		1424.266		68.141	DISCOUNTED NET/INVEST.	8.49		30.00		290.219
INITIAL PRICE, $		75.530		4.292	RATE-OF-RETURN, PCT.	100.00		40.00		253.366
INITIAL N.I., PCT.		62.503		62.503	INITIAL W.I., PCT.	73.000		60.00		202.994
								80.00		171.094
								100.00		149.302

THESE DATA ARE PART OF A LAROCHE PETROLEUM CONSULTANTS, LTD. REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.

LaRoche Petroleum Consultants, Ltd.

SAND HILL FARM C-2
TAG OPERATING COMPANY INCORPORAT
LEON, TX
PROVED DEVELOPED PRODUCING

R E S E R V E S   A N D   E C O N O M I C S

AS OF DATE: 01/2011

	GROSS OIL		GROSS GAS		NET OIL		NET GAS		NET NGL		NET OIL		NET GAS		NET NGL		NET OIL		NET GAS		TOTAL NET
END	PRODUCTION		PRODUCTION		PRODUCTION		PRODUCTION		PRODUCTION		PRICE		PRICE		PRICE		SALES		SALES		SALES
MO-YEAR	MBBLS		MMCF		MBBLS		MMCF		MBBLS		$/BBL		$/MCF		$/BBL		M$		M$		M$
12-2011		2.543		0.000		0.014		0.000		0.000		74.550		0.000		0.000		1.081		0.000		1.081
12-2012		2.034		0.000		0.012		0.000		0.000		74.550		0.000		0.000		0.864		0.000		0.864
12-2013		0.150		0.000		0.001		0.000		0.000		74.550		0.000		0.000		0.064		0.000		0.064
12-2014
12-2015
12-2016
12-2017
12-2018
12-2019
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT		4.727		0.000		0.027		0.000		0.000		74.550		0.000		0.000		2.009		0.000		2.009
AFTER		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000
TOTAL		4.727		0.000		0.027		0.000		0.000		74.550		0.000		0.000		2.009		0.000		2.009

	AD VALOREM		PRODUCTION		DIRECT OPER		INTEREST		CAPITAL		EQUITY		FUTURE NET		CUMULATIVE		10% CUM DISC
END	TAX		TAX		EXPENSE		PAID		REPAYMENT		INVESTMENT		CASH FLOW		CASH FLOW		CASH FLOW
MO-YEAR	M$		M$		M$		M$		M$		M$		M$		M$		M$
12-2011		0.036		0.050		0.693		0.000		0.000		0.000		0.302		0.302		0.288
12-2012		0.029		0.040		0.693		0.000		0.000		0.000		0.103		0.405		0.377
12-2013		0.002		0.003		0.058		0.000		0.000		0. 188		-0.187		0.218		0.223
12-2014
12-2015
12-2016
12-2017
12-2018
12-2019
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT		0.067		0.093		1.443		0.000		0.000		0.188		0.218		0.218		0.223
AFTER		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.218		0.223
TOTAL		0.067		0.093		1.443		0.000		0.000		0.188		0.218		0.218		0.223

	OIL		GAS				P.W. %		P.W., M$
GROSS WELLS		1.0		0.0	LIFE, YRS.	2.08		5.00		0.221
GROSS ULT., MB & MMF		23.171		0.084	DISCOUNT %	10.00		10.00		0.223
GROSS CUM., MB & MMF		18.443		0.084	UNDISCOUNTED PAYOUT, YRS.	0.00		15.00		0.224
GROSS RES., MB & MMF		4.727		0.000	DISCOUNTED PAYOUT, YRS.	0.00		20.00		0.224
NET RES., MB & MMF		0.027		0.000	UNDISCOUNTED NET/INVEST.	2.16		25.00		0.224
NET REVENUE, MS		2.009		0.000	DISCOUNTED NET/INVEST.	2.44		30.00		0.224
INITIAL PRICE, $		74.550		0.000	RATE-OF-RETURN, PCT.	100.00		40.00		0.222
INITIAL N.I., PCT.		0.570		0.000	INITIAL W.I., PCT.	0.750		60.00		0.217
								80.00		0.210
								100.00		0.203

THESE DATA ARE PART OF A LAROCHE PETROLEUM CONSULTANTS, LTD. REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.

LaRoche Petroleum Consultants, Ltd.

SAND HILL FARM C-3
TAG OPERATING COMPANY INCORPORAT
LEON, TX
PROVED DEVELOPED PRODUCING

R E S E R V E S   A N D   E C O N O M I C S

AS OF DATE: 01/2011

	CROSS OIL		CROSS CAS		NET OIL		NET GAS		NET NGL		NET OIL		NET GAS		NET NGL		NET OIL		NET GAS		TOTAL NET
END	PRODUCTION		PRODUCTION		PRODUCTION		PRODUCTION		PRODUCTION		PRICE		PRICE		PRICE		SALES		SALES		SALES
MO-YEAR	MBBLS		MMCF		MBBLS		MMCF		MBBLS		$/BBL		$/MCF		$/BBL		M$		M$		M$
12-2011		5.547		0.000		0.263		0.000		0.000		75.080		0.000		0.000		19.781		0.000		19.781
12-2012		4.992		0.000		0.237		0.000		0.000		75.080		0.000		0.000		17.803		0.000		17.803
12-2013		4.493		0.000		0.213		0.000		0.000		75.080		0.000		0.000		16.023		0.000		16.023
12-2014		4.044		0.000		0.192		0.000		0.000		75.080		0.000		0.000		14.420		0.000		14.420
12-2015		3.639		0.000		0.173		0.000		0.000		75.080		0.000		0.000		12.978		0.000		12.978
12-2016		3.275		0.000		0.156		0.000		0.000		75.080		0.000		0.000		11.681		0.000		11.681
12-2017		2.948		0.000		0.140		0.000		0.000		75.080		0.000		0.000		10.513		0.000		10.513
12-2018		2.653		0.000		0.126		0.000		0.000		75.080		0.000		0.000		9.461		0.000		9.461
12-2019		1.814		0.000		0.086		0.000		0.000		75.080		0.000		0.000		6.470		0.000		6.470
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT		33.404		0.000		1.587		0.000		0.000		75.080		0.000		0.000		119.130		0.000		119.130
AFTER		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000
TOTAL		33.404		0.000		1.587		0.000		0.000		75.080		0.000		0.000		119.130		0.000		119.130

	AD VALOREM		PRODUCTION		DIRECT OPER		INTEREST		CAPITAL		EQUITY		FUTURE NET		CUMULATIVE		10% CUM DISC
END	TAX		TAX		EXPENSE		PAID		REPAYMENT		INVESTMENT		CASH FLOW		CASH FLOW		CASH FLOW
MO-YEAR	M$		M$		M$		M$		M$		M$		M$		M$		M$
12-2011		0.660		0.914		7.658		0.000		0.000		0.000		10.549		10.549		10.058
12-2012		0.594		0.823		7.658		0.000		0.000		0.000		8.728		19.277		17.623
12-2013		0.535		0.740		7.658		0.000		0.000		0.000		7.089		26.366		23.209
12-2014		0.481		0.666		7.658		0.000		0.000		0.000		5.615		31.981		27.231
12-2015		0.433		0.600		7.658		0.000		0.000		0.000		4.287		36.268		30.023
12-2016		0.390		0.540		7.658		0.000		0.000		0.000		3.093		39.361		31.854
12-2017		0.351		0.486		7.658		0.000		0.000		0.000		2.018		41.378		32.940
12-2018		0.316		0.437		7.658		0.000		0.000		0.000		1.050		42.428		33.454
12-2019		0.216		0.299		5.744		0.000		0.000		1.562		-1.351		41.077		32.865
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT		3.977		5.504		67.010		0.000		0.000		1.562		41.077		41.077		32.865
AFTER		0.000		0.000		0.000		0.000		0.000		0.000		0.000		41.077		32.865
TOTAL		3.977		5.504		67.010		0.000		0.000		1.562		41.077		41.077		32.865

	OIL		GAS				P.W. %		P.W., M$
GROSS WELLS		1.0		0.0	LIFE, YRS.	8.75		5.00		36.536
GROSS ULT., MB & MMF		45.265		0.000	DISCOUNT %	10.00		10.00		32.865
GROSS CUM., MB & MMF		11.860		0.000	UNDISCOUNTED PAYOUT, YRS.	0.00		15.00		29.857
CROSS RES., MB & MMF		33.404		0.000	DISCOUNTED PAYOUT, YRS.	0.00		20.00		27.360
NET RES., MB & MMF		1.587		0.000	UNDISCOUNTED NET/INVEST.	27.29		25.00		25.263
NET REVENUE, M$		119.130		0.000	DISCOUNTED NET/INVEST.	49.05		30.00		23.484
INITIAL PRICE, $		75.080		0.000	RATE-OF-RETURN, PCT.	100.00		40.00		20.638
INITIAL N.I., PCT.		4.750		0.000	INITIAL W.I., PCT.	6.250		60.00		16.779
								80.00		14.300
								100.00		12.577

THESE DATA ARE PART OF A LAROCHE PETROLEUM CONSULTANTS, LTD. REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.

LaRoche Petroleum Consultants, Ltd.

STEEN 15
SLATE HOLDINGS INCORPORATED
ARCHER, TX
PROVED DEVELOPED PRODUCING

R E S E R V E S   A N D    E C O N O M I C S

AS OF DATE: 01/2011

	GROSS OIL		GROSS GAS		NET OIL		NET GAS		NET NGL		NET OIL		NET GAS		NET NGL		NET OIL		NET GAS		TOTAL NET
END	PRODUCTION		PRODUCTION		PRODUCTION		PRODUCTION		PRODUCTION		PRICE		PRICE		PRICE		SALES		SALES		SALES
MO-YEAR	MBBLS		MMCF		MBBLS		MMCF		MBBLS		$/BBL		$/MCF		$/BBL		M$		M$		M$
12-2011		0.892		0.000		0.040		0.000		0.000		74.550		0.000		0.000		2.955		0.000		2.955
12-2012		0.661		0.000		0.029		0.000		0.000		74.550		0.000		0.000		2.191		0.000		2.191
12-2013		0.362		0.000		0.016		0.000		0.000		74.550		0.000		0.000		1.200		0.000		1.200
12-2014
12-2015
12-2016
12-2017
12-2018
12-2019
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT		1.915		0.000		0.085		0.000		0.000		74.550		0.000		0.000		6.346		0.000		6.346
AFTER		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000
TOTAL		1.915		0.000		0.085		0.000		0.000		74.550		0.000		0.000		6.346		0.000		6.346

	AD VALOREM		PRODUCTION		DIRECT OPER		INTEREST		CAPITAL		EQUITY		FUTURE NET		CUMULATIVE		10% CUM DISC
END	TAX		TAX		EXPENSE		PAID		REPAYMENT		INVESTMENT		CASH FLOW		CASH FLOW		CASH FLOW
MO-YEAR	M$		M$		M$		M$		M$		M$		M$		M$		M$
12-2011		0.099		0.137		1.306		0.000		0.000		0.000		1.414		1.414		1.348
12-2012		0.073		0.101		1.306		0.000		0.000		0.000		0.711		2.125		1.964
12-2013		0.040		0.055		0.871		0.000		0.000		0.938		-0.704		1.421		1.418
12-2014
12-2015
12-2016
12-2017
12-2018
12-2019
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT		0.212		0.293		3.482		0.000		0.000		0.938		1.421		1.421		1.418
AFTER		0.000		0.000		0.000		0.000		0.000		0.000		0.000		1.421		1.418
TOTAL		0.212		0.293		3.482		0.000		0.000		0.938		1.421		1.421		1.418

	OIL		GAS				P.W. %		P.W., M$
GROSS WELLS		1.0		0.0	LIFE, YRS.	2.67		5.00		1.422
GROSS ULT., MB & MMF		7.431		0.000	DISCOUNT %	10.00		10.00		1.418
GROSS CUM., MB & MMF		5.515		0.000	UNDISCOUNTED PAYOUT, YRS.	0.00		15.00		1.410
GROSS RES., MB & MMF		1.915		0.000	DISCOUNTED PAYOUT, YRS.	0.00		20.00		1.399
NET RES., MB & MMF		0.085		0.000	UNDISCOUNTED NET/INVEST.	2.52		25.00		1.385
NET REVENUE, M$		6.346		0.000	DISCOUNTED NET/INVEST.	2.94		30.00		1.370
INITIAL PRICE, $		74.550		0.000	RATE-OF-RETURN, PCT.	100.00		40.00		1.337
INITIAL N.I., PCT.		4.444		0.000	INITIAL W.I., PCT.	3.750		60.00		1.269
								80.00		1.202
								100.00		1.141

THESE DATA ARE PART OF A LAROCHE PETROLEUM CONSULTANTS, LTD. REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.

LaRoche Petroleum Consultants, Ltd.