LETTER OF OPINION ON TITLE Continental Land Resources ================================================================================ 160.0 acres, more or less, out of the Hale Family (complete-demo), A-100 Leon County, TX ================================================================================ Effective Date of Examination: November 6, 1975 BASIS OF OWNERSHIP: Ownership below was computed by the DETERMINISTIC mineral-ownership fold (deterministic) — exact Fraction arithmetic over the complete chain of title, not an LLM estimate. The mineral fee sums to exactly 1. ================================================================================ CURRENT MINERAL OWNERSHIP ================================================================================ Owner Interest Fraction Decimal Net Ac -------------------------------------------------------------------------------- Walnut Oil Company MI 1/2 0.5000 80.00 James Hale MI 1/4 0.2500 40.00 Mary Hale MI 1/4 0.2500 40.00 -------------------------------------------------------------------------------- TOTAL MINERAL FEE 1.0000 160.00 ROYALTY BURDENS (NPRI — outside the mineral fee): -------------------------------------------------------------------------------- Thomas Reed NPRI 1/8 0.1250 VERIFICATION FLAGS: -------------------------------------------------------------------------------- (none — clean, complete chain)