THE UNIVERSITY OF TEXAS SYSTEM

UNIVERSITY LANDS - WEST TEXAS OPERATIONS

FOR THE YEARS 1992 - 1996

INCOME FROM OIL AND GAS
PRODUCTION, LEASING AND RELATED TRANSACTIONS

	Years Ending August 31
	1992	1993	1994	1995	1996
PERMANENT UNIVERSITY FUND
Oil Royalty	$ 47,991,204	$ 46,999,881	$ 35,800,493	$ 36,697,088	$ 39,581,109
Gas Royalty	13,378,548	17,953,156	17,112,544	14,516,485	17,044,741
Oil and Gas Rentals	564,768	615,118	587,185	540,888	680,850
Bonuses:	0	0	0	0	0
Amendments & Extensions	2,506	10	7,884	2,634	5,491
Oil and Gas Lease Sale	1,932,666	2,740,202	4,881,029	4,313,279	7,318,672
Unitization Payments	0	0	35,481	0	144,158
SUBTOTAL PUF INCOME	$ 63,869,692	$ 68,308,367	$ 58,424,616	$ 56,070,374	$ 64,775,021
AVAILABLE UNIVERSITY FUND
Transfer & Relinquishment Fees	(4,402)	47,074	140,714	58,128	153,651
Interest and Penalty	177,967	1,241,742	489,086	137,494	185,095
SUBTOTAL AUF INCOME	$ 173,565	$ 1,288,816	$ 629,800	$ 195,622	$ 338,746
TOTAL INCOME: OIL & GAS	$ 64,043,257	$ 69,597,183	$ 59,054,416	$ 56,265,996	$ 65,113,767

INCOME FROM SURFACE INTERESTS AND OTHER MINERALS
PRODUCTION, LEASING AND RELATED TRANSACTIONS

	Years Ending August 31
	1992	1993	1994	1995	1996
PERMANENT UNIVERSITY FUND
Water Royalty	$ 693,402	$ 940,701	$ 1,112,962	$ 768,136	$ 795,400
Brine Royalty	50,816	59,250	66,968	63,395	72,550
Sulphur Royalty	(10,599)	0	0	0	0
Water and Brine Rentals	27,965	11,178	15,236	10,241	11,083
Sale of Sand, Gravel, etc.	10,050	23,979	1,685	185,307	33,675
SUBTOTAL PUF INCOME	$ 771,634	$ 1,035,108	$ 1,196,851	$ 1,027,079	$ 912,708
AVAILABLE UNIVERSITY FUND
Surface Leases	1,251,496	905,307	1,015,533	1,232,310	1,685,666
Grazing Leases	2,387,716	2,171,623	2,459,359	2,016,868	2,020,836
Wine Sales & Rentals	165,728	177,972	269,353	282,843	417,263
Exploration Permits	6,000	4,000	10,119	8,800	9,700
Saltwater Disposal	153,825	132,365	133,000	146,107	250,905
Underground Storage	19,748	30,037	26,234	56,371	19,523
SUBTOTAL AUF INCOME	$ 3,984,513	$ 3,421,304	$ 3,913,598	$ 3,743,299	$ 4,403,893
TOTAL INCOME: SURFACE INTERESTS & OTHER MINERALS	$ 4,756,147	$ 4,456,412	$ 5,110,449	$ 4,770,378	$ 5,316,601

TOTAL INCOME

	Years Ending August 31
	1992	1993	1994	1995	1996
TOTAL ALL PUF INCOME	$ 64,641,326	$ 69,343,475	$ 59,621,467	$ 57,097,453	$ 65,687,729
TOTAL ALL AUF INCOME	$ 4,158,078	$ 4,710,120	$ 4,543,398	$ 3,938,921	$ 4,742,639
TOTAL ALL INCOME	$ 68,799,404	$ 74,053,595	$ 64,164,865	$ 61,036,374	$ 70,430,368