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However, in regard to the an~itted assignments, it was assumed for purposes of this Opinion <br />that all overriding royalty interests retained or acquired by The Spool Trusts, under the said <br />assignments, merged into its working interest, such that at the time of the assignments to Aceite <br />Energy Corporation, PDC's predecessor in title, recorded at Reception Nos. 2294085 and 2313953, <br />The Spool Trusts was vested with an 87.5% net revenue interest. <br />REQUIREMENT NO. 7 <br />None, advisory only. <br />COM'1QENT N0.8 <br />This Opinion is certified to May l 8, 2007, at 7:00 am. In the event first production occurs <br />after such date, PDC should update the title to the date of first production. <br />REQUIREMENT NO. 8 <br />As stated. <br />COMMENT N0.9 <br />This Opinion is subject to the rights of all parties in possession, matters of survey and <br />existing easements, if any, not disclosed by the records and also the possibility of materialrnen lien <br />claims for improvements or alterations. This Opinion is limited to oil, gas and associated <br />hydrocarbons. <br />REQUIREMENT N0.9 <br />Secure and submit a detailed Affidavit of Surface Inspection. <br />Subject to satisfaction ofthe requirements, andthe exceptions and exclusions to title set forth <br />herein, it appears that title to the above-described lands and the Lease(s) covering the same is <br />satisfactory for drilling and division order purposes. This Opinion is prepared far the benefit of PDC <br />and the purchasers of production from the captioned well{s},and may not be relied upon by any other <br />P~'- <br />Yours , <br />P. MESSANA, P.C. <br />k <br />.~ -~ .~.~;.. ,.,, °it rs,oan~ 1of ndersfaod and agreed as e <br />Ro ert essana ac„c~t tills ~, ' ~ v-den <br />Attorney at Law t~~iporaE;an and its subsiJ°~ t~~af P ~ ced6Yy©ur <br />et oieu~ Det~aiaPfiert <br />~:'t~ fi,~ of ~cration rv sa ~ toss any <br />~.~:na~ b ~ no gray Gable to <br />c 'vlr. Austin eater y ilia use of or relianq, u ar i~nveniance <br />p ' ` Pon his °Pinicsrt.° <br />19 <br />