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7 <br />3 E.H. (Ted) Applegate III <br />December 18, 1984 <br />Applegate & Co. REAL ESTATE APPRAISERS <br />Mr. Robert Delaney <br />Executive Vice President and General Council <br />Mid - Continent Resources <br />P. 0. Drawer 790 <br />Glenwood Springs, CO 81602 <br />1112 Grand Avenue, Suite One <br />P.O. Box 1417 <br />Glenwood Springs, Colorado 81602 <br />(303) 945 -8114 <br />RE: Real Estate Appraisal <br />Mid - Continent Resources <br />Industrial Facilities <br />Sec. 36, T7S, R88W <br />Carbondale, CO <br />File No. 880736 -84 <br />Dear Mr. Delaney: <br />As authorized by Mr. George Wear, I have completed my estimate of <br />market value for the captioned development. The term "Market Value ", <br />as used in this appraisal, is defined in the report that follows. <br />Both physical and legal descriptions of the property appraised and <br />specific assumptions and conditions may also be found within these <br />pages. <br />This narrative appraisal report summarizes the methods I have used, <br />data that I have considered and conclusions that I have reached. All <br />pertinent data gathered in my investigation has been included in the <br />report. <br />I hereby certify that I have personally assembled all of the data in <br />support of my opinion of value. I have taken into consideration all <br />of the component parts of "market value ", as defined. I further <br />certify that I have no present or contemplated future interest in this <br />property beyond this estimate of fair market value. <br />In my opinion, the value of the property herein described, under <br />conditions and assumptions as set forth, as of December 18, 1984, is: <br />THREE MILLION EIGHT HUNDRED FIFTY THOUSAND DOLLARS <br />[$3,850,000] <br />EHA /ba <br />Respectfully submitted, <br />E. H. Applegate III <br />