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Applegate & Co. REAL ESTATE APPRAISERS <br /> 1112 Grand Avenue, Suite One <br /> P.O. Box 1417 <br /> Glenwood Springs, Colorado 81602 <br /> E.H. (Ted) Applegate III (303)945-81 14 <br /> December 18, 1984 <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 /> 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 /> Respectfully submitted, <br /> E. H. Applegate III <br /> EHA/ba <br />