1. Noble Royalties, Inc. Sellers and Investors. The Balanced World of Royalties. Presentation to IPAA Private Capital Conference | April 19, 2004

2. The Balanced World of Private Royalties. Acquiring royalties benefits both sellers and our equity partners. – Provides sellers cash at premium valuation so they can sieze their current opportunities – Provides a simple and solid alternative for our equity partners

3. The Private Royalty Purchase business is heating up. – Transactions averaged less than $100 million per year from 1998 to 2003 – Q1 2004: $300 million in purchases have been announced – EOY 2004: $1 billion + will be in the works

4. ~~ Why the Explosion in Activity? Value. Royalties answer a need…whichever side you’re on. – Sellers are receiving value: – historically 48x monthly cash – pushing 72x in today’s market – Equity Partners are receiving value: – historically consistent growth-driven returns

5. A Balanced Approach to Royalties Acquisition and Management. Noble Royalties delivers value to both parties. – In business to address the needs of sellers and investors – satisfies the needs of multiple players involved before and after the deal – Noble pays SELLERS competitive market prices for oil and gas royalties – Noble takes care of INVESTORS by delivering consistently higher returns

6. Sellers’ Value: Facilitating Opportunities. Increased commodity prices and royalty multiples allow companies to better allocate funds to: – Finance development for core interest areas – Get rid of “high-maintenance” assets – Pay down debt – Take advantage of Capital Gains Tax/Section 1031 Exchanges

7. Investors’ Value: Above Average Returns. A well balanced, hand-picked producing portfolio will: – Out-perform traditional investment vehicles – Provide opportunities for growth – Create consistent returns over the long haul

8. Noble Royalties: Consistent, Proven Growth Model. Noble Royalties production from acquired wells: Recent Acquisitions: $30.3 Million {April 1, 2004} $5.4 Million {March 1, 2004} $21.5 Million {Jan. 6, 2004}

9. Noble Royalties. Noble Royalties is a company you want to do business with–– whether you’re a seller or an investor. – Currently at $140 million and growing rapidly – Staff of 11 experienced oil & gas professionals – Track-record has earned access to larger equity partners – Quick to close – we come prepared; we never renegotiate – we close on time – we have completed 42 deals in seven years – We take care of our equity partners by delivering consistent high returns

10. Noble Royalties: Talk to Us. If you’d like more information on working with Noble Royalties, contact us today. Scott Noble President/CEO Noble Royalties, Inc. 13601 Preston Road, Suite 1008-West Dallas, Texas 75240 972-720-1888 972-720-1899 (fax) snoble@nobleroyalties.com Noble Royalties, Inc.