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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Wright Sullivan who wrote (9583)	1/9/2000 2:18:00 PM
From: Wright Sullivan	Respond to of 79163

Additional info on value of TPL land: - Avg price of TPL land sold in 1998 was $157/acre. - However, the vast majority of TPL's acreage is remote ranch land (they also own a smattering of land in El Paso). - Average price of ten 1998 TPL land sales for ranching purposes was $61/acre (these sales are included in the overall average of $157/acre). Based on the above, $82/acre may not be far from fair value for the land alone, but this does not take into account the oil & gas royalties which exist separate from the "surface rights", which are what is sold. When 1999 annual report comes out in the next few weeks, I'll update these numbers.