Published Articles:   Mr. Nowobilski has authored two published articles that discuss several of the financial and non-financial aspects of mineral leases: "Mineral Leases: Royalty Rates Only Part of the Story (Part 1)" appeared in Aggregates Manager Magazine.   Article describes key financial aspects of long-term mineral leases. The determination of a fair earned royalty rate and annual minimum royalties is discussed. "Mineral Leases: Royalty Rates Only Part of the Story (Part 2)" appeared in Aggregates Manager Magazine.   Article discusses non-financial terms such as the producer's (lessee's) rights and obligations, default provisions and lease term.     Mid-America's team has more than 40 years of experience selling, buying and leasing mineral properties, as well as the decades of industry experience necessary to determine a property's value.  We have represented both land-owners and producers, as well as law firms and financial institutions. Geographically, our experience stretches from coast to coast.   Property Sales   Mid-America's team has decades of experience evaluating, valuing, and negotiating the sale and/or purchase of mineral properties.  A typical engagement begins with an evaluation of the property in order to determine its fair market value as well as to identify any synergies it may represent with producers.  For additional information regarding the sale or purchase of a mineral property, refer to the Seller Representations or Buyer Representations section.   Mineral Leases   Mid-America's team has decades of experience negotiating, analyzing and administering mineral and surface use leases. We are also experts in lease renegotiations, subleases, and providing expert witness testimony.   Principal's Qualifications   Mr. Nowobilski's prior experience includes six years as President of Zeigler Coal Holding Company's ( a publicly traded $1 billion revenue company) land company subsidiary.  In this position he was responsible for managing a real estate portfolio consisting of 2.5 billion tons of mineral reserves, 100,000 acres of surface land and 70,000 acres of oil & gas properties, and an annual budget of $30 to $40 million. Management of this real estate portfolio included the negotiation and administration of thousands of mineral leases and surface use leases. Mr. Nowobilski has been retained as an expert witness with respect to establishing 'market royalty rates" as well mineral property values.   Typical Assignments Mid-America has been retained by both lessors and lessees. We have been retained to perform in depth lease assessments, including both financial and non-financial lease terms, and to negotiate new leases, lease amendments, and subleases. Typical assignments include: Property Sale/Acquisition Sell mineral property for the highest possible price and favorable terms. Assignment begins with a thorough evaluation and valuation of the mineral property. Lease Negotiation/Subeases Negotiate a mineral lease that sets forth precise lease terms that are fair and equitable to both parties. We believe this essential as mineral leases are typically long-term contracts, often spanning decades. As such they need to address the potential for the long-term changes in royalty rates, regulatory obligations, change in ownership and the financial fortunes of the parties. Lease Assessment Determine if the financial and non-financial lease terms are fair and equitable. Financial Review assesses the earned royalty rate(s) and the annual minimum royalty, or rents, to determine if they represent market rates. Non-Financial Review assesses all other lease terms, including lessor's retained rights, lessee's rights and obligations, liability indemnification, reclamation requirements, as well as the default, termination and sublease provisions. Lease Renegotiation Goal is to reset the lease's royalty rate to a market royalty rate and to amend non-financial terms as may be necessary. A Lease Assessment (described above) is used to not only quantify any deficiency (or excess) in the royalty rate, but to identify deficiencies in other lease terms and to discover any leverage the contract may have afforded our client. Expert Witness Testimony Typical assignment includes testimony with respect to establishing market royalty rates and/or mineral property value.   Clients Mid-America's clients include property owners, construction aggregate producers, coal companies, oil & gas producers, law firms and financial institutions.

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