MV Oil Trust (MVO)

Results of the trust for the year ended December 31, 2007

        Income for the trust from the net profits interest and hedge and other derivative activities was $33.6 million for the year ended December 31, 2007. General and administrative expense for the trust was $0.8 million for 2007. Included in this amount was a one-time listing fee of $0.2 million for the New York Stock Exchange. The trust paid administration fees of $0.1 million to MV Partners, which included the period of July 2006 through December 2007. The trust withheld a minimal amount for future expenses. Distributable income was $32.9 million or $2.8567 per unit in 2007.

        Income for the trust and distributable income for the trust's second quarter was impacted by production curtailment as a result of severe winter storms that severely impacted western Kansas and eastern Colorado. The snow and ice associated with these storms disabled electrical power to the affected underlying properties for an extended period of time and rendered some properties inaccessible. Significant snow accumulations, along with ice and subsequent melting, created difficult working conditions that extended the curtailment period. It was estimated that production from the underlying properties of approximately 32,000 to 36,000 net barrels of oil has been deferred as the result of curtailment due to the storms during the first quarter. Most of the production curtailed as a result of these storms was restored by the end of March 2007, and the storm effects on production from the underlying properties were greatly reduced during the second quarterly payment period.

        Excess of revenues over direct operating expenses and lease equipment and development costs from the underlying properties was $41,413,897 for the period from July 1, 2006 through September 30, 2007. Included in this amount are payments to settle hedge and other derivatives totaling $3,513,167. In addition, amounts received to settle hedge and other derivatives was $1,249,954 for the period from July 1, 2006 through September 30, 2007, which resulted in total cash receipts over cash disbursements of $42,663,850. The trust's net profits interest (80%) of this total was $34,131,080. This amount was reduced by a reserve for future capital expenditures of $750,000 and increased by net proceeds from business interruption insurance of $200,000 resulting in the income from net profits interest and hedge and other derivative activities of $33,581,080. The trust's net profits interest represents the cash proceeds received by the trust during the year ended December 31, 2007, which is based upon the cash receipts from MV Partners for the oil and gas production subsequent to July 1, 2006 and collected by September 30, 2007.

        The revenues from oil production are typically received one month after production, thus the cash received by the trust during the year ended December 31, 2007 substantially represents the production

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by MV Partners from July 2006 through August 2007. The trust's first quarterly distribution consisted of an amount in cash paid by MV Partners equal to the amount that would have been payable to the trust had the net profits interest been in effect during the period from July 1, 2006 through December 31, 2006. The trustee has reserved $1,913 for future trust expenses and paid general and administrative expenses of $757,588 for the year ended December 31, 2007, which resulted in distributable income of $32,851,579, or $2.8567 per unit.

        The average price received for crude oil sold was $60.63 per Bbl while the average price received for natural gas sold was $5.55 per Mcf for the period from July 1, 2006 through December 31, 2007.

        The overall production sales volumes collected attributable to the 80% net profits interest for the oil and gas production subsequent to July 1, 2006 and collected before December 31, 2007 were 938,647 Bbls of oil, 90,879 Mcf of natural gas and 5,285 Bbls of natural gas liquids for a total equivalent barrels of oil of 957,229.

        As noted above, the amounts reflected in the accompanying financial statements for the trust's year ended December 31, 2007 reflect cash received by the trust during the year. Such cash is primarily derived from production by MV Partners from July 2006 through August 2007. MV Partners distributed cash to the Trust in October 2007, which is reflected in the trust's financial statements for the year ended December 31, 2007. The cash distributed to the trust in October 2007 is primarily derived from production of the underlying properties from June 2007 through August 2007.

Results of the trust for the year ended December 31, 2007

        Income for the trust from the net profits interest and hedge and other derivative activities was $33.6 million for the year ended December 31, 2007.
General and administrative expense for the trust was $0.8 million for 2007. Included in this amount was a one-time listing fee of $0.2 million for the New York Stock
Exchange. The trust paid administration fees of $0.1 million to MV Partners, which included the period of July 2006 through December 2007. The trust withheld a minimal amount for future
expenses. Distributable income was $32.9 million or $2.8567 per unit in 2007.

        Income
for the trust and distributable income for the trust's second quarter was impacted by production curtailment as a result of severe winter storms that severely impacted western
Kansas and eastern Colorado. The snow and ice associated with these storms disabled electrical power to the affected underlying properties for an extended period of time and rendered some properties
inaccessible. Significant snow accumulations, along with ice and subsequent melting, created difficult working conditions that extended the curtailment period. It was estimated that production from
the underlying properties of approximately 32,000 to 36,000 net barrels of oil has been deferred as the result of curtailment due to the storms during the first quarter. Most of the production
curtailed as a result of these storms was restored by the end of March 2007, and the storm effects on production from the underlying properties were greatly reduced during the second quarterly payment
period.

        Excess
of revenues over direct operating expenses and lease equipment and development costs from the underlying properties was $41,413,897 for the period from July 1, 2006 through
September 30, 2007. Included in this amount are payments to settle hedge and other derivatives totaling $3,513,167. In addition, amounts received to settle hedge and other derivatives was
$1,249,954 for the period from July 1, 2006 through September 30, 2007, which resulted in total cash receipts over cash disbursements of $42,663,850. The trust's net profits interest
(80%) of this total was $34,131,080. This amount was reduced by a reserve for future capital expenditures of $750,000 and increased by net proceeds from
business interruption insurance of $200,000 resulting in the income from net profits interest and hedge and other derivative activities of $33,581,080. The trust's net profits interest represents the
cash proceeds received by the trust during the year ended December 31, 2007, which is based upon the cash receipts from MV Partners for the oil and gas production subsequent to July 1,
2006 and collected by September 30, 2007.

        The
revenues from oil production are typically received one month after production, thus the cash received by the trust during the year ended December 31, 2007 substantially
represents the production

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by
MV Partners from July 2006 through August 2007. The trust's first quarterly distribution consisted of an amount in cash paid by MV Partners equal to the amount that would have been payable to the
trust had the net profits interest been in effect during the period from July 1, 2006 through December 31, 2006. The trustee has reserved $1,913 for future trust expenses and paid
general and administrative expenses of $757,588 for the year ended December 31, 2007, which resulted in distributable income of $32,851,579, or $2.8567 per unit.

        The
average price received for crude oil sold was $60.63 per Bbl while the average price received for natural gas sold was $5.55 per Mcf for the period from July 1, 2006 through
December 31, 2007.

        The
overall production sales volumes collected attributable to the 80% net profits interest for the oil and gas production subsequent to July 1, 2006 and collected before
December 31, 2007 were 938,647 Bbls of oil, 90,879 Mcf of natural gas and 5,285 Bbls of natural gas liquids for a total equivalent barrels of oil of 957,229.

        As
noted above, the amounts reflected in the accompanying financial statements for the trust's year ended December 31, 2007 reflect cash received by the trust during the year.
Such cash is primarily derived from production by MV Partners from July 2006 through August 2007. MV Partners distributed cash to the Trust in October 2007, which is reflected in the trust's financial
statements for the year ended December 31, 2007. The cash distributed to the trust in October 2007 is primarily derived from production of the underlying properties from June 2007 through
August 2007.