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  5. 779 S.W.2d 226 (1989)
 

E.H. LESTER LEASING CO. v. GRIFFITH

Nos. 88-CA-106-MR, 88-CA-214-MR.

779 S.W.2d 226 (1989)

E.H. LESTER LEASING CO., and Burl Cantrell, Jr., Appellants, v. Chester F. GRIFFITH and Kimberly G. Griffith, Appellees. Chester F. GRIFFITH and Kimberly G. Griffith, Cross-Appellants, v. E.H. LESTER LEASING CO., and Burl Cantrell, Jr., Cross-Appellees.

Court of Appeals of Kentucky.

Discretionary Review Denied by Supreme Court November 22, 1989.

Attorney(s) appearing for the Case

Dale Phillips, Johnson & Johnson & Phillips, Paintsville, Gordon B. Long, Salyersville, for appellants/cross-appellees.

David LeMaster, Paintsville, for appellees/cross-appellants.

Before ELSWICK, HAYES and HOWARD, JJ.

HAYES, Judge:

The central issue in this appeal and cross-appeal is the valuation of a lessor's royalty interest in an oil and gas lease on property which is subject to a perpetual nonparticipating royalty interest.

In 1982, Chester Griffith executed an oil and gas lease to Burl Cantrell, Jr. The lease, executed on a Kentucky 88 oil and gas form, provided for a primary term of 90 days and the customary "as long thereafter" clause. It also contained the following...

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