BORDERS-SMITH UNIT 3

BORDERS-SMITH UNIT 3 is a Texas gas lease in Panola County, Railroad Commission district 06, operated by Anadarko E&P Onshore LLC. It has 1 wellbore on file with the Commission. Reported production runs from February 2013 to August 2026, totalling 852,944 thousand cubic feet. The lease is intermittent. Fitting a decline curve to that history and pricing the remaining production at today's forward curve values a standard royalty share at about $4, with roughly $0 expected over the next twelve months. Over the last twelve months on file it averaged 4 thousand cubic feet a month. Its strongest month on the record we hold was July 2016, at 8,240 thousand cubic feet. In our own backtest, leases producing at this rate are forecast to within about 100% of what they went on to produce, and that measured error is the range shown on the page rather than a confidence of our own devising.

Production figures are as reported to the Railroad Commission of Texas. The value shown is an estimate produced by fitting a decline curve to that reported history; it is not an offer or an appraisal.