FERGUSON PRISON UNIT

FERGUSON PRISON UNIT is a Texas gas lease in Madison County, Railroad Commission district 06, operated by Sem Operating Company LLC. It has 1 wellbore on file with the Commission. Reported production runs from September 2014 to August 2026, totalling 566,059 thousand cubic feet. The lease is currently producing. Fitting a decline curve to that history and pricing the remaining production at today's forward curve values a standard royalty share at about $2K, with roughly $437 expected over the next twelve months. Over the last twelve months on file it averaged 598 thousand cubic feet a month. Its strongest month on the record we hold was October 2016, at 17,731 thousand cubic feet. In our own backtest, leases producing at this rate are forecast to within about 22% 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.