RAY
RAY is a Texas gas lease in Sterling County, Railroad Commission district 08, operated by Wagner & Brown, Ltd. It has 1 wellbore on file with the Commission. Reported production runs from December 1993 to August 2026, totalling 194,192 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 the whole lease — a 100% undivided interest — at about $32K, with roughly $5K expected over the next twelve months. An individual royalty owner receives their own decimal interest times that figure. Over the last twelve months on file it averaged 279 thousand cubic feet a month. Its strongest month on the record we hold was January 2022, at 570 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.
Key facts about RAY
- Who operates RAY?
- RAY is operated by Wagner & Brown, Ltd., Railroad Commission of Texas operator number 891075.
- Where is RAY?
- RAY is a Texas gas lease in Sterling County, Texas, in Railroad Commission district 08. Its Railroad Commission lease number is 148459.
- Is RAY still producing?
- RAY is currently producing. The most recent month of production reported to the Railroad Commission of Texas for RAY is August 2026.
- How much has RAY produced?
- RAY has reported 194,192 thousand cubic feet of gas (Mcf) to the Railroad Commission of Texas between December 1993 and August 2026, from 1 wellbore.
- How much is RAY worth?
- The remaining production from RAY is estimated to be worth about $32K in total as of 26 August 2026, within a range of $25K to $40K. That figure is the whole lease, undivided — not any one owner's share. A royalty interest in RAY is a fraction of it. The estimate fits an Arps decline curve to the production RAY has already reported, prices the remaining production at the current forward strip, and discounts it at 12% a year. The figure shown for RAY is an estimate of value, not an offer and not an appraisal.
- How much income does RAY generate in a year?
- RAY is forecast to net about $5K across the whole undivided lease over the twelve months following 26 August 2026, before income tax. A royalty owner in RAY receives a fraction of that, set by the decimal interest printed on their check stub.
Lease record
| Operator | Wagner & Brown, Ltd. |
|---|---|
| Field | Conger (Penn) |
| County | Sterling County, Texas |
| RRC district | 08 |
| Lease number | 148459 |
| Wellbores | 1 |
| Reported production | 194,192 mcf |
| First reported | |
| Last reported | |
| Estimated royalty value | $32K |
Where RAY sits
Source: Railroad Commission of Texas lease production records, complete through . Figures on this page were computed on .
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. How this estimate is calculated.