TARPON-STUART RANCH -B-

TARPON-STUART RANCH -B- is a Texas oil lease in Palo Pinto County, Railroad Commission district 7B, operated by Stephens & Johnson Operating Co. It has 5 wellbores on file with the Commission. Reported production runs from June 2004 to August 2026, totalling 36,491 barrels. 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 $17K, with roughly $3K expected over the next twelve months. Over the last twelve months on file it averaged 126 barrels a month, about 25 per wellbore. Its strongest month on the record we hold was December 2025, at 304 barrels. 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.