MCELROY RANCH CO. "M"

MCELROY RANCH CO. "M" is a Texas oil lease in Upton County, Railroad Commission district 7C, operated by Chevron U. S. A. Inc. It has 7 wellbores on file with the Commission. Reported production runs from January 1993 to August 2026, totalling 346,851 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 $28K, with roughly $4K expected over the next twelve months. Over the last twelve months on file it averaged 128 barrels a month, about 18 per wellbore. Its strongest month on the record we hold was January 2019, at 573 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.