UNIVERSITY -L-

UNIVERSITY -L- is a Texas oil lease in Reagan County, Railroad Commission district 7C, operated by Marathon Oil Company. It has 15 wellbores on file with the Commission. Reported production runs from January 1993 to August 2026, totalling 211,475 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 $5K, with roughly $833 expected over the next twelve months. Over the last twelve months on file it averaged 43 barrels a month, about 3 per wellbore. Its strongest month on the record we hold was August 2016, at 327 barrels. In our own backtest, leases producing at this rate are forecast to within about 45% 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.