UNIVERSITY SOUTH

UNIVERSITY SOUTH is a Texas oil lease in Schleicher County, Railroad Commission district 7C, operated by Highmount Expl & Prod Texas LLC. It has 5 wellbores on file with the Commission. Reported production runs from August 2013 to August 2026, totalling 177,686 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 $67K, with roughly $12K expected over the next twelve months. Over the last twelve months on file it averaged 435 barrels a month, about 87 per wellbore. Its strongest month on the record we hold was May 2016, at 2,180 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.