CHEVRON "23"
CHEVRON "23" is a Texas oil lease in Midland County, Railroad Commission district 08, operated by Terrace Petroleum Corporation. It has 6 wellbores on file with the Commission. Reported production runs from April 2005 to August 2026, totalling 401,108 barrels. 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 $374K, with roughly $220K 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 465 barrels a month, about 77 per wellbore. Its strongest month on the record we hold was April 2019, at 3,848 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.
Key facts about CHEVRON "23"
- Who operates CHEVRON "23"?
- CHEVRON "23" is operated by Terrace Petroleum Corporation, Railroad Commission of Texas operator number 843265.
- Where is CHEVRON "23"?
- CHEVRON "23" is a Texas oil lease in Midland County, Texas, in Railroad Commission district 08. Its Railroad Commission lease number is 37578.
- Is CHEVRON "23" still producing?
- CHEVRON "23" is currently producing. The most recent month of production reported to the Railroad Commission of Texas for CHEVRON "23" is August 2026.
- How much has CHEVRON "23" produced?
- CHEVRON "23" has reported 401,108 barrels of oil (bbl) to the Railroad Commission of Texas between April 2005 and August 2026, from 6 wellbores.
- How much is CHEVRON "23" worth?
- The remaining production from CHEVRON "23" is estimated to be worth about $374K in total as of 26 August 2026, within a range of $292K to $456K. That figure is the whole lease, undivided — not any one owner's share. A royalty interest in CHEVRON "23" is a fraction of it. The estimate fits an Arps decline curve to the production CHEVRON "23" has already reported, prices the remaining production at the current forward strip, and discounts it at 12% a year. The figure shown for CHEVRON "23" is an estimate of value, not an offer and not an appraisal.
- How much income does CHEVRON "23" generate in a year?
- CHEVRON "23" is forecast to net about $220K across the whole undivided lease over the twelve months following 26 August 2026, before income tax. A royalty owner in CHEVRON "23" receives a fraction of that, set by the decimal interest printed on their check stub.
Lease record
| Operator | Terrace Petroleum Corporation |
|---|---|
| Field | Spraberry (Trend Area) |
| County | Midland County, Texas |
| RRC district | 08 |
| Lease number | 37578 |
| Wellbores | 6 |
| Reported production | 401,108 bbl |
| First reported | |
| Last reported | |
| Estimated royalty value | $374K |
Where CHEVRON "23" 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.