UNIVERSITY LANDS 25-B

UNIVERSITY LANDS 25-B is a Texas oil lease in Crane County, Railroad Commission district 08, operated by Apache Corporation. It has 1 wellbore on file with the Commission. Reported production runs from December 2014 to August 2026, totalling 195,434 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 $6K expected over the next twelve months. Over the last twelve months on file it averaged 444 barrels a month. Its strongest month on the record we hold was May 2016, at 3,173 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.