SALE RANCH 13D

SALE RANCH 13D is a Texas oil lease in Martin County, Railroad Commission district 08, operated by Pioneer Natural Res. USA, Inc. It has 1 wellbore on file with the Commission. Reported production runs from December 2018 to August 2026, totalling 243,658 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 $110K, with roughly $24K expected over the next twelve months. Over the last twelve months on file it averaged 1,751 barrels a month. Its strongest month on the record we hold was January 2019, at 19,859 barrels. In our own backtest, leases producing at this rate are forecast to within about 17% 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.