BRADFORD TRUST A UNIT 2

BRADFORD TRUST A UNIT 2 is a Texas oil lease in Midland County, Railroad Commission district 08, operated by Xto Energy Inc. It has 13 wellbores on file with the Commission. Reported production runs from February 2019 to August 2026, totalling 2,238,032 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 $553K, with roughly $146K expected over the next twelve months. Over the last twelve months on file it averaged 7,162 barrels a month, about 551 per wellbore. Its strongest month on the record we hold was March 2020, at 215,214 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.