STATE-JUDGE 48-3 WS XV

STATE-JUDGE 48-3 WS XV is a Texas oil lease in Loving County, Railroad Commission district 08, operated by Headington Energy Partners, LLC. It has 1 wellbore on file with the Commission. Reported production runs from January 2020 to August 2026, totalling 715,984 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 $21.5M, with roughly $4.7M 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 6,310 barrels a month. Its strongest month on the record we hold was February 2020, at 23,926 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.

Key facts about STATE-JUDGE 48-3 WS XV

Who operates STATE-JUDGE 48-3 WS XV?: STATE-JUDGE 48-3 WS XV is operated by Headington Energy Partners, LLC, Railroad Commission of Texas operator number 370061.
Where is STATE-JUDGE 48-3 WS XV?: STATE-JUDGE 48-3 WS XV is a Texas oil lease in Loving County, Texas, in Railroad Commission district 08. Its Railroad Commission lease number is 54205.
Is STATE-JUDGE 48-3 WS XV still producing?: STATE-JUDGE 48-3 WS XV is currently producing. The most recent month of production reported to the Railroad Commission of Texas for STATE-JUDGE 48-3 WS XV is August 2026.
How much has STATE-JUDGE 48-3 WS XV produced?: STATE-JUDGE 48-3 WS XV has reported 715,984 barrels of oil (bbl) to the Railroad Commission of Texas between January 2020 and August 2026, from 1 wellbore.
How much is STATE-JUDGE 48-3 WS XV worth?: The remaining production from STATE-JUDGE 48-3 WS XV is estimated to be worth about $21.5M in total as of 27 August 2026, within a range of $17.8M to $25.1M. That figure is the whole lease, undivided — not any one owner's share. A royalty interest in STATE-JUDGE 48-3 WS XV is a fraction of it. The estimate fits an Arps decline curve to the production STATE-JUDGE 48-3 WS XV has already reported, prices the remaining production at the current forward strip, and discounts it at 12% a year. The figure shown for STATE-JUDGE 48-3 WS XV is an estimate of value, not an offer and not an appraisal.
How much income does STATE-JUDGE 48-3 WS XV generate in a year?: STATE-JUDGE 48-3 WS XV is forecast to net about $4.7M across the whole undivided lease over the twelve months following 27 August 2026, before income tax. A royalty owner in STATE-JUDGE 48-3 WS XV receives a fraction of that, set by the decimal interest printed on their check stub.

Lease record

STATE-JUDGE 48-3 WS XV as filed with the Railroad Commission of Texas
Operator	Headington Energy Partners, LLC
Field	Phantom (Wolfcamp)
County	Loving County, Texas
RRC district	08
Lease number	54205
Wellbores	1
Reported production	715,984 bbl
First reported	January 2020
Last reported	August 2026
Estimated royalty value	$21.5M

Where STATE-JUDGE 48-3 WS XV sits

Source: Railroad Commission of Texas lease production records, complete through August 2026. Figures on this page were computed on 27 August 2026.

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.