BULLDOG

BULLDOG is a Texas oil lease in Midland County, Railroad Commission district 08, operated by Permian Deep Rock Oil Co., LLC. It has 23 wellbores on file with the Commission. Reported production runs from January 2021 to August 2026, totalling 2,360,754 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 $1.5M, with roughly $287K expected over the next twelve months. Over the last twelve months on file it averaged 53,983 barrels a month, about 2,347 per wellbore. Its strongest month on the record we hold was August 2024, at 164,291 barrels. In our own backtest, leases producing at this rate are forecast to within about 18% 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.