SPEARS
SPEARS is a Texas oil lease in Hardeman County, Railroad Commission district 09, operated by Stephens & Johnson Operating Co. It has 1 wellbore on file with the Commission. Reported production runs from January 1993 to August 2026, totalling 67,629 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 $412K, with roughly $79K 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 94 barrels a month. Its strongest month on the record we hold was June 2017, at 209 barrels. In our own backtest, leases producing at this rate are forecast to within about 45% 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 SPEARS
- Who operates SPEARS?
- SPEARS is operated by Stephens & Johnson Operating Co., Railroad Commission of Texas operator number 817555.
- Where is SPEARS?
- SPEARS is a Texas oil lease in Hardeman County, Texas, in Railroad Commission district 09. Its Railroad Commission lease number is 21930.
- Is SPEARS still producing?
- SPEARS is currently producing. The most recent month of production reported to the Railroad Commission of Texas for SPEARS is August 2026.
- How much has SPEARS produced?
- SPEARS has reported 67,629 barrels of oil (bbl) to the Railroad Commission of Texas between January 1993 and August 2026, from 1 wellbore.
- How much is SPEARS worth?
- The remaining production from SPEARS is estimated to be worth about $412K in total as of 26 August 2026, within a range of $227K to $598K. That figure is the whole lease, undivided — not any one owner's share. A royalty interest in SPEARS is a fraction of it. The estimate fits an Arps decline curve to the production SPEARS has already reported, prices the remaining production at the current forward strip, and discounts it at 12% a year. The figure shown for SPEARS is an estimate of value, not an offer and not an appraisal.
- How much income does SPEARS generate in a year?
- SPEARS is forecast to net about $79K across the whole undivided lease over the twelve months following 26 August 2026, before income tax. A royalty owner in SPEARS receives a fraction of that, set by the decimal interest printed on their check stub.
Lease record
| Operator | Stephens & Johnson Operating Co. |
|---|---|
| Field | Berry (Miss.) |
| County | Hardeman County, Texas |
| RRC district | 09 |
| Lease number | 21930 |
| Wellbores | 1 |
| Reported production | 67,629 bbl |
| First reported | |
| Last reported | |
| Estimated royalty value | $412K |
Where SPEARS sits
Source: Railroad Commission of Texas lease production records, complete through . Figures on this page were computed on .
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.