STATE -LB-
STATE -LB- is a Texas oil lease in Crane County, Railroad Commission district 08, operated by Pennzoil Petroleum Company. It has 4 wellbores on file with the Commission. Reported production runs from January 1993 to August 2026, totalling 100,324 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 $243K, with roughly $40K 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 43 barrels a month, about 11 per wellbore. Its strongest month on the record we hold was June 2016, at 80 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 STATE -LB-
- Who operates STATE -LB-?
- STATE -LB- is operated by Pennzoil Petroleum Company, Railroad Commission of Texas operator number 652365.
- Where is STATE -LB-?
- STATE -LB- is a Texas oil lease in Crane County, Texas, in Railroad Commission district 08. Its Railroad Commission lease number is 21963.
- Is STATE -LB- still producing?
- STATE -LB- is currently producing. The most recent month of production reported to the Railroad Commission of Texas for STATE -LB- is August 2026.
- How much has STATE -LB- produced?
- STATE -LB- has reported 100,324 barrels of oil (bbl) to the Railroad Commission of Texas between January 1993 and August 2026, from 4 wellbores.
- How much is STATE -LB- worth?
- The remaining production from STATE -LB- is estimated to be worth about $243K in total as of 26 August 2026, within a range of $134K to $352K. That figure is the whole lease, undivided — not any one owner's share. A royalty interest in STATE -LB- is a fraction of it. The estimate fits an Arps decline curve to the production STATE -LB- has already reported, prices the remaining production at the current forward strip, and discounts it at 12% a year. The figure shown for STATE -LB- is an estimate of value, not an offer and not an appraisal.
- How much income does STATE -LB- generate in a year?
- STATE -LB- is forecast to net about $40K across the whole undivided lease over the twelve months following 26 August 2026, before income tax. A royalty owner in STATE -LB- receives a fraction of that, set by the decimal interest printed on their check stub.
Lease record
| Operator | Pennzoil Petroleum Company |
|---|---|
| Field | Block 31 (Devonian) |
| County | Crane County, Texas |
| RRC district | 08 |
| Lease number | 21963 |
| Wellbores | 4 |
| Reported production | 100,324 bbl |
| First reported | |
| Last reported | |
| Estimated royalty value | $243K |
Where STATE -LB- 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.