SHEPARD STATE
SHEPARD STATE is a Texas gas lease in Culberson County, Railroad Commission district 08, operated by Cog Operating LLC. It has 1 wellbore on file with the Commission. Reported production runs from January 2014 to August 2026, totalling 1,253,993 thousand cubic feet. The lease is intermittent. 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 $30K, with roughly $5K 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 21 thousand cubic feet a month. Its strongest month on the record we hold was May 2016, at 37,321 thousand cubic feet. 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 SHEPARD STATE
- Who operates SHEPARD STATE?
- SHEPARD STATE is operated by Cog Operating LLC, Railroad Commission of Texas operator number 166150.
- Where is SHEPARD STATE?
- SHEPARD STATE is a Texas gas lease in Culberson County, Texas, in Railroad Commission district 08. Its Railroad Commission lease number is 278497.
- Is SHEPARD STATE still producing?
- SHEPARD STATE is intermittent. The most recent month of production reported to the Railroad Commission of Texas for SHEPARD STATE is August 2026.
- How much has SHEPARD STATE produced?
- SHEPARD STATE has reported 1,253,993 thousand cubic feet of gas (Mcf) to the Railroad Commission of Texas between January 2014 and August 2026, from 1 wellbore.
- How much is SHEPARD STATE worth?
- The remaining production from SHEPARD STATE is estimated to be worth about $30K in total as of 26 August 2026, within a range of $16K to $43K. That figure is the whole lease, undivided — not any one owner's share. A royalty interest in SHEPARD STATE is a fraction of it. The estimate fits an Arps decline curve to the production SHEPARD STATE has already reported, prices the remaining production at the current forward strip, and discounts it at 12% a year. The figure shown for SHEPARD STATE is an estimate of value, not an offer and not an appraisal.
- How much income does SHEPARD STATE generate in a year?
- SHEPARD STATE is forecast to net about $5K across the whole undivided lease over the twelve months following 26 August 2026, before income tax. A royalty owner in SHEPARD STATE receives a fraction of that, set by the decimal interest printed on their check stub.
Lease record
| Operator | Cog Operating LLC |
|---|---|
| Field | Sandbar (Bone Spring) |
| County | Culberson County, Texas |
| RRC district | 08 |
| Lease number | 278497 |
| Wellbores | 1 |
| Reported production | 1,253,993 mcf |
| First reported | |
| Last reported | |
| Estimated royalty value | $30K |
Where SHEPARD STATE 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.