BARNES 3
BARNES 3 is a Texas oil lease in Howard County, Railroad Commission district 08, operated by Element Petroleum Operating, LLC. It has 4 wellbores on file with the Commission. Reported production runs from April 2010 to August 2026, totalling 424,175 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 $1.9M, with roughly $504K 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 612 barrels a month, about 153 per wellbore. Its strongest month on the record we hold was June 2017, at 2,439 barrels. In our own backtest, leases producing at this rate are forecast to within about 22% 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 BARNES 3
- Who operates BARNES 3?
- BARNES 3 is operated by Element Petroleum Operating, LLC, Railroad Commission of Texas operator number 247680.
- Where is BARNES 3?
- BARNES 3 is a Texas oil lease in Howard County, Texas, in Railroad Commission district 08. Its Railroad Commission lease number is 40109.
- Is BARNES 3 still producing?
- BARNES 3 is currently producing. The most recent month of production reported to the Railroad Commission of Texas for BARNES 3 is August 2026.
- How much has BARNES 3 produced?
- BARNES 3 has reported 424,175 barrels of oil (bbl) to the Railroad Commission of Texas between April 2010 and August 2026, from 4 wellbores.
- How much is BARNES 3 worth?
- The remaining production from BARNES 3 is estimated to be worth about $1.9M in total as of 26 August 2026, within a range of $1.5M to $2.3M. That figure is the whole lease, undivided — not any one owner's share. A royalty interest in BARNES 3 is a fraction of it. The estimate fits an Arps decline curve to the production BARNES 3 has already reported, prices the remaining production at the current forward strip, and discounts it at 12% a year. The figure shown for BARNES 3 is an estimate of value, not an offer and not an appraisal.
- How much income does BARNES 3 generate in a year?
- BARNES 3 is forecast to net about $504K across the whole undivided lease over the twelve months following 26 August 2026, before income tax. A royalty owner in BARNES 3 receives a fraction of that, set by the decimal interest printed on their check stub.
Lease record
| Operator | Element Petroleum Operating, LLC |
|---|---|
| Field | Spraberry (Trend Area) |
| County | Howard County, Texas |
| RRC district | 08 |
| Lease number | 40109 |
| Wellbores | 4 |
| Reported production | 424,175 bbl |
| First reported | |
| Last reported | |
| Estimated royalty value | $1.9M |
Where BARNES 3 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.