STATE 48
STATE 48 is a Texas oil lease in Loving County, Railroad Commission district 08, operated by Headington Energy Partners, LLC. It has 6 wellbores on file with the Commission. Reported production runs from February 2018 to August 2026, totalling 1,840,327 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 $5.0M, with roughly $2.7M 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 5,871 barrels a month, about 978 per wellbore. Its strongest month on the record we hold was January 2019, at 60,910 barrels. In our own backtest, leases producing at this rate are forecast to within about 17% 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 48
- Who operates STATE 48?
- STATE 48 is operated by Headington Energy Partners, LLC, Railroad Commission of Texas operator number 370061.
- Where is STATE 48?
- STATE 48 is a Texas oil lease in Loving County, Texas, in Railroad Commission district 08. Its Railroad Commission lease number is 50263.
- Is STATE 48 still producing?
- STATE 48 is currently producing. The most recent month of production reported to the Railroad Commission of Texas for STATE 48 is August 2026.
- How much has STATE 48 produced?
- STATE 48 has reported 1,840,327 barrels of oil (bbl) to the Railroad Commission of Texas between February 2018 and August 2026, from 6 wellbores.
- How much is STATE 48 worth?
- The remaining production from STATE 48 is estimated to be worth about $5.0M in total as of 26 August 2026, within a range of $4.2M to $5.9M. That figure is the whole lease, undivided — not any one owner's share. A royalty interest in STATE 48 is a fraction of it. The estimate fits an Arps decline curve to the production STATE 48 has already reported, prices the remaining production at the current forward strip, and discounts it at 12% a year. The figure shown for STATE 48 is an estimate of value, not an offer and not an appraisal.
- How much income does STATE 48 generate in a year?
- STATE 48 is forecast to net about $2.7M across the whole undivided lease over the twelve months following 26 August 2026, before income tax. A royalty owner in STATE 48 receives a fraction of that, set by the decimal interest printed on their check stub.
Lease record
| Operator | Headington Energy Partners, LLC |
|---|---|
| Field | Phantom (Wolfcamp) |
| County | Loving County, Texas |
| RRC district | 08 |
| Lease number | 50263 |
| Wellbores | 6 |
| Reported production | 1,840,327 bbl |
| First reported | |
| Last reported | |
| Estimated royalty value | $5.0M |
Where STATE 48 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.