GRAY
GRAY is a Texas oil lease in Madison County, Railroad Commission district 03, operated by Burk Royalty Co., Ltd. It has 1 wellbore on file with the Commission. Reported production runs from August 2018 to August 2026, totalling 14,027 barrels. 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 $497K, with roughly $96K 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 76 barrels a month. Its strongest month on the record we hold was February 2026, at 536 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 GRAY
- Who operates GRAY?
- GRAY is operated by Burk Royalty Co., Ltd., Railroad Commission of Texas operator number 108799.
- Where is GRAY?
- GRAY is a Texas oil lease in Madison County, Texas, in Railroad Commission district 03. Its Railroad Commission lease number is 27436.
- Is GRAY still producing?
- GRAY is intermittent. The most recent month of production reported to the Railroad Commission of Texas for GRAY is August 2026.
- How much has GRAY produced?
- GRAY has reported 14,027 barrels of oil (bbl) to the Railroad Commission of Texas between August 2018 and August 2026, from 1 wellbore.
- How much is GRAY worth?
- The remaining production from GRAY is estimated to be worth about $497K in total as of 26 August 2026, within a range of $273K to $721K. That figure is the whole lease, undivided — not any one owner's share. A royalty interest in GRAY is a fraction of it. The estimate fits an Arps decline curve to the production GRAY has already reported, prices the remaining production at the current forward strip, and discounts it at 12% a year. The figure shown for GRAY is an estimate of value, not an offer and not an appraisal.
- How much income does GRAY generate in a year?
- GRAY is forecast to net about $96K across the whole undivided lease over the twelve months following 26 August 2026, before income tax. A royalty owner in GRAY receives a fraction of that, set by the decimal interest printed on their check stub.
Lease record
| Operator | Burk Royalty Co., Ltd. |
|---|---|
| Field | Fort Trinidad, East (Buda) |
| County | Madison County, Texas |
| RRC district | 03 |
| Lease number | 27436 |
| Wellbores | 1 |
| Reported production | 14,027 bbl |
| First reported | |
| Last reported | |
| Estimated royalty value | $497K |
Where GRAY 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.