NICHOLS
NICHOLS is a Texas oil lease in Martin County, Railroad Commission district 08, operated by Stevens & Tull, Inc. It has 2 wellbores on file with the Commission. Reported production runs from January 1993 to August 2026, totalling 86,970 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 $839K, with roughly $151K 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 245 barrels a month, about 123 per wellbore. Its strongest month on the record we hold was December 2023, at 1,910 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 NICHOLS
- Who operates NICHOLS?
- NICHOLS is operated by Stevens & Tull, Inc., Railroad Commission of Texas operator number 819540.
- Where is NICHOLS?
- NICHOLS is a Texas oil lease in Martin County, Texas, in Railroad Commission district 08. Its Railroad Commission lease number is 32371.
- Is NICHOLS still producing?
- NICHOLS is currently producing. The most recent month of production reported to the Railroad Commission of Texas for NICHOLS is August 2026.
- How much has NICHOLS produced?
- NICHOLS has reported 86,970 barrels of oil (bbl) to the Railroad Commission of Texas between January 1993 and August 2026, from 2 wellbores.
- How much is NICHOLS worth?
- The remaining production from NICHOLS is estimated to be worth about $839K in total as of 26 August 2026, within a range of $654K to $1.0M. That figure is the whole lease, undivided — not any one owner's share. A royalty interest in NICHOLS is a fraction of it. The estimate fits an Arps decline curve to the production NICHOLS has already reported, prices the remaining production at the current forward strip, and discounts it at 12% a year. The figure shown for NICHOLS is an estimate of value, not an offer and not an appraisal.
- How much income does NICHOLS generate in a year?
- NICHOLS is forecast to net about $151K across the whole undivided lease over the twelve months following 26 August 2026, before income tax. A royalty owner in NICHOLS receives a fraction of that, set by the decimal interest printed on their check stub.
Lease record
| Operator | Stevens & Tull, Inc. |
|---|---|
| Field | Spraberry (Trend Area) |
| County | Martin County, Texas |
| RRC district | 08 |
| Lease number | 32371 |
| Wellbores | 2 |
| Reported production | 86,970 bbl |
| First reported | |
| Last reported | |
| Estimated royalty value | $839K |
Where NICHOLS 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.