PHILLIPS 3
PHILLIPS 3 is a Texas oil lease in Martin County, Railroad Commission district 08, operated by Cobra Oil & Gas Corporation. It has 2 wellbores on file with the Commission. Reported production runs from February 2010 to August 2026, totalling 136,934 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 $997K, with roughly $159K 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 156 barrels a month, about 78 per wellbore. Its strongest month on the record we hold was October 2022, at 1,011 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 PHILLIPS 3
- Who operates PHILLIPS 3?
- PHILLIPS 3 is operated by Cobra Oil & Gas Corporation, Railroad Commission of Texas operator number 163000.
- Where is PHILLIPS 3?
- PHILLIPS 3 is a Texas oil lease in Martin County, Texas, in Railroad Commission district 08. Its Railroad Commission lease number is 39863.
- Is PHILLIPS 3 still producing?
- PHILLIPS 3 is currently producing. The most recent month of production reported to the Railroad Commission of Texas for PHILLIPS 3 is August 2026.
- How much has PHILLIPS 3 produced?
- PHILLIPS 3 has reported 136,934 barrels of oil (bbl) to the Railroad Commission of Texas between February 2010 and August 2026, from 2 wellbores.
- How much is PHILLIPS 3 worth?
- The remaining production from PHILLIPS 3 is estimated to be worth about $997K in total as of 26 August 2026, within a range of $777K to $1.2M. That figure is the whole lease, undivided — not any one owner's share. A royalty interest in PHILLIPS 3 is a fraction of it. The estimate fits an Arps decline curve to the production PHILLIPS 3 has already reported, prices the remaining production at the current forward strip, and discounts it at 12% a year. The figure shown for PHILLIPS 3 is an estimate of value, not an offer and not an appraisal.
- How much income does PHILLIPS 3 generate in a year?
- PHILLIPS 3 is forecast to net about $159K across the whole undivided lease over the twelve months following 26 August 2026, before income tax. A royalty owner in PHILLIPS 3 receives a fraction of that, set by the decimal interest printed on their check stub.
Lease record
| Operator | Cobra Oil & Gas Corporation |
|---|---|
| Field | Spraberry (Trend Area) |
| County | Martin County, Texas |
| RRC district | 08 |
| Lease number | 39863 |
| Wellbores | 2 |
| Reported production | 136,934 bbl |
| First reported | |
| Last reported | |
| Estimated royalty value | $997K |
Where PHILLIPS 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.