MERCHANT STATE
MERCHANT STATE is a Texas oil lease in Pecos County, Railroad Commission district 08, operated by Earnest Producing Corporation. It has 3 wellbores on file with the Commission. Reported production runs from June 1995 to August 2026, totalling 51,796 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 $695K, with roughly $131K 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 166 barrels a month, about 55 per wellbore. Its strongest month on the record we hold was March 2022, at 369 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 MERCHANT STATE
- Who operates MERCHANT STATE?
- MERCHANT STATE is operated by Earnest Producing Corporation, Railroad Commission of Texas operator number 238708.
- Where is MERCHANT STATE?
- MERCHANT STATE is a Texas oil lease in Pecos County, Texas, in Railroad Commission district 08. Its Railroad Commission lease number is 34786.
- Is MERCHANT STATE still producing?
- MERCHANT STATE is currently producing. The most recent month of production reported to the Railroad Commission of Texas for MERCHANT STATE is August 2026.
- How much has MERCHANT STATE produced?
- MERCHANT STATE has reported 51,796 barrels of oil (bbl) to the Railroad Commission of Texas between June 1995 and August 2026, from 3 wellbores.
- How much is MERCHANT STATE worth?
- The remaining production from MERCHANT STATE is estimated to be worth about $695K in total as of 26 August 2026, within a range of $542K to $848K. That figure is the whole lease, undivided — not any one owner's share. A royalty interest in MERCHANT STATE is a fraction of it. The estimate fits an Arps decline curve to the production MERCHANT STATE has already reported, prices the remaining production at the current forward strip, and discounts it at 12% a year. The figure shown for MERCHANT STATE is an estimate of value, not an offer and not an appraisal.
- How much income does MERCHANT STATE generate in a year?
- MERCHANT STATE is forecast to net about $131K across the whole undivided lease over the twelve months following 26 August 2026, before income tax. A royalty owner in MERCHANT STATE receives a fraction of that, set by the decimal interest printed on their check stub.
Lease record
| Operator | Earnest Producing Corporation |
|---|---|
| Field | Lehn-Apco, S. (Wichita-Albany) |
| County | Pecos County, Texas |
| RRC district | 08 |
| Lease number | 34786 |
| Wellbores | 3 |
| Reported production | 51,796 bbl |
| First reported | |
| Last reported | |
| Estimated royalty value | $695K |
Where MERCHANT STATE 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.