PBGM
PBGM is a Texas gas lease in Smith County, Railroad Commission district 06, operated by Valence Operating Company. It has 1 wellbore on file with the Commission. Reported production runs from November 2018 to August 2026, totalling 2,239,658 thousand cubic feet. 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 $2.5M, with roughly $480K 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 11,037 thousand cubic feet a month. Its strongest month on the record we hold was January 2019, at 73,633 thousand cubic feet. In our own backtest, leases producing at this rate are forecast to within about 18% 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 PBGM
- Who operates PBGM?
- PBGM is operated by Valence Operating Company, Railroad Commission of Texas operator number 881167.
- Where is PBGM?
- PBGM is a Texas gas lease in Smith County, Texas, in Railroad Commission district 06. Its Railroad Commission lease number is 285946.
- Is PBGM still producing?
- PBGM is currently producing. The most recent month of production reported to the Railroad Commission of Texas for PBGM is August 2026.
- How much has PBGM produced?
- PBGM has reported 2,239,658 thousand cubic feet of gas (Mcf) to the Railroad Commission of Texas between November 2018 and August 2026, from 1 wellbore.
- How much is PBGM worth?
- The remaining production from PBGM is estimated to be worth about $2.5M in total as of 27 August 2026, within a range of $2.1M to $3.0M. That figure is the whole lease, undivided — not any one owner's share. A royalty interest in PBGM is a fraction of it. The estimate fits an Arps decline curve to the production PBGM has already reported, prices the remaining production at the current forward strip, and discounts it at 12% a year. The figure shown for PBGM is an estimate of value, not an offer and not an appraisal.
- How much income does PBGM generate in a year?
- PBGM is forecast to net about $480K across the whole undivided lease over the twelve months following 27 August 2026, before income tax. A royalty owner in PBGM receives a fraction of that, set by the decimal interest printed on their check stub.
Lease record
| Operator | Valence Operating Company |
|---|---|
| Field | Overton (Cotton Valley Sand) |
| County | Smith County, Texas |
| RRC district | 06 |
| Lease number | 285946 |
| Wellbores | 1 |
| Reported production | 2,239,658 mcf |
| First reported | |
| Last reported | |
| Estimated royalty value | $2.5M |
Where PBGM 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.