ULMER STATE
ULMER STATE is a Texas oil lease in Upton County, Railroad Commission district 7C, operated by Oxbow Petroleum, LLC. It has 3 wellbores on file with the Commission. Reported production runs from March 2022 to August 2026, totalling 603,369 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 $23.4M, with roughly $6.0M 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 7,606 barrels a month, about 2,535 per wellbore. Its strongest month on the record we hold was September 2022, at 28,806 barrels. In our own backtest, leases producing at this rate are forecast to within about 17% 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 ULMER STATE
- Who operates ULMER STATE?
- ULMER STATE is operated by Oxbow Petroleum, LLC, Railroad Commission of Texas operator number 630065.
- Where is ULMER STATE?
- ULMER STATE is a Texas oil lease in Upton County, Texas, in Railroad Commission district 7C. Its Railroad Commission lease number is 21709.
- Is ULMER STATE still producing?
- ULMER STATE is currently producing. The most recent month of production reported to the Railroad Commission of Texas for ULMER STATE is August 2026.
- How much has ULMER STATE produced?
- ULMER STATE has reported 603,369 barrels of oil (bbl) to the Railroad Commission of Texas between March 2022 and August 2026, from 3 wellbores.
- How much is ULMER STATE worth?
- The remaining production from ULMER STATE is estimated to be worth about $23.4M in total as of 26 August 2026, within a range of $19.4M to $27.3M. That figure is the whole lease, undivided — not any one owner's share. A royalty interest in ULMER STATE is a fraction of it. The estimate fits an Arps decline curve to the production ULMER STATE has already reported, prices the remaining production at the current forward strip, and discounts it at 12% a year. The figure shown for ULMER STATE is an estimate of value, not an offer and not an appraisal.
- How much income does ULMER STATE generate in a year?
- ULMER STATE is forecast to net about $6.0M across the whole undivided lease over the twelve months following 26 August 2026, before income tax. A royalty owner in ULMER STATE receives a fraction of that, set by the decimal interest printed on their check stub.
Lease record
| Operator | Oxbow Petroleum, LLC |
|---|---|
| Field | Spraberry (Trend Area) |
| County | Upton County, Texas |
| RRC district | 7C |
| Lease number | 21709 |
| Wellbores | 3 |
| Reported production | 603,369 bbl |
| First reported | |
| Last reported | |
| Estimated royalty value | $23.4M |
Where ULMER 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.