SPENCER
SPENCER is a Texas oil lease in Ward 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 15,264 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 $103K, with roughly $20K 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 26 barrels a month, about 13 per wellbore. Its strongest month on the record we hold was September 2023, at 64 barrels. In our own backtest, leases producing at this rate are forecast to within about 45% 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 SPENCER
- Who operates SPENCER?
- SPENCER is operated by Stevens & Tull, Inc., Railroad Commission of Texas operator number 819540.
- Where is SPENCER?
- SPENCER is a Texas oil lease in Ward County, Texas, in Railroad Commission district 08. Its Railroad Commission lease number is 32379.
- Is SPENCER still producing?
- SPENCER is currently producing. The most recent month of production reported to the Railroad Commission of Texas for SPENCER is August 2026.
- How much has SPENCER produced?
- SPENCER has reported 15,264 barrels of oil (bbl) to the Railroad Commission of Texas between January 1993 and August 2026, from 2 wellbores.
- How much is SPENCER worth?
- The remaining production from SPENCER is estimated to be worth about $103K in total as of 26 August 2026, within a range of $56K to $149K. That figure is the whole lease, undivided — not any one owner's share. A royalty interest in SPENCER is a fraction of it. The estimate fits an Arps decline curve to the production SPENCER has already reported, prices the remaining production at the current forward strip, and discounts it at 12% a year. The figure shown for SPENCER is an estimate of value, not an offer and not an appraisal.
- How much income does SPENCER generate in a year?
- SPENCER is forecast to net about $20K across the whole undivided lease over the twelve months following 26 August 2026, before income tax. A royalty owner in SPENCER receives a fraction of that, set by the decimal interest printed on their check stub.
Lease record
| Operator | Stevens & Tull, Inc. |
|---|---|
| Field | Ward-Estes, North |
| County | Ward County, Texas |
| RRC district | 08 |
| Lease number | 32379 |
| Wellbores | 2 |
| Reported production | 15,264 bbl |
| First reported | |
| Last reported | |
| Estimated royalty value | $103K |
Where SPENCER 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.