STATE TRACT 278-L, NW/4
Operated by ENSERCH EXPLORATION, INC (P-5 253210) in the FREEPORT (MIOCENE 6900) field. Every figure below is a volume the Railroad Commission published, multiplied by a monthly price you can check.
The Railroad Commission's own record for the field this lease produces from, including the spacing rule that governs how close together its wells may be drilled.
These are facts about the field, not about this lease. The field holds other leases, and the rule below applies to all of them.
What this lease produced, and what it was worth
Oil and condensate are valued on the volume the state records as disposed of; gas and casinghead gas on the volume produced. They are different columns of different files, and the difference is not cosmetic.
| Stream | Basis | Volume | Value |
|---|---|---|---|
| Condensate | Disposition | 1,628 bbl | $27,977 |
| Gas | Production | 448,664 Mcf | $0 |
| Total | $27,977 | ||
448,664 Mcf of this lease's gas, across 19 months, carries no value here. No free Texas wellhead gas price exists before 1997, so those months are left out of the total rather than valued at zero. The total above is therefore a floor, not an estimate.
Every month this lease reported (38)
Volume × price = value, one row per cycle. The price columns are the same series published on the prices page — nothing here is modelled.
38 months
| Dec 1996 | 0 | 0 | 23.32 | — | $0 |
| Nov 1996 | 0 | 0 | 21.97 | — | $0 |
| Oct 1996 | 0 | 0 | 23.31 | — | $0 |
| Sep 1996 | 0 | 0 | 22.22 | — | $0 |
| Aug 1996 | 327 | 0 | 20.26 | — | $6,625 |
| Jul 1996 | 0 | 0 | 19.55 | — | $0 |
| Jun 1996 | 0 | 0 | 18.73 | — | $0 |
| May 1996 | 0 | 0 | 19.43 | — | $0 |
| Apr 1996 | 0 | 0 | 21.51 | — | $0 |
| Mar 1996 | 0 | 0 | 19.38 | — | $0 |
| Feb 1996 | 0 | 0 | 16.98 | — | $0 |
| Jan 1996 | 0 | 0 | 17.07 | — | $0 |
| Dec 1995 | 0 | 0 | 17.19 | — | $0 |
| Nov 1995 | 0 | 0 | 16.00 | — | $0 |
| Oct 1995 | 0 | 0 | 15.43 | — | $0 |
| Sep 1995 | 0 | 0 | 16.18 | — | $0 |
| Aug 1995 | 0 | 0 | 15.92 | — | $0 |
| Jul 1995 | 0 | 0 | 15.24 | — | $0 |
| Jun 1995 | 0 | 5,024 | 16.41 | — | $0 |
| May 1995 | 0 | 10,577 | 17.56 | — | $0 |
| Apr 1995 | 159 | 11,613 | 17.73 | — | $2,819 |
| Mar 1995 | 0 | 14,580 | 16.44 | — | $0 |
| Feb 1995 | 166 | 15,616 | 16.58 | — | $2,752 |
| Jan 1995 | 0 | 18,125 | 15.92 | — | $0 |
| Dec 1994 | 0 | 20,784 | 15.03 | — | $0 |
| Nov 1994 | 364 | 22,630 | 15.90 | — | $5,788 |
| Oct 1994 | 181 | 25,717 | 15.58 | — | $2,820 |
| Sep 1994 | 0 | 27,261 | 15.29 | — | $0 |
| Aug 1994 | 171 | 30,125 | 16.13 | — | $2,758 |
| Jul 1994 | 170 | 33,017 | 17.56 | — | $2,985 |
| Jun 1994 | 0 | 33,784 | 17.09 | — | $0 |
| May 1994 | 90 | 40,077 | 15.88 | — | $1,429 |
| Apr 1994 | 0 | 42,904 | 14.14 | — | $0 |
| Mar 1994 | 0 | 38,705 | 12.46 | — | $0 |
| Feb 1994 | 0 | 32,029 | 12.50 | — | $0 |
| Jan 1994 | 0 | 13,464 | 12.66 | — | $0 |
| Dec 1993 | 0 | 12,632 | 12.33 | — | $0 |
| Nov 1993 | 0 | 0 | 14.49 | — | $0 |
How to read this page
The arithmetic is one multiplication per stream per month. Here it is, worked, on a real row from the table above.
Condensate 327 bbl × $ 20.26 = $6,625 Gas 0 Mcf × no price — ──────────────────────────────────────────────────── Month total $6,625
The volumes are the state's, unchanged
Every barrel and every Mcf on this page is a number the Railroad Commission of Texas published in its monthly production query. Nothing is modelled, estimated or filled in.
The dollars are a multiplication, not a valuation
Volume × a published monthly price. It is not what the operator was paid: it takes no account of a contract, a differential, a transportation deduction, or the share any one owner holds.
Oil and gas are priced differently
Oil is a Texas realisation — the crude oil first purchase price. Gas is a benchmark, because no free Texas wellhead gas series exists at any date. The prices page publishes the difference rather than correcting it away.
A lease is not a well
The state reports oil on lease and gas on well, and this page is the lease grain. 03/G/148375 is the state's own key, not one this site invented.