STATE TRACT 98-L

Name: STATE TRACT 98-L lease production and value, Jul 1996 onwards
Creator: Railroad Commission of Texas
License: https://www.rrc.texas.gov/site-policies/

Operated by OCEAN ENERGY, INC. (P-5 617549) in the BLOCK 98-L field. Every figure below is a volume the Railroad Commission published, multiplied by a monthly price you can check.

Gas lease lease 161061District 03Field 09564500CondensateGasSave Export

Value, all time

$25.7 M

Jul 1996 – Jan 2002

Value, last 12 filed months

$1.8 M

at the published price for each month

Months reported

no gaps in the span

Streams

condensate, gas

The BLOCK 98-L field

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.

Discovered

1977-09-02

as the register files it

Field class

Gas

the register's own label

Between wells

1,200 ft

minimum

From a lease line

467 ft

minimum

A drilling unit in this field needs at least 40 acres.

The Commission's schedule remark for this field reads: “ALLOCATION FORMULA ADOPTED.”

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	62,936 bbl	$1,080,002
Gas	Production	9,309,170 Mcf	$24,664,930
Total			$25,744,932

212,663 Mcf of this lease's gas, across 2 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 (67)

Volume × price = value, one row per cycle. The price columns are the same series published on the prices page — nothing here is modelled.

67 months


Jan 2002	0	0	17.17	2.38	$0
Dec 2001	18	6,616	16.93	2.36	$15,948
Nov 2001	20	10,687	18.07	2.41	$26,069
Oct 2001	52	21,205	19.78	2.53	$54,653
Sep 2001	61	28,009	24.26	2.25	$64,537
Aug 2001	72	35,657	24.87	3.05	$110,657
Jul 2001	73	31,424	23.93	3.20	$102,212
Jun 2001	108	50,293	24.56	3.82	$194,981
May 2001	69	41,102	25.52	4.31	$178,800
Apr 2001	93	37,300	24.68	5.34	$201,303
Mar 2001	248	90,679	24.54	5.38	$493,616
Feb 2001	136	64,624	27.75	5.77	$376,466
Jan 2001	199	68,978	27.47	8.40	$584,796
Dec 2000	177	79,885	26.88	9.12	$733,509
Nov 2000	176	68,332	32.21	5.66	$392,291
Oct 2000	228	76,654	31.23	5.15	$401,544
Sep 2000	188	79,453	31.87	5.19	$418,075
Aug 2000	247	78,608	29.64	4.54	$364,260
Jul 2000	238	102,145	28.53	4.09	$424,538
Jun 2000	244	104,899	29.30	4.40	$468,416
May 2000	307	104,622	27.26	3.68	$393,352
Apr 2000	389	121,941	24.51	3.12	$389,503
Mar 2000	326	104,741	28.42	2.86	$308,798
Feb 2000	307	121,615	27.62	2.73	$340,063
Jan 2000	411	148,593	25.27	2.48	$378,971
Dec 1999	721	113,804	24.28	2.42	$293,335
Nov 1999	0	129,103	23.19	2.43	$314,235
Oct 1999	398	142,941	20.98	2.80	$409,115
Sep 1999	405	143,139	21.75	2.62	$383,668
Aug 1999	536	151,773	19.26	2.88	$446,762
Jul 1999	646	226,457	17.89	2.37	$548,797
Jun 1999	693	235,845	15.94	2.36	$568,136
May 1999	708	237,172	15.79	2.32	$561,660
Apr 1999	499	147,725	15.10	2.21	$333,719
Mar 1999	532	160,387	12.47	1.84	$301,478
Feb 1999	361	168,917	9.98	1.82	$310,658
Jan 1999	544	203,607	10.38	1.90	$392,490
Dec 1998	907	209,284	9.20	1.77	$379,472
Nov 1998	1,077	244,565	10.89	2.19	$546,279
Oct 1998	1,198	251,551	12.42	1.97	$510,236
Sep 1998	1,572	240,793	12.59	2.08	$521,272
Aug 1998	1,672	246,742	11.30	1.91	$489,517
Jul 1998	2,093	251,971	11.74	2.24	$588,299
Jun 1998	2,101	242,274	11.24	2.24	$565,648
May 1998	1,816	232,575	12.62	2.21	$536,057
Apr 1998	2,067	220,975	13.04	2.51	$580,569
Mar 1998	3,038	224,356	12.80	2.31	$557,023
Feb 1998	2,597	206,225	13.95	2.30	$510,366
Jan 1998	3,496	239,227	14.70	2.15	$566,875
Dec 1997	2,997	238,222	16.32	2.41	$623,288
Nov 1997	2,949	240,559	18.19	3.09	$796,551
Oct 1997	3,169	257,023	19.25	3.15	$870,579
Sep 1997	3,969	253,052	17.74	2.95	$818,148
Aug 1997	741	72,299	17.86	2.55	$197,939
Jul 1997	333	111,276	17.58	2.25	$255,885
Jun 1997	576	143,936	17.24	2.26	$334,823
May 1997	1,064	220,670	18.97	2.31	$529,601
Apr 1997	1,427	272,832	17.88	2.08	$593,764
Mar 1997	2,908	276,951	18.95	1.94	$592,153
Feb 1997	2,834	244,485	20.49	2.21	$597,378
Jan 1997	2,922	215,732	23.48	3.54	$832,235
Dec 1996	2,983	210,516	23.32	—	$69,564
Nov 1996	0	0	21.97	—	$0
Oct 1996	0	0	23.31	—	$0
Sep 1996	0	0	22.22	—	$0
Aug 1996	0	0	20.26	—	$0
Jul 1996	0	2,147	19.55	—	$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.

Dec 2001 — as filed, then multipliedworked

Condensate            18 bbl  × $ 16.93 =       $305
Gas                6,616 Mcf  × $  2.36 =    $15,643

────────────────────────────────────────────────────
Month total                                  $15,948

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/161061 is the state's own key, not one this site invented.