MILLS-MCGEE TRUST UNIT
Operated by UNION PACIFIC RESOURCES COMPANY (P-5 876645) in the GIDDINGS (BUDA) 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 598 leases and 630 wells, and the rule below applies to all of them.
A drilling unit in this field needs at least 80 acres. The field rule took effect on 1997-05-16.
The Commission's schedule remark for this field reads: “DESIGNATED AS UFT FIELD PER DOCKET 01-0299858.”
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 |
|---|---|---|---|
| Oil | Disposition | 24,272 bbl | $290,668 |
| Casinghead gas | Production | 48,304 Mcf | $102,677 |
| Total | $393,345 | ||
Every month this lease reported (23)
Volume × price = value, one row per cycle. The price columns are the same series published on the prices page — nothing here is modelled.
23 months
| Mar 1999 | 0 | 0 | 12.47 | 1.84 | $0 |
| Feb 1999 | 0 | 0 | 9.98 | 1.82 | $0 |
| Jan 1999 | 239 | 0 | 10.38 | 1.90 | $2,481 |
| Dec 1998 | 1,933 | 4,412 | 9.20 | 1.77 | $25,607 |
| Nov 1998 | 1,594 | 4,872 | 10.89 | 2.19 | $28,007 |
| Oct 1998 | 1,756 | 6,321 | 12.42 | 1.97 | $34,257 |
| Sep 1998 | 1,759 | 5,709 | 12.59 | 2.08 | $34,035 |
| Aug 1998 | 2,130 | 5,585 | 11.30 | 1.91 | $34,722 |
| Jul 1998 | 2,262 | 5,299 | 11.74 | 2.24 | $38,411 |
| Jun 1998 | 1,980 | 3,839 | 11.24 | 2.24 | $30,844 |
| May 1998 | 2,509 | 6,562 | 12.62 | 2.21 | $46,142 |
| Apr 1998 | 3,074 | 5,705 | 13.04 | 2.51 | $54,378 |
| Mar 1998 | 5,036 | 0 | 12.80 | 2.31 | $64,461 |
| Feb 1998 | 0 | 0 | 13.95 | 2.30 | $0 |
| Jan 1998 | 0 | 0 | 14.70 | 2.15 | $0 |
| Dec 1997 | 0 | 0 | 16.32 | 2.41 | $0 |
| Nov 1997 | 0 | 0 | 18.19 | 3.09 | $0 |
| Oct 1997 | 0 | 0 | 19.25 | 3.15 | $0 |
| Sep 1997 | 0 | 0 | 17.74 | 2.95 | $0 |
| Aug 1997 | 0 | 0 | 17.86 | 2.55 | $0 |
| Jul 1997 | 0 | 0 | 17.58 | 2.25 | $0 |
| Jun 1997 | 0 | 0 | 17.24 | 2.26 | $0 |
| May 1997 | 0 | 0 | 18.97 | 2.31 | $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.
Oil 239 bbl × $ 10.38 = $2,481 Casinghead gas 0 Mcf × $ 1.90 = $0 ──────────────────────────────────────────────────── Month total $2,481
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/O/23514 is the state's own key, not one this site invented.