GIBBS UNIT
Operated by J-W OPERATING CO. (P-5 427960) in the NEWARK, EAST (ATOKA 1) 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 10 leases and 10 wells, and the rule below applies to all of them.
A drilling unit in this field needs at least 40 acres. The field rule took effect on 2004-05-11.
The Commission's schedule remark for this field reads: “PRORATED EFFECTIVE 10/1/06.”
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 |
|---|---|---|---|
| Gas | Production | 1,784 Mcf | $3,979 |
| Total | $3,979 | ||
Every month this lease reported (6)
Volume × price = value, one row per cycle. The price columns are the same series published on the prices page — nothing here is modelled.
6 months
| Jul 2012 | 0 | 85.13 | 3.02 | $0 |
| Jun 2012 | 0 | 79.82 | 2.52 | $0 |
| May 2012 | 523 | 91.61 | 2.49 | $1,301 |
| Apr 2012 | 580 | 101.65 | 2.00 | $1,158 |
| Mar 2012 | 664 | 105.05 | 2.22 | $1,475 |
| Feb 2012 | 17 | 101.10 | 2.57 | $44 |
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.
Gas 523 Mcf × $ 2.49 = $1,301 ──────────────────────────────────────────────────── Month total $1,301
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. 05/G/268358 is the state's own key, not one this site invented.