GIBBS BROS. UNIT
Operated by TEXACO E & P INC. (P-5 844118) in the BROOKELAND (AUSTIN CHALK, 8800) 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 488 leases and 597 wells, and the rule below applies to all of them.
A drilling unit in this field needs at least 160 acres. The field rule took effect on 2009-10-22.
The Commission's schedule remark for this field reads: “ACRES. DOCKET EFFECTIVE 10-22-09.”
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 | 38,278 bbl | $493,094 |
| Casinghead gas | Production | 188,440 Mcf | $0 |
| Total | $493,094 | ||
188,440 Mcf of this lease's gas, across 3 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 (8)
Volume × price = value, one row per cycle. The price columns are the same series published on the prices page — nothing here is modelled.
8 months
| Sep 1994 | 0 | 0 | 15.29 | — | $0 |
| Aug 1994 | 0 | 0 | 16.13 | — | $0 |
| Jul 1994 | 0 | 0 | 17.56 | — | $0 |
| Jun 1994 | 0 | 0 | 17.09 | — | $0 |
| May 1994 | 311 | 0 | 15.88 | — | $4,939 |
| Apr 1994 | 8,565 | 49,207 | 14.14 | — | $121,109 |
| Mar 1994 | 11,961 | 60,392 | 12.46 | — | $149,034 |
| Feb 1994 | 17,441 | 78,841 | 12.50 | — | $218,013 |
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 311 bbl × $ 15.88 = $4,939 Casinghead gas 0 Mcf × no price — ──────────────────────────────────────────────────── Month total $4,939
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. 06/O/13276 is the state's own key, not one this site invented.