CABALLO AZUL 28-33
Operated by SM ENERGY COMPANY (P-5 788997) in the SPRABERRY (TREND AREA) 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 16,587 leases and 43,997 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 2018-02-13.
The Commission's schedule remark for this field reads: “SPRABERRY (TREND AREA) FIELD EFFECTIVE 10/1/2019.”
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 | 386,433 bbl | $23,261,594 |
| Casinghead gas | Production | 280,852 Mcf | $970,469 |
| Total | $24,232,063 | ||
Every month this lease reported (75)
Volume × price = value, one row per cycle. The price columns are the same series published on the prices page — nothing here is modelled.
75 months
| May 2026 | 7,829 | 2,935 | 106.41 | 3.05 | $842,023 |
| Apr 2026 | 5,038 | 2,736 | 98.93 | 2.87 | $506,261 |
| Mar 2026 | 3,457 | 3,254 | 89.75 | 3.15 | $320,514 |
| Feb 2026 | 2,707 | 2,823 | 63.50 | 3.75 | $182,482 |
| Jan 2026 | 3,052 | 3,526 | 59.13 | 8.00 | $208,665 |
| Dec 2025 | 2,880 | 3,182 | 56.66 | 4.41 | $177,224 |
| Nov 2025 | 3,116 | 4,833 | 58.59 | 3.93 | $201,543 |
| Oct 2025 | 4,144 | 5,465 | 59.38 | 3.30 | $264,132 |
| Sep 2025 | 4,278 | 5,978 | 62.74 | 3.08 | $286,796 |
| Aug 2025 | 4,853 | 5,153 | 63.93 | 3.01 | $325,787 |
| Jul 2025 | 5,474 | 5,272 | 66.74 | 3.32 | $382,812 |
| Jun 2025 | 5,970 | 5,577 | 66.48 | 3.13 | $414,334 |
| May 2025 | 7,165 | 7,371 | 60.55 | 3.23 | $457,666 |
| Apr 2025 | 7,256 | 7,925 | 62.36 | 3.54 | $480,563 |
| Mar 2025 | 6,929 | 6,912 | 67.70 | 4.27 | $498,596 |
| Feb 2025 | 1,672 | 1,265 | 70.88 | 4.34 | $124,003 |
| Jan 2025 | 1,885 | 1,073 | 74.32 | 4.28 | $144,684 |
| Dec 2024 | 6,907 | 4,078 | 68.99 | 3.12 | $489,243 |
| Nov 2024 | 8,820 | 7,396 | 69.05 | 2.20 | $625,281 |
| Oct 2024 | 9,276 | 8,662 | 71.37 | 2.28 | $681,790 |
| Sep 2024 | 9,153 | 5,537 | 69.61 | 2.36 | $650,232 |
| Aug 2024 | 9,359 | 5,106 | 75.63 | 2.06 | $718,358 |
| Jul 2024 | 3,311 | 520 | 79.93 | 2.15 | $265,764 |
| Jun 2024 | 1,106 | 0 | 78.08 | 2.63 | $86,356 |
| May 2024 | 93 | 0 | 78.81 | 2.20 | $7,329 |
| Apr 2024 | 210 | 0 | 84.45 | 1.66 | $17,735 |
| Mar 2024 | 1,164 | 0 | 80.30 | 1.55 | $93,469 |
| Feb 2024 | 2,870 | 62 | 76.09 | 1.78 | $218,489 |
| Jan 2024 | 2,121 | 4,078 | 73.02 | 3.30 | $168,323 |
| Dec 2023 | 2,309 | 2,737 | 71.26 | 2.61 | $171,685 |
| Nov 2023 | 3,023 | 622 | 77.89 | 2.81 | $237,208 |
| Oct 2023 | 4,325 | 28 | 85.44 | 3.09 | $369,614 |
| Sep 2023 | 8 | 0 | 89.04 | 2.74 | $712 |
| Aug 2023 | 175 | 64 | 80.52 | 2.67 | $14,262 |
| Jul 2023 | 1,491 | 1,756 | 74.85 | 2.64 | $116,240 |
| Jun 2023 | 1,185 | 1,544 | 68.96 | 2.26 | $85,205 |
| May 2023 | 1,735 | 2,206 | 70.62 | 2.23 | $127,439 |
| Apr 2023 | 1,682 | 1,961 | 78.12 | 2.24 | $135,786 |
| Mar 2023 | 1,838 | 1,881 | 72.85 | 2.39 | $138,400 |
| Feb 2023 | 1,808 | 1,754 | 75.11 | 2.47 | $140,124 |
| Jan 2023 | 1,929 | 2,152 | 76.53 | 3.39 | $154,917 |
| Dec 2022 | 2,410 | 1,729 | 76.41 | 5.73 | $194,054 |
| Nov 2022 | 2,750 | 1,842 | 85.00 | 5.65 | $244,150 |
| Oct 2022 | 2,545 | 1,878 | 87.18 | 5.86 | $232,885 |
| Sep 2022 | 2,253 | 1,917 | 84.88 | 8.16 | $206,884 |
| Aug 2022 | 2,326 | 2,180 | 94.52 | 9.13 | $239,751 |
| Jul 2022 | 2,864 | 3,049 | 101.58 | 7.54 | $313,921 |
| Jun 2022 | 3,252 | 3,094 | 115.09 | 7.98 | $398,954 |
| May 2022 | 3,450 | 1,985 | 109.37 | 8.43 | $394,066 |
| Apr 2022 | 5,058 | 2,398 | 104.22 | 6.84 | $543,541 |
| Mar 2022 | 4,643 | 1,920 | 108.88 | 5.08 | $515,277 |
| Feb 2022 | 842 | 590 | 91.05 | 4.86 | $79,531 |
| Jan 2022 | 3,194 | 2,362 | 81.84 | 4.54 | $272,115 |
| Dec 2021 | 4,245 | 4,777 | 71.32 | 3.90 | $321,380 |
| Nov 2021 | 4,002 | 5,053 | 77.43 | 5.24 | $336,337 |
| Oct 2021 | 4,663 | 4,726 | 79.79 | 5.71 | $399,065 |
| Sep 2021 | 4,987 | 4,391 | 69.86 | 5.35 | $371,888 |
| Aug 2021 | 4,998 | 3,807 | 66.02 | 4.22 | $346,036 |
| Jul 2021 | 5,341 | 6,472 | 70.78 | 3.98 | $403,808 |
| Jun 2021 | 5,649 | 6,800 | 69.49 | 3.38 | $415,537 |
| May 2021 | 6,691 | 6,714 | 63.48 | 3.02 | $445,005 |
| Apr 2021 | 6,723 | 7,027 | 60.36 | 2.76 | $425,184 |
| Mar 2021 | 9,083 | 6,730 | 61.30 | 2.72 | $575,073 |
| Feb 2021 | 6,548 | 4,528 | 57.80 | 5.55 | $403,596 |
| Jan 2021 | 10,084 | 8,464 | 50.41 | 2.81 | $532,121 |
| Dec 2020 | 11,605 | 7,223 | 44.64 | 2.68 | $537,372 |
| Nov 2020 | 8,455 | 4,872 | 38.77 | 2.71 | $340,987 |
| Oct 2020 | 11,291 | 6,112 | 36.97 | 2.48 | $432,576 |
| Sep 2020 | 11,773 | 5,201 | 37.09 | 1.99 | $447,016 |
| Aug 2020 | 12,477 | 5,616 | 39.98 | 2.39 | $512,225 |
| Jul 2020 | 13,185 | 5,714 | 38.37 | 1.83 | $516,337 |
| Jun 2020 | 14,678 | 5,520 | 34.90 | 1.69 | $521,593 |
| May 2020 | 17,541 | 8,568 | 16.92 | 1.81 | $312,343 |
| Apr 2020 | 16,273 | 7,447 | 14.75 | 1.80 | $253,464 |
| Mar 2020 | 6,951 | 2,722 | 30.34 | 1.86 | $215,946 |
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 7,829 bbl × $106.41 = $833,084 Casinghead gas 2,935 Mcf × $ 3.05 = $8,940 ──────────────────────────────────────────────────── Month total $842,023
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. 08/O/54649 is the state's own key, not one this site invented.