MERCHANT CAL
Operated by PHILLIPS PETROLEUM COMPANY (P-5 663680) in the PANHANDLE, WEST (RED CAVE) 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 666 leases and 666 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 2019-11-19.
The register flags this field for hydrogen sulphide. That is a poisonous gas that occurs naturally in some formations. The flag is a property of the field as the Commission records it. It is not a measurement taken at this lease, and it is not a statement that gas is escaping anywhere.
The Commission's schedule remark for this field reads: “THE LOCATION OF PERFORATIONS.”
Severance-tax incentive filings
Applications the operator filed to have this lease's gas taxed at a reduced state rate. A filing is an application, and this page never calls one a reduction that was granted.
| Programme | Filings | With an approval date | Dated | Docket |
|---|---|---|---|---|
| NGPA | 1 | none | — | — |
This says nothing about a royalty. A severance tax is charged to the operator. Whether a reduced rate reaches a royalty owner depends on the wording of the lease instrument, which is a private contract this site does not hold.
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 | 17,216 Mcf | $13,123 |
| Total | $13,123 | ||
11,646 Mcf of this lease's gas, across 48 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.
Wells on this lease (1)
Every wellbore the Railroad Commission records against this lease key, with the depth, the last completion and the plug date exactly as filed. A well with no plug date is not stated to be producing — the state files no such flag.
These wells centre on 35.7265, -101.5283. A lease has no coordinate of its own — that point is the mean of its wells, and they span 0.0 miles.
What these wells add up to
Every figure below is counted over all of this lease's wells, not over the rows listed above. The Railroad Commission files two facts about a well's state — a plug date and a proration-schedule flag — and a well can carry both, so they are published as separate counts and never merged into a status.
What the state filed about each well
A plug date is the date the Commission recorded the wellbore as sealed with cement and abandoned. It is the only end-of-life fact Texas files. There is no "active" flag on a well, so this page does not print one — a well with no plug date is not stated to be producing.
How deep they were drilled
The one well that filed a depth was drilled to 1,875 ft.
Last completion to plug: a median of 37.9 years across the 1 well that filed both dates, with the middle half between 37.9 years and 37.9 years. The gap is the distance between two filed dates. It is not a statement of how long the well produced.
1 well
| 42-23306879 | 7 | 1,875 ft | Aug 1962 | Jul 2000 | Yes |
The API number is the state's, prefixed 42 for Texas. A well is matched to this lease by the lease key the Commission files on the wellbore record, so a well that has moved between leases appears under each one it was filed against.
Every month this lease reported (91)
Volume × price = value, one row per cycle. The price columns are the same series published on the prices page — nothing here is modelled.
91 months
| Jul 2000 | 0 | 28.53 | 4.09 | $0 |
| Jun 2000 | 0 | 29.30 | 4.40 | $0 |
| May 2000 | 0 | 27.26 | 3.68 | $0 |
| Apr 2000 | 0 | 24.51 | 3.12 | $0 |
| Mar 2000 | 0 | 28.42 | 2.86 | $0 |
| Feb 2000 | 0 | 27.62 | 2.73 | $0 |
| Jan 2000 | 0 | 25.27 | 2.48 | $0 |
| Dec 1999 | 0 | 24.28 | 2.42 | $0 |
| Nov 1999 | 0 | 23.19 | 2.43 | $0 |
| Oct 1999 | 0 | 20.98 | 2.80 | $0 |
| Sep 1999 | 0 | 21.75 | 2.62 | $0 |
| Aug 1999 | 0 | 19.26 | 2.88 | $0 |
| Jul 1999 | 0 | 17.89 | 2.37 | $0 |
| Jun 1999 | 0 | 15.94 | 2.36 | $0 |
| May 1999 | 0 | 15.79 | 2.32 | $0 |
| Apr 1999 | 0 | 15.10 | 2.21 | $0 |
| Mar 1999 | 40 | 12.47 | 1.84 | $74 |
| Feb 1999 | 77 | 9.98 | 1.82 | $140 |
| Jan 1999 | 93 | 10.38 | 1.90 | $177 |
| Dec 1998 | 188 | 9.20 | 1.77 | $333 |
| Nov 1998 | 193 | 10.89 | 2.19 | $422 |
| Oct 1998 | 201 | 12.42 | 1.97 | $396 |
| Sep 1998 | 195 | 12.59 | 2.08 | $406 |
| Aug 1998 | 202 | 11.30 | 1.91 | $385 |
| Jul 1998 | 203 | 11.74 | 2.24 | $454 |
| Jun 1998 | 198 | 11.24 | 2.24 | $443 |
| May 1998 | 204 | 12.62 | 2.21 | $450 |
| Apr 1998 | 197 | 13.04 | 2.51 | $494 |
| Mar 1998 | 212 | 12.80 | 2.31 | $490 |
| Feb 1998 | 199 | 13.95 | 2.30 | $458 |
| Jan 1998 | 241 | 14.70 | 2.15 | $519 |
| Dec 1997 | 241 | 16.32 | 2.41 | $581 |
| Nov 1997 | 234 | 18.19 | 3.09 | $723 |
| Oct 1997 | 242 | 19.25 | 3.15 | $762 |
| Sep 1997 | 232 | 17.74 | 2.95 | $686 |
| Aug 1997 | 237 | 17.86 | 2.55 | $605 |
| Jul 1997 | 248 | 17.58 | 2.25 | $557 |
| Jun 1997 | 244 | 17.24 | 2.26 | $551 |
| May 1997 | 256 | 18.97 | 2.31 | $591 |
| Apr 1997 | 250 | 17.88 | 2.08 | $521 |
| Mar 1997 | 259 | 18.95 | 1.94 | $502 |
| Feb 1997 | 232 | 20.49 | 2.21 | $512 |
| Jan 1997 | 252 | 23.48 | 3.54 | $892 |
| Dec 1996 | 251 | 23.32 | — | $0 |
| Nov 1996 | 243 | 21.97 | — | $0 |
| Oct 1996 | 252 | 23.31 | — | $0 |
| Sep 1996 | 243 | 22.22 | — | $0 |
| Aug 1996 | 263 | 20.26 | — | $0 |
| Jul 1996 | 301 | 19.55 | — | $0 |
| Jun 1996 | 283 | 18.73 | — | $0 |
| May 1996 | 265 | 19.43 | — | $0 |
| Apr 1996 | 256 | 21.51 | — | $0 |
| Mar 1996 | 263 | 19.38 | — | $0 |
| Feb 1996 | 234 | 16.98 | — | $0 |
| Jan 1996 | 208 | 17.07 | — | $0 |
| Dec 1995 | 194 | 17.19 | — | $0 |
| Nov 1995 | 213 | 16.00 | — | $0 |
| Oct 1995 | 210 | 15.43 | — | $0 |
| Sep 1995 | 199 | 16.18 | — | $0 |
| Aug 1995 | 217 | 15.92 | — | $0 |
| Jul 1995 | 226 | 15.24 | — | $0 |
| Jun 1995 | 243 | 16.41 | — | $0 |
| May 1995 | 234 | 17.56 | — | $0 |
| Apr 1995 | 280 | 17.73 | — | $0 |
| Mar 1995 | 281 | 16.44 | — | $0 |
| Feb 1995 | 276 | 16.58 | — | $0 |
| Jan 1995 | 181 | 15.92 | — | $0 |
| Dec 1994 | 150 | 15.03 | — | $0 |
| Nov 1994 | 247 | 15.90 | — | $0 |
| Oct 1994 | 264 | 15.58 | — | $0 |
| Sep 1994 | 246 | 15.29 | — | $0 |
| Aug 1994 | 265 | 16.13 | — | $0 |
| Jul 1994 | 283 | 17.56 | — | $0 |
| Jun 1994 | 293 | 17.09 | — | $0 |
| May 1994 | 274 | 15.88 | — | $0 |
| Apr 1994 | 261 | 14.14 | — | $0 |
| Mar 1994 | 296 | 12.46 | — | $0 |
| Feb 1994 | 168 | 12.50 | — | $0 |
| Jan 1994 | 270 | 12.66 | — | $0 |
| Dec 1993 | 249 | 12.33 | — | $0 |
| Nov 1993 | 239 | 14.49 | — | $0 |
| Oct 1993 | 254 | 15.85 | — | $0 |
| Sep 1993 | 236 | 15.03 | — | $0 |
| Aug 1993 | 256 | 15.66 | — | $0 |
| Jul 1993 | 222 | 15.46 | — | $0 |
| Jun 1993 | 246 | 16.79 | — | $0 |
| May 1993 | 231 | 17.68 | — | $0 |
| Apr 1993 | 229 | 18.05 | — | $0 |
| Mar 1993 | 235 | 18.14 | — | $0 |
| Feb 1993 | 204 | 17.90 | — | $0 |
| Jan 1993 | 212 | 16.93 | — | $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.
Gas 40 Mcf × $ 1.84 = $74 ──────────────────────────────────────────────────── Month total $74
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. 10/G/27229 is the state's own key, not one this site invented.