UNIVERSITY LANDS /2-49/

Operated by L & M OPERATING, INC. (P-5 480113) in the PRICE (GRAYBURG) field. Every figure below is a volume the Railroad Commission published, multiplied by a monthly price you can check.

Oil lease lease 3981District 7CField 73085500Hydrogen sulphide fieldNGPA filingOilCasinghead gasSaveExport
Value, all time
$4.3 M
Jan 1993 – May 2026
Value, last 12 filed months
$109 k
at the published price for each month
Months reported
401
no gaps in the span
Streams
2
oil, casinghead gas

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 67 leases and 331 wells, and the rule below applies to all of them.

Discovered
1953-08-25
as the register files it
Field class
Oil
the register's own label
Between wells
933 ft
minimum
From a lease line
330 ft
minimum

A drilling unit in this field needs at least 20 acres.

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: OPTIONAL 20 ACRE UNITS-W/1500' MAX DIAG.

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.

ProgrammeFilingsWith an approval dateDatedDocket
NGPA3none

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.

StreamBasisVolumeValue
OilDisposition85,576 bbl$3,970,683
Casinghead gasProduction92,268 Mcf$327,881
Total$4,298,564

15,773 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 (8)

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 31.1405, -101.4078. A lease has no coordinate of its own — that point is the mean of its wells, and they span 0.7 miles.

31.14028, -101.40799 · centre of the wells drawn, derived

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.

On the schedule
12.5%
1 of 8 wells
With a plug date
12.5%
1 of 8 wells
Median depth
2,537 ft
6 wells filed one
Completion to plug
no well filed both dates

What the state filed about each well

On the RRC proration schedule
112.5%
A plug date is filed
112.5%
BothOn the schedule and plugged. Neither fact cancels the other.
112.5%
NeitherNo plug date, and not on the schedule.
787.5%

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

Total depth in feet, 6 of 8 wells. Median 2,537 ft, with the middle half between 2,535 and 2,554 ft; the shallowest is 2,515 ft and the deepest 2,575 ft. The median is published rather than the mean, because a single mis-keyed depth moves a mean and cannot move a median.

When they were last completed

Last completion by decade, 5 of 8 wells, Feb 1963 – Nov 1983. This is the LAST completion filed on each wellbore, not the first — a well recompleted in 2019 counts once, in the 2010s.

Completions filed
Feb 1963 – Nov 1983
5 of 8 wells; 3 filed none
Plug dates filed
Apr 2017
1 of 8 wells; 7 filed none

8 wells

42-3831011552,537 ftApr 2017Yes
42-383009151
42-383101144
42-3833264282,575 ftNov 1983
42-3833211272,560 ftDec 1981
42-3833158362,515 ftApr 1980
42-3831011332,534 ftJun 1963
42-3831011122,537 ftFeb 1963

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 (401)

Volume × price = value, one row per cycle. The price columns are the same series published on the prices page — nothing here is modelled.

401 months

May 202600106.413.05$0
Apr 202616414598.932.87$16,641
Mar 202616714689.753.15$15,448
Feb 202616714563.503.75$11,148
Jan 202616714659.138.00$11,042
Dec 202516515056.664.41$10,011
Nov 202516714558.593.93$10,354
Oct 2025019559.383.30$644
Sep 202516421062.743.08$10,936
Aug 202516316563.933.01$10,918
Jul 202516517366.743.32$11,586
Jun 2025024066.483.13$751
May 202516618060.553.23$10,633
Apr 202516521062.363.54$11,033
Mar 202533217567.704.27$23,223
Feb 2025016870.884.34$729
Jan 202517112074.324.28$13,222
Dec 202416718868.993.12$12,108
Nov 202416712069.052.20$11,795
Oct 202416619571.372.28$12,292
Sep 2024014769.612.36$348
Aug 202416412575.632.06$12,661
Jul 202416413079.932.15$13,388
Jun 202416714078.082.63$13,408
May 202416816178.812.20$13,594
Apr 202416616284.451.66$14,287
Mar 2024018680.301.55$287
Feb 202433417076.091.78$25,717
Jan 202416516073.023.30$12,576
Dec 202316315571.262.61$12,020
Nov 2023015577.892.81$435
Oct 202318415385.443.09$16,193
Sep 202317615289.042.74$16,087
Aug 202316415680.522.67$13,622
Jul 202317534074.852.64$13,997
Jun 202317336068.962.26$12,743
May 202317024070.622.23$12,540
Apr 20231784878.122.24$14,013
Mar 20231694272.852.39$12,412
Feb 20231644075.112.47$12,417
Jan 20231774276.533.39$13,688
Dec 20221754276.415.73$13,612
Nov 20221642285.005.65$14,064
Oct 202202087.185.86$117
Sep 20223351984.888.16$28,590
Aug 20221681994.529.13$16,053
Jul 202216318101.587.54$16,693
Jun 202217517115.097.98$20,276
May 202216312109.378.43$17,929
Apr 2022015104.226.84$103
Mar 202216814108.885.08$18,363
Feb 20221681491.054.86$15,364
Jan 20221821581.844.54$14,963
Dec 20213251571.323.90$23,237
Nov 20211711577.435.24$13,319
Oct 20211644479.795.71$13,337
Sep 20211591469.865.35$11,183
Aug 20211641566.024.22$10,891
Jul 20211651670.783.98$11,742
Jun 20211581769.493.38$11,037
May 20211671863.483.02$10,655
Apr 20213231860.362.76$19,546
Mar 20211641861.302.72$10,102
Feb 202101857.805.55$100
Jan 20211572050.412.81$7,971
Dec 20203292044.642.68$14,740
Nov 20201623038.772.71$6,362
Oct 20203273536.972.48$12,176
Sep 20203356037.091.99$12,545
Aug 20201659039.982.39$6,811
Jul 202016411038.371.83$6,493
Jun 2020015034.901.69$254
May 202005016.921.81$91
Apr 20201546214.751.80$2,383
Mar 20201662230.341.86$5,077
Feb 202016012049.881.98$8,218
Jan 20201669057.252.09$9,692
Dec 20191709059.012.30$10,239
Nov 201917812055.302.75$10,173
Oct 201916212053.472.42$8,952
Sep 201931312055.052.66$17,550
Aug 201917518053.112.30$9,709
Jul 20191652356.272.46$9,341
Jun 201902352.782.49$57
May 201933522658.482.74$20,210
Apr 201917222062.632.75$11,378
Mar 201916523556.803.06$10,092
Feb 201918021450.852.79$9,751
Jan 201917123846.033.23$8,639
Dec 201816421646.594.19$8,545
Nov 201817117252.934.24$9,780
Oct 201817218961.443.40$11,210
Sep 201816916659.543.11$10,578
Aug 201816617259.403.07$10,388
Jul 201816423365.142.93$11,366
Jun 201815912560.183.08$9,953
May 201816410565.382.90$11,027
Apr 201807963.842.90$229
Mar 201815915361.222.79$10,160
Feb 201815616661.782.77$10,097
Jan 201816217962.874.01$10,903
Dec 201717018457.272.92$10,273
Nov 201715120655.423.12$9,011
Oct 201717819449.292.98$9,352
Sep 201716717947.523.09$8,488
Aug 201718021145.373.00$8,801
Jul 201716820943.873.09$8,015
Jun 201717616342.493.09$7,981
May 201716619545.373.26$8,168
Apr 201717119647.933.21$8,826
Mar 201716521746.772.98$8,365
Feb 2017013550.452.95$399
Jan 201717318049.413.42$9,163
Dec 201617915848.763.72$9,316
Nov 201616716742.492.64$7,537
Oct 201617919946.193.09$8,883
Sep 2016020641.553.10$639
Aug 201617920641.442.92$8,020
Jul 201617119641.622.92$7,690
Jun 201617917445.352.69$8,585
May 201618423442.521.99$8,290
Apr 2016020636.561.99$410
Mar 201616124033.011.79$5,745
Feb 201618218426.472.06$5,197
Jan 201617521527.352.36$5,295
Dec 2015022232.362.00$444
Nov 201517918638.792.17$7,347
Oct 201518221043.552.43$8,436
Sep 201518121242.992.76$8,366
Aug 2015019240.162.87$552
Jul 201517621248.152.95$9,099
Jun 201535827256.152.88$20,886
May 201518526555.212.96$10,997
Apr 201517923649.822.71$9,557
Mar 201544623842.892.93$19,827
Feb 2015016044.662.98$476
Jan 2015022843.433.10$707
Dec 201418620654.693.59$10,912
Nov 201418227470.464.25$13,989
Oct 201417732378.303.90$15,119
Sep 201436031286.164.05$32,280
Aug 201418335389.394.04$17,783
Jul 201434331396.564.18$34,428
Jun 2014028298.164.74$1,336
May 2014037794.734.73$1,782
Apr 201418224495.944.81$18,635
Mar 201436324495.895.06$36,042
Feb 201417924797.406.19$18,964
Jan 201416521590.404.86$15,961
Dec 2013017791.824.35$771
Nov 201316618388.853.74$15,433
Oct 201316827097.423.78$17,387
Sep 20130228104.113.72$848
Aug 2013169251104.253.52$18,502
Jul 2013170229102.523.72$18,280
Jun 201316627094.403.93$16,732
May 201310725194.834.15$11,188
Apr 20131766593.964.28$16,815
Mar 201318123093.623.91$17,845
Feb 201317819791.233.42$16,913
Jan 201318314491.603.42$17,255
Dec 201218310386.773.42$16,231
Nov 201217618686.953.62$15,977
Oct 201218025989.383.40$16,969
Sep 201218019294.672.92$17,601
Aug 201235519992.662.91$33,473
Jul 2012019085.133.02$574
Jun 201216921479.822.52$14,029
May 201235823791.612.49$33,386
Apr 2012178250101.652.00$18,593
Mar 2012174221105.052.22$18,770
Feb 2012185204101.102.57$19,228
Jan 201235434398.092.73$35,662
Dec 2011020596.873.24$664
Nov 20110295.723.31$7
Oct 201103384.983.65$120
Sep 201118027083.623.99$16,128
Aug 201136030783.404.15$31,298
Jul 201135930094.144.52$35,151
Jun 201118030992.904.64$18,156
May 201117625598.134.40$18,394
Apr 20110268105.964.33$1,161
Mar 201118233496.364.06$18,893
Feb 201118031585.644.18$16,732
Jan 201135523786.504.59$31,795
Dec 201018723785.734.35$17,062
Nov 201018329280.843.80$15,902
Oct 201018033078.103.51$15,216
Sep 201033931872.633.98$25,887
Aug 201017332473.684.42$14,179
Jul 2010030872.554.74$1,459
Jun 201018023270.364.91$13,804
May 201036034471.124.24$27,060
Apr 2010030681.694.12$1,262
Mar 201035934778.394.39$29,665
Feb 201017329973.585.44$14,357
Jan 201035033374.365.96$28,012
Dec 200916732871.445.48$13,729
Nov 200934630374.593.75$26,945
Oct 2009030072.544.11$1,233
Sep 200935033465.543.06$23,963
Aug 200917929167.423.22$13,005
Jul 200934435061.133.46$22,241
Jun 200917228366.163.90$12,482
May 200936337354.743.93$21,335
Apr 200917938546.773.59$9,753
Mar 200935436242.144.06$16,387
Feb 200918333632.814.63$7,561
Jan 200918733435.865.37$8,500
Dec 200836637037.105.98$15,790
Nov 200835539855.496.86$22,429
Oct 200817935875.246.92$15,946
Sep 2008171197101.767.88$18,953
Aug 2008181274114.228.48$22,998
Jul 2008185319131.0811.39$27,883
Jun 2008180326131.3313.03$27,888
May 2008174340123.1711.57$25,367
Apr 2008351307110.3110.45$41,928
Mar 2008175244101.909.66$20,191
Feb 200818022092.538.77$18,585
Jan 200818229990.388.21$18,903
Dec 200752627888.337.30$48,492
Nov 2007023891.677.29$1,735
Oct 200734130182.856.92$30,335
Sep 200716928875.846.24$14,615
Aug 200716324769.066.39$12,835
Jul 200717224470.906.39$13,753
Jun 200734417362.007.55$22,634
May 200717323458.747.85$11,998
Apr 200717427959.617.81$12,550
Mar 200717330356.927.30$12,060
Feb 200717425155.108.22$11,650
Jan 200734526250.306.73$19,116
Dec 200617432556.656.92$12,106
Nov 200633931754.207.62$20,789
Oct 200617032954.906.01$11,312
Sep 200617438860.085.04$12,408
Aug 200617430468.717.34$14,187
Jul 200615930769.376.34$12,977
Jun 200617321566.286.38$12,839
May 200617018366.016.42$12,397
Apr 200617120464.397.36$12,512
Mar 200617318656.707.08$11,127
Feb 200617522357.597.75$11,807
Jan 200617722160.598.93$12,699
Dec 200517519354.9413.42$12,204
Nov 200517424354.6910.59$12,089
Oct 200516815258.3413.80$11,898
Sep 200517216061.4512.08$12,502
Aug 200517316161.519.80$12,219
Jul 200517217755.697.84$10,967
Jun 200517311852.337.38$9,924
May 20051759345.226.65$8,532
Apr 200517216549.207.36$9,677
Mar 200517516350.377.15$9,981
Feb 200534513245.226.31$16,434
Jan 200517518843.166.32$8,742
Dec 200417524939.866.75$8,657
Nov 200434520845.286.33$16,938
Oct 200417527749.706.52$10,502
Sep 200417229743.245.28$9,007
Aug 200434220842.375.55$15,645
Jul 200416226938.286.08$7,838
Jun 200416425936.106.43$7,587
May 200434626937.486.49$14,715
Apr 200416721734.475.86$7,028
Mar 200417328634.365.53$7,526
Feb 200434822232.455.51$12,516
Jan 200417328932.036.30$7,362
Dec 200333723430.266.30$11,672
Nov 200316427028.804.60$5,964
Oct 200334731628.174.76$11,279
Sep 2003030726.314.75$1,458
Aug 200333636829.765.13$11,887
Jul 200334739829.415.17$12,263
Jun 200316430028.565.98$6,479
May 200317134426.595.97$6,601
Apr 200334731026.675.41$10,931
Mar 200317435131.146.10$7,558
Feb 200317633633.487.93$8,556
Jan 200334938530.315.58$12,727
Dec 200217438026.914.85$6,527
Nov 200234430824.664.14$9,757
Oct 200217431226.464.23$5,924
Sep 200251629227.443.64$15,221
Aug 200217325425.963.16$5,295
Jul 200234323524.583.06$9,150
Jun 2002025923.733.34$865
May 200234339924.663.58$9,888
Apr 200233434923.653.51$9,125
Mar 2002020222.003.10$627
Feb 200234420818.222.38$6,762
Jan 200217827417.172.38$3,707
Dec 200134529716.932.36$6,543
Nov 200135536318.072.41$7,288
Oct 200116337619.782.53$4,175
Sep 200117736524.262.25$5,116
Aug 200134237724.873.05$9,657
Jul 200117240523.933.20$5,411
Jun 200135629824.563.82$9,883
May 200117124825.524.31$5,432
Apr 200134423424.685.34$9,738
Mar 200133616724.545.38$9,143
Feb 200117320427.755.77$5,977
Jan 200117523627.478.40$6,789
Dec 200051313626.889.12$15,030
Nov 200017222732.215.66$6,824
Oct 200034326131.235.15$12,055
Sep 200035024031.875.19$12,399
Aug 200017424829.644.54$6,283
Jul 200017213928.534.09$5,476
Jun 200017718129.304.40$5,982
May 200035112827.263.68$10,039
Apr 200017614424.513.12$4,762
Mar 200033119128.422.86$9,953
Feb 200032510927.622.73$9,274
Jan 2000024525.272.48$608
Dec 199951122624.282.42$12,955
Nov 199916718423.192.43$4,321
Oct 199933227520.982.80$7,736
Sep 199916127521.752.62$4,222
Aug 199916226919.262.88$3,894
Jul 199932625917.892.37$6,447
Jun 199916126715.942.36$3,197
May 199932233015.792.32$5,850
Apr 199932937515.102.21$5,796
Mar 199916435112.471.84$2,690
Feb 19993312849.981.82$3,820
Jan 199916729910.381.90$2,302
Dec 19983262309.201.77$3,407
Nov 199832529410.892.19$4,182
Oct 199816128112.421.97$2,553
Sep 199838532412.592.08$5,522
Aug 199816231511.301.91$2,431
Jul 199849631411.742.24$6,526
Jun 199816133011.242.24$2,548
May 199832434312.622.21$4,846
Apr 199816232813.042.51$2,934
Mar 199832229212.802.31$4,796
Feb 199832630513.952.30$5,249
Jan 199817232414.702.15$3,227
Dec 199733029816.322.41$6,104
Nov 199732831318.193.09$6,933
Oct 199732531319.253.15$7,242
Sep 199717029817.742.95$3,896
Aug 199733530117.862.55$6,752
Jul 199733722917.582.25$6,439
Jun 199733318317.242.26$6,154
May 199732526018.972.31$6,765
Apr 199732532017.882.08$6,477
Mar 199732036118.951.94$6,764
Feb 199716127820.492.21$3,912
Jan 199732931823.483.54$8,851
Dec 199632830823.32$7,649
Nov 199632731221.97$7,184
Oct 199632737223.31$7,622
Sep 199632628522.22$7,244
Aug 199616937520.26$3,424
Jul 199635936919.55$7,018
Jun 199635334318.73$6,612
May 199617732819.43$3,439
Apr 199635033021.51$7,529
Mar 199636737119.38$7,112
Feb 199618233216.98$3,090
Jan 199637030817.07$6,316
Dec 199518721417.19$3,215
Nov 199536525816.00$5,840
Oct 199536230615.43$5,586
Sep 199518329316.18$2,961
Aug 199517733115.92$2,818
Jul 199517922515.24$2,728
Jun 199535825816.41$5,875
May 199536234917.56$6,357
Apr 199536433417.73$6,454
Mar 199518330616.44$3,009
Feb 199553927216.58$8,937
Jan 199536830615.92$5,859
Dec 199435929415.03$5,396
Nov 199418426015.90$2,926
Oct 199435534015.58$5,531
Sep 199417936415.29$2,737
Aug 199435140816.13$5,662
Jul 199434640717.56$6,076
Jun 199417036517.09$2,905
May 199434036815.88$5,399
Apr 199434536314.14$4,878
Mar 199435534812.46$4,423
Feb 199436830112.50$4,600
Jan 199435735312.66$4,520
Dec 199336035512.33$4,439
Nov 199335534914.49$5,144
Oct 199336037715.85$5,706
Sep 199336038815.03$5,411
Aug 199335339615.66$5,528
Jul 199352932215.46$8,178
Jun 199352531116.79$8,815
May 199318034117.68$3,182
Apr 199335732018.05$6,444
Mar 199335332418.14$6,403
Feb 199353732517.90$9,612
Jan 199317730916.93$2,997

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.

Apr 2026 — as filed, then multipliedworked
Oil                  164 bbl  × $ 98.93 =    $16,225
Casinghead gas       145 Mcf  × $  2.87 =       $416

────────────────────────────────────────────────────
Month total                                  $16,641

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. 7C/O/3981 is the state's own key, not one this site invented.