Exhibit 99.1

PERMIAN BASIN ROYALTY TRUST

WADDELL RANCH PROPERTIES

CRANE COUNTY, TEXAS

AND

TEXAS ROYALTY PROPERTIES

VARIOUS TEXAS COUNTIES

PERMIAN BASIN ROYALTY TRUST INTERESTS

PROVED RESERVES AND ECONOMIC FORECASTS

AS OF DECEMBER 31, 2020

PREPARED WITH SEC PRICE AND COST CRITERIA

VOLUME I OF II

 

 

Texas Registered Engineering Firm F-693

PERMIAN BASIN ROYALTY TRUST

WADDELL RANCH PROPERTIES

CRANE COUNTY, TEXAS

AND

TEXAS ROYALTY PROPERTIES

VARIOUS TEXAS COUNTIES

PERMIAN BASIN ROYALTY TRUST INTERESTS

PROVED RESERVES AND ECONOMIC FORECASTS

AS OF DECEMBER 31, 2020

PREPARED WITH SEC PRICE AND COST CRITERIA

VOLUME I OF II

 

WADDELL RANCH PROPERTIES AND TEXAS ROYALTY PROPERTIES

Permian Basin Royalty Trust Interests

As of December 31, 2020

Table of Contents

 

Volume I

Letter of Transmittal

Table of Contents

 

WADDELL RANCH PROPERTIES
Total Proved Reserves		Table I – Total Proved
Summary Plot – Total Proved
One-Line Lease Reserves Summary		Table II – Total Proved (8 pages)
Proved Developed Producing Reserves		Table I – PDP
Summary Plot – Proved Developed Producing
One-Line Lease Reserves Summary		Table II – PDP (7 pages)
Individual Lease Forecasts Graphs and Tables		Tables 1 – 110
Proved Developed Non-Producing Reserves		Table I – PDNP
Summary Plot – Proved Developed Non-Producing
One-Line Lease Reserves Summary		Table II – PDNP (1 page)
Individual Lease Forecasts Tables		Tables 1 – 4
Proved Undeveloped Reserves		Table I – PUD
Summary Plot – Proved Undeveloped
One-Line Lease Reserves Summary		Table II – PUD (1 page)
Individual Lease Forecasts Tables		Tables 1 – 9

Volume II

 

TEXAS ROYALTY PROPERTIES
Proved Reserves		Table I - Proved
Summary Plot – Proved
One-Line Lease Reserves Summary		Table II – Proved (10 pages)
Individual Lease Forecasts Graphs and Tables		Tables 1 – 127
Appendix I
Waddell Ranch Properties Interest Computation		Page 1
Texas Royalty Properties Interest Computation		Page 2

Appendix II
Explanatory Comments		Page 1
Methods Employed in the Estimation of Reserves		Page 2
Reserve Definitions and Classifications		Pages 3-4

Exhibit 99.1

CAWLEY, GILLESPIE & ASSOCIATES, INC.

 

		PETROLEUM CONSULTANTS
13640 BRIARWICK DRIVE, SUITE 100 AUSTIN, TEXAS 78729-1707 512-249-7000		306 WEST SEVENTH STREET, SUITE 302 FORT WORTH, TEXAS 76102-4987 817- 336-2461 www.cgaus. com		1000 LOUISIANA STREET, SUITE 1900 HOUSTON, TEXAS 77002-5008 713-651-9944

February 2, 2021

Mr. Ron Hooper

Permian Basin Royalty Trust

2911 Turtle Creek Blvd., Suite 850

Dallas, Texas 75219

 

Re:  Evaluation Summary Permian Basin Royalty Trust Interests Proved Reserves As of December 31, 2020		Pursuant to the Rules and Regulations of the Securities and Exchange Commission for Reporting Corporate Reserves and Future Net Revenue

 

Dear Mr. Hooper:

As requested, we are submitting this report of the estimates of proved reserves and economics forecasts attributable to the Permian Basin Royalty Trust interests effective as of December 31, 2020, completed February 2, 2021 for the purpose of reporting corporate reserves and future net revenue. This report has been prepared for the Permian Basin Royalty Trust pursuant to the rules, regulations and guidelines of the Securities and Exchange Commission, Item 1202 (a) (8) of Regulation S-K, for reporting corporate reserves and future net revenue. We reviewed 100 percent of the total proved reserves of the Permian Basin Royalty Trust in connection with the preparation of this report. The proved reserves presented in this report constitute 100 percent of the proved reserves owned by the Permian Basin Royalty Trust, all of which are located in the United States.

Composite reserve estimates and economic forecasts for the proved reserves are summarized below:

 

								Texas Royalty Properties				Waddell Ranch Properties
				Total Proved				Proved Developed Producing				Proved Developed Producing				Proved Developed Non- Producing				Proved Undeveloped
Net Reserves
Oil/Condensate		- Mbbl			4,450.8				2,980.1				766.0				89.4				615.3
Gas		- MMcf			6,398.7				1,598.0				3,337.2				136.1				1,327.4
Net Revenue
Oil/Condensate		- M$			160,884.6				107,968.6				27,561.8				3,215.6				22,138.7
Gas		- M$			18,794.6				5,832.7				9,010.4				367.4				3,584.1
Severance Taxes		- M$			9,233.6				5,086.6				1,746.4				1,190.8				1,209.8
Operating Income (BFIT)		- M$			170,445.5				108,714.7				34,825.8				2,392.1				24,513.0
Discounted at 10%		- M$			80,091.5				46,239.0				23,216.1				396.8				10,239.5

Mr. Ron Hooper

Permian Basin Royalty Trust Interests

February 2, 2021

Page 2

 

In accordance with the Securities and Exchange Commission guidelines, the future net cash flow, operating income (BFIT), has been discounted at an annual rate of 10% to determine its “present worth”. The discounted value, “present worth”, is indicative of the time value of money. The discounted value, “present worth”, shown above should not be construed to represent an estimate of the fair market value by Cawley, Gillespie & Associates, Inc.

The Permian Basin Royalty Trust consists of the Waddell Ranch Properties located in Crane County, Texas, and the Texas Royalty Properties located in various counties in Texas.

As to the assumptions, methods and procedures used in connection with the preparation of this report, prices were forecast in accordance with Securities and Exchange Commission rules and guidelines. The prices are determined as an unweighted arithmetic average of the first-day-of-the- month benchmark price for each month of 2020. The 12-month average benchmark Henry Hub spot gas price of $2.00 per MMBtu and 12-month average benchmark WTI Cushing spot oil price of $39.57 per barrel (source: Bloomberg) were used. The oil and gas prices were held constant throughout the life of the properties. The prices were adjusted for gravity, quality, heating value, shrinkage, transportation and marketing. For the Texas Royalty Properties, the gas and oil prices were adjusted using differentials of +$1.65 per Mcf and -$3.34 per barrel, respectively. For the Waddell Ranch Properties, the gas and oil prices were adjusted using differentials of +$0.70 per Mcf and -$3.59 per barrel, respectively. For the Texas Royalty Properties, the resulting oil and gas prices are $36.23 per barrel and $3.65 per MCF, respectively. For the Waddell Ranch Properties, the resulting oil and gas prices are $35.98 per barrel, and $2.70 per MCF, respectively.

For the Waddell Ranch Properties, operating expenses and capital costs were based on an analysis of data provided by ConocoPhillips. Operating expenses include direct lease operating expenses and administrative overhead. The operating expenses range from $3,309 per well per month to $5,500 per well per month. Investments include drilling costs, work-over costs, production equipment and facilities costs. No operating expense or capital cost data is available for the Texas Royalty Properties since they are purely a royalty interest only. Based on an analysis of the Permian Basin Royalty Trust Monthly reports, severance taxes were forecast as 4.61% and 5.28% of oil and gas revenue, respectively, for the Waddell Ranch Properties. For the Texas Royalty Properties, severance taxes were forecast as 4.36% and 6.50% of oil and gas revenue, respectively. The ad valorem taxes were forecast as 3.43% and 6.91% for the Waddell Ranch Properties and the Texas Royalty Properties, respectively. Neither expenses nor investments were escalated. The cost of plugging and the salvage value of equipment have not been considered.

The reserves were estimated using the production performance, volumetric or analogy methods, or a combination of these methods. In each case, we used the method or combination of methods that we considered appropriate and necessary to establish the reserves and conclusions presented. Riverhill Energy Corporation supplied the royalty production data for the Texas Royalty Properties. For these properties, the proved producing reserves are forecast using the production performance, decline analysis method to an estimated final production rate equal to approximately one-tenth of the current production rate. The producing reserves for the Waddell Ranch Properties were estimated using the production performance or analogy methods or a combination of these methods. The non-producing reserves were estimated using the analogy or volumetric methods or a combination of these methods.

Mr. Ron Hooper

Permian Basin Royalty Trust Interests

February 2, 2021

Page 3

 

The reserve classifications conform to the definitions and criteria of the Securities and Exchange Commission. The reserves and economics are predicated on the regulatory agency classifications, rules, policies, laws, taxes and royalties in effect on the effective date except as noted herein. The possible effects of changes in legislation or other Federal or State restrictive actions which could affect the reserves and economics have not been considered. We are not aware of any legislative changes or restrictive actions that may possibly impact the reserves or economics as presented. Possible environmental liability related to the properties has not been investigated nor considered. The assumptions, data, methods and procedures as described are appropriate for the purpose of this report. All reserve estimates represent our best judgment based on data available at the time of preparation and assumptions as to future economic and regulatory conditions. Due to the inherent uncertainties of reserves estimates, future production rates, commodity prices, costs and expenses, it should be realized that the reserves actually recovered, the revenue received and the actual cost incurred could be more or less than the estimated amounts.

The reserve estimates were based on interpretations of factual data furnished by ConocoPhillips, Riverhill Energy Corporation and the Permian Basin Royalty Trust. Liquid and gas price information, cost and expense history, subject wells and ownership were supplied by one or more of the above and were accepted as furnished. To some extent, information from public records has been used to check and/or supplement these data. The basic engineering and geological data were utilized subject to third party reservations and qualifications. Nothing has come to our attention, however, that would cause us to believe that we are not justified in relying on such data. An on-site inspection of these properties has not been made nor have the wells been tested by Cawley, Gillespie & Associates, Inc. We have used all methods and procedures that we consider necessary under the circumstances to prepare this report.

Cawley, Gillespie & Associates, Inc. is independent with respect to the Permian Basin Royalty Trust as provided in the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserve Information promulgated by the Society of Petroleum Engineers. Neither Cawley, Gillespie & Associates, Inc. nor any of its employees has any interest in the subject properties. Neither the employment to make this study nor the compensation is contingent on the results of our work or the future performance of the subject properties. Cawley, Gillespie and Associates, Inc. is a Texas registered engineering firm, F-

693, of professional engineers and geologists serving the oil and gas industry for over fifty years. This report was prepared by, or under the supervision of, Kenneth J. Mueller, a Texas licensed professional

engineer, 86132.

 

Table I - Total Proved

Composite of Reserve Estimates and Economic Forecasts

Permian Basin Royalty Trust Interests - Waddell Ranch Properties

Total Proved Reserves

Certain Crane County, Texas Properties

As of December 31, 2020

 

(1)				(2)				(3)				(4)				(5)				(6)				(7)				(8)				(9)				(10)
End Mo-Year				Gross Oil Production MBBLS				Gross Gas Production MMCF				Net Oil Production MBBLS				Net Gas Sales MMCF				Avg Oil Price $/BBL				Avg Gas Price $/MCF				Oil Revenue M$				Gas Revenue M$				Total Revenue M$
	12-2021				1,414.2				6,373.4				-288.453				-353.629				35.980				2.700				-10,378.598				-954.784				-11,333.382
	12-2022				1,535.6				5,959.2				322.252				1,028.530				35.980				2.700				11,594.665				2,777.030				14,371.696
	12-2023				1,281.1				4,651.4				257.457				809.750				35.980				2.700				9,263.290				2,186.323				11,449.612
	12-2024				1,139.2				4,170.3				208.651				641.752				35.980				2.700				7,507.310				1,732.727				9,240.037
	12-2025				994.3				3,597.7				169.783				505.304				35.980				2.700				6,108.788				1,364.318				7,473.106
	12-2026				770.3				2,518.9				140.289				406.816				35.980				2.700				5,047.572				1,098.400				6,145.972
	12-2027				690.1				2,237.9				116.965				330.301				35.980				2.700				4,208.377				891.812				5,100.188
	12-2028				533.1				1,623.8				97.763				270.150				35.980				2.700				3,517.525				729.409				4,246.934
	12-2029				482.2				1,451.3				81.723				221.348				35.980				2.700				2,940.397				597.638				3,538.035
	12-2030				421.1				1,220.5				67.645				180.058				35.980				2.700				2,433.845				486.160				2,920.005
	12-2031				365.0				1,004.3				55.806				146.927				35.980				2.700				2,007.896				396.704				2,404.600
	12-2032				333.6				916.3				45.322				117.897				35.980				2.700				1,630.711				318.322				1,949.032
	12-2033				303.8				828.0				35.824				91.756				35.980				2.700				1,288.945				247.738				1,536.683
	12-2034				229.1				581.4				27.723				70.934				35.980				2.700				997.479				191.523				1,189.002
	12-2035				186.0				485.5				21.271				54.652				35.980				2.700				765.335				147.559				912.894
	S Tot				10,678.8				37,619.7				1,360.020				4,522.544				35.980				2.700				48,933.535				12,210.878				61,144.414
	After				771.4				2,121.1				110.687				278.134				35.980				2.700				3,982.517				750.961				4,733.477
	Total				11,450.2				39,740.8				1,470.708				4,800.678				35.980				2.700				52,916.052				12,961.839				65,877.891
	Cum				431,955.9				1,353,590.4
	Ult				443,406.2				1,393,331.2

 

(11)				(12)				(13)				(14) (15)								(16)				(17)				(18)				(19)				(20)				(21)
				Production				Ad Valorem				Wells								Operating				Other								Future Net				Cumulative				Cum.Cash Flow
End				Taxes				Taxes				Gross				Net				Expense				Deductions				Investment				Cash Flow				Cash Flow				Disc.@ 10.0%
Mo-Year				M$				M$				Count								M$				M$				M$				M$				M$				M$
	12-2021				494.322				0.000				587.8				.0				0.000				0.000				0.000				-11,827.704				-11,827.704				-11,415.486
	12-2022				681.146				0.000				621.0				.0				0.000				0.000				0.000				13,690.549				1,862.845				478.393
	12-2023				542.479				0.000				459.0				.0				0.000				0.000				0.000				10,907.133				12,769.979				9,091.022
	12-2024				437.577				0.000				451.0				.0				0.000				0.000				0.000				8,802.460				21,572.439				15,409.597
	12-2025				353.651				0.000				448.0				.0				0.000				0.000				0.000				7,119.454				28,691.891				20,055.422
	12-2026				290.689				0.000				348.0				.0				0.000				0.000				0.000				5,855.283				34,547.174				23,528.230
	12-2027				241.094				0.000				304.0				.0				0.000				0.000				0.000				4,859.094				39,406.268				26,148.337
	12-2028				200.671				0.000				192.0				.0				0.000				0.000				0.000				4,046.264				43,452.530				28,131.595
	12-2029				167.111				0.000				189.0				.0				0.000				0.000				0.000				3,370.925				46,823.458				29,633.751
	12-2030				137.870				0.000				182.0				.0				0.000				0.000				0.000				2,782.135				49,605.592				30,760.884
	12-2031				113.512				0.000				152.0				.0				0.000				0.000				0.000				2,291.088				51,896.678				31,604.731
	12-2032				91.984				0.000				150.0				.0				0.000				0.000				0.000				1,857.048				53,753.725				32,226.644
	12-2033				72.501				0.000				150.0				.0				0.000				0.000				0.000				1,464.182				55,217.906				32,672.528
	12-2034				56.098				0.000				128.0				.0				0.000				0.000				0.000				1,132.904				56,350.804				32,986.160
	12-2035				43.072				0.000				88.0				.0				0.000				0.000				0.000				869.822				57,220.629				33,205.119
	S Tot				3,923.777				0.000												0.000				0.000				0.000				57,220.629				57,220.629				33,205.119
	After				223.245				0.000												0.000				0.000				0.000				4,510.232				61,730.842				33,852.489
	Total				4,147.022				0.000												0.000				0.000				0.000				61,730.854				61,730.842				33,852.489

 

SEC 12-31-2020 Benchmark Prices								Percent				Cum. Disc.
		WTI Spot		Henry Hub				5.00				44,618.8
Year		Oil $/STB		Gas $/MMBTU				10.00				33,852.5
2021		39.57		2.00					15.00				26,456.2
Thereafter		Flat		Flat					20.00				21,079.7
Cap		39.57		2.00					25.00				17,012.2
									30.00				13,840.9

12 Months in first year

49.250 Year Life (04/2070)

 

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.

01/29/2021

16:31:21

TEXAS REGISTERED ENGINEERING FIRM F-693.

Summary

Cawley, Gillespie & Associates, Inc.

Table II - Total Proved

Lease Reserve Summary

Permian Basin Royalty Trust Interests - Waddell Ranch Properties

Total Proved Reserves

Certain Crane County, Texas Properties

As of December 31, 2020

 

																		Current Interest				WellCnt Life				Ultimate Recovery				Gross Reserves				Net Reserves				Oil Revenue Gas Revenue				Prod Tax Adv. Tax				Expenses Investments				Future Net Cash Flow				Cash Flow Disc.@ 10.0
LEASE NAME										Start
Table		Class		Major		Well No.				Date				ASN				%								MBBL / MMCF												M$ / M$				M$ / M$				M$ / M$				M$				M$
DUNE (GRAYBURG SAN ANDRES) — CRANE COUNTY, TEXAS
WADDELL WN TR 1																			37.5000 NI				79				82,877.4				0.0				0.0				0.0				0.0				0.0				0.0				0.0
1		PDP		Oil											1				37.5000 WI				0.0				4,921.4				0.0				0.0				0.0				0.0				0.0
WADDELL WN TR 3																			37.5000 NI				20				20,686.4				0.0				0.0				0.0				0.0				0.0				0.0				0.0
2		PDP		Oil											2				37.5000 WI				0.0				11,024.2				0.0				0.0				0.0				0.0				0.0
UNIVERSITY-WADDELL (DEVONIAN) — CRANE COUNTY, TEXAS
WADDELL WN TR 1																			37.5000 NI				2				2,185.4				11.5				0.4				15.9				0.8				0.0				16.7				14.9
3		PDP		Oil											26				37.5000 WI				3.8				5,524.7				16.9				0.6				1.7				0.0				0.0
WADDELL WN TR 3																			37.5000 NI				36				43,202.3				910.0				81.5				2,931.0				155.8				0.0				3,166.8				2,216.9
4		PDP		Oil											27				37.5000 WI				13.4				98,259.9				1,645.3				145.1				391.6				0.0				0.0
WADDELL (GRAYBURG SAN ANDRES) — CRANE COUNTY, TEXAS
WADDELL WN TR 1																			37.5000 NI				36				74,275.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0
5		PDP		Oil											30				37.5000 WI				0.0				31,962.9				0.0				0.0				0.0				0.0				0.0
WADDELL WN TR 3																			0.0000 NI				36				28.2				0.0				0.0				0.0				0.0				0.0				0.0				0.0
6		PDP		Oil											32				37.5000 WI				0.0				394.0				0.0				0.0				0.0				0.0				0.0
WADDELL (GRAYBURG) — CRANE COUNTY, TEXAS
WADDELL WN TR 1																			37.5000 NI				4				96.8				12.8				0.8				28.8				1.5				0.0				30.0				28.2
7		PDP		Oil											149				37.5000 WI				2.1				717.2				16.6				1.0				2.7				0.0				0.0
SAND HILLS (WOLFCAMP) — CRANE COUNTY, TEXAS
WADDELL WN ETAL TR A 2075																			50.0000 NI				2				448.8				326.0				82.1				2,954.5				172.2				0.0				3,464.9				1,924.8
8		PDP		Oil											195				50.0000 WI				35.0				1,271.8				1,007.5				252.9				682.7				0.0				0.0
WADDELL WN ETAL TR A 2076																			50.0000 NI				1				462.1				378.8				111.1				3,997.7				226.2				0.0				4,565.8				2,241.5
9		PDP		Oil											196				50.0000 WI				49.2				1,228.8				1,005.0				294.2				794.3				0.0				0.0
SAND HILLS (JUDKINS) — CRANE COUNTY, TEXAS
WADDELL WN ETAL TR A																			50.0000 NI				146				11,635.0				166.6				4.7				170.2				14.5				0.0				281.3				267.9
10		PDP		Oil											4				50.0000 WI				1.6				103,821.4				1,791.6				46.5				125.5				0.0				0.0
WADDELL WN ETAL TR A																			0.0000 NI				146				462.3				0.0				0.0				0.0				0.0				0.0				0.0				0.0
11		PDP		Gas											5				50.0000 WI				0.0				390,364.1				0.0				0.0				0.0				0.0				0.0
WADDELL WN ETAL TR A/C																			0.0000 NI				146				3.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0
12		PDP		Oil											169				50.0000 WI				0.0				3.4				0.0				0.0				0.0				0.0				0.0
WADDELL WN ETAL TR C																			0.0000 NI				146				0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0
13		PDP		Gas											6				50.0000 WI				0.0				5,157.9				0.0				0.0				0.0				0.0				0.0
WADDELL WN ETAL TR I																			0.0000 NI				146				43.9				0.0				0.0				0.0				0.0				0.0				0.0				0.0
14		PDP		Oil											7				40.6250 WI				0.0				0.0				0.0				0.0				0.0				0.0				0.0
WADDELL WN ETAL TR I																			40.6250 NI				11				31.1				0.0				0.0				0.0				0.0				0.0				0.0				0.0
15		PDP		Gas											8				40.6250 WI				0.0				22,005.6				0.0				0.0				0.0				0.0				0.0
SAND HILLS (MCKNIGHT) — CRANE COUNTY, TEXAS
WADDELL W N																			12.5000 NI				1				326.9				0.0				0.0				0.0				0.0				0.0				0.0				0.0
16		PDP		Oil			1								16				0.0000 WI				0.0				189.0				0.0				0.0				0.0				0.0				0.0
WADDELL WN ETAL TR A																			50.0000 NI				105				98,002.0				860.3				62.2				2,238.0				140.0				0.0				2,795.3				2,288.0
17		PDP		Oil											11				50.0000 WI				6.9				344,554.3				3,680.5				258.2				697.2				0.0				0.0
WADDELL WN ETAL TR A																			0.0000 NI				105				0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0
18		PDP		Gas											12				50.0000 WI				0.0				16,869.4				0.0				0.0				0.0				0.0				0.0
WADDELL WN ETAL TR A/C																			50.0000 NI				5				54.1				1.9				0.0				0.3				0.0				0.0				0.3				0.3
19		PDP		Oil											168				50.0000 WI				0.3				65.2				2.3				0.0				0.0				0.0				0.0
WADDELL WN ETAL TR C																			50.0000 NI				1				2,511.8				10.5				0.7				26.9				1.3				0.0				26.0				21.4
20		PDP		Oil											13				50.0000 WI				6.8				7,170.0				2.3				0.2				0.4				0.0				0.0

 

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.		Scenario: CGA2020		1/29/2021 : 4:39:13 PM
TEXAS REGISTERED ENGINEERING FIRM F-693.

Cawley, Gillespie & Associates, Inc.

Page  1

Table II - Total Proved (cont.)

Lease Reserve Summary

Permian Basin Royalty Trust Interests - Waddell Ranch Properties

Total Proved Reserves

Certain Crane County, Texas Properties

As of December 31, 2020

 

																				Current Interest				WellCnt Life				Ultimate Recovery				Gross Reserves				Net Reserves				Oil Revenue Gas Revenue				Prod Tax Adv. Tax				Expenses Investments				Future Net Cash Flow				Cash Flow Disc.@ 10.0
LEASE NAME												Start
Table		Class				Major		Well No.				Date				ASN				%								MBBL / MMCF												M$ / M$				M$ / M$				M$ / M$				M$				M$
SAND HILLS (MCKNIGHT) — CRANE COUNTY, TEXAS
WADDELL WN ETAL TR I																					40.6250 NI				2				9.5				0.0				0.0				0.0				0.0				0.0				0.0				0.0
21			PDP			Gas											14				40.6250 WI				0.0				1,736.2				0.0				0.0				0.0				0.0				0.0
SAND HILLS (TUBB - SAN ANGELO) — CRANE COUNTY, TEXAS
WADDELL WN ETAL TR C																					0.0000 NI				2				2.2				0.0				0.0				0.0				0.0				0.0				0.0				0.0
22			PDP			Oil											188				50.0000 WI				0.0				0.0				0.0				0.0				0.0				0.0				0.0
SAND HILLS (TUBB) — CRANE COUNTY, TEXAS
WADDELL WN ETAL TR A																					50.0000 NI				89				41,267.1				643.3				35.3				1,269.8				83.5				0.0				1,658.9				1,440.9
23			PDP			Oil											19				50.0000 WI				4.8				94,021.7				3,328.0				175.0				472.6				0.0				0.0
WADDELL WN ETAL TR A																					0.0000 NI				89				0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0
24			PDP			Gas											20				50.0000 WI				0.0				4,368.6				0.0				0.0				0.0				0.0				0.0
WADDELL WN ETAL TR C																					50.0000 NI				1				1,878.9				0.0				0.0				0.0				0.0				0.0				0.0				0.0
25			PDP			Oil											21				50.0000 WI				0.0				407.3				0.0				0.0				0.0				0.0				0.0
WADDELL WN ETAL TR I																					40.6250 NI				15				2,647.1				0.0				0.0				0.0				0.0				0.0				0.0				0.0
26			PDP			Oil											22				40.6250 WI				0.0				5,882.0				0.0				0.0				0.0				0.0				0.0
WADDELL WN ETAL TR I																					0.0000 NI				15				0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0
27			PDP			Gas											23				40.6250 WI				0.0				4,145.4				0.0				0.0				0.0				0.0				0.0
WADDELL WN ETAL TR J																					40.6250 NI				1				641.2				0.0				0.0				0.0				0.0				0.0				0.0				0.0
28			PDP			Oil											25				40.6250 WI				0.0				296.1				0.0				0.0				0.0				0.0				0.0
BLOCK 31 NW (PENN UPPER) — CRANE COUNTY, TEXAS
WADDELL WN TR 3																					37.5000 NI				3				1,155.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0
29			PDP			Oil											41				37.5000 WI				0.0				1,059.1				0.0				0.0				0.0				0.0				0.0
WADDELL WN TR 4																					0.0000 NI				3				286.1				0.0				0.0				0.0				0.0				0.0				0.0				0.0
30			PDP			Oil											42				37.5000 WI				0.0				0.0				0.0				0.0				0.0				0.0				0.0
DUNE (WOLFCAMP) — CRANE COUNTY, TEXAS
WADDELL WN TR 1																					0.0000 NI				3				0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0
31			PDP			Gas											53				37.5000 WI				0.0				896.9				0.0				0.0				0.0				0.0				0.0
WADDELL WN TR 3																					37.5000 NI				1				873.3				0.0				0.0				0.0				0.0				0.0				0.0				0.0
32			PDP			Oil											54				37.5000 WI				0.0				461.8				0.0				0.0				0.0				0.0				0.0
EDWARDS (GRAYBURG) — CRANE COUNTY, TEXAS
WADDELL WN TR 1																					0.0000 NI				1				178.4				0.0				0.0				0.0				0.0				0.0				0.0				0.0
33			PDP			Oil											56				37.5000 WI				0.0				0.0				0.0				0.0				0.0				0.0				0.0
RM (CLEARFORK) — CRANE COUNTY, TEXAS
WADDELL WN ETAL TR 1																					0.0000 NI				1				383.6				0.0				0.0				0.0				0.0				0.0				0.0				0.0
34			PDP			Oil											120				37.5000 WI				0.0				0.0				0.0				0.0				0.0				0.0				0.0
UNIVERSITY WADDELL (GRAYBURG) — CRANE COUNTY, TEXAS
WADDELL WN TR 3																					37.5000 NI				1				5.8				0.0				0.0				0.0				0.0				0.0				0.0				0.0
35			PDP			Oil											185				37.5000 WI				0.0				2.1				0.0				0.0				0.0				0.0				0.0
UNIVERSITY WADDELL (ELLENBURGER) — CRANE COUNTY, TEXAS
WADDELL WN TR 3																					0.0000 NI				1				7.7				0.0				0.0				0.0				0.0				0.0				0.0				0.0
36			PDP			Oil											166				37.5000 WI				0.0				0.0				0.0				0.0				0.0				0.0				0.0
UNIVERSITY WADDELL (PENN) — CRANE COUNTY, TEXAS
WADDELL WN TR 3																					37.5000 NI				1				94.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0
37			PDP			Oil											97				37.5000 WI				0.0				194.3				0.0				0.0				0.0				0.0				0.0

 

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.		Scenario: CGA2020		1/29/2021 : 4:39:13 PM
TEXAS REGISTERED ENGINEERING FIRM F-693.

Cawley, Gillespie & Associates, Inc.

Page  2