Key Oil & Gas Development Activity
The PUF Lands span the Delaware Basin, Northern Midland Basin, Southern Midland Basin, and the Central Basin Platform with more than 200 companies operating ~ 11,400 producing wells. New development in FY23 saw a total of 262 wells come online, of which 257 were horizontal wells with a cumulative 2.43 million lateral feet. Production from PUF Lands hit 337,000 barrels of oil equivalent per day, and UL’s cumulative net royalty production for the fiscal year was 26.5 million barrels of oil equivalent. To ensure continued development and value creation, University Lands negotiated two development agreements on approximately 15,000 acres, adding approximately 160,000 lateral feet obligation a year of drilling commitment. “Our negotiated continuous development agreements ensure robust and consistent mineral development, maximizing value for the PUF Lands. These agreements also offer operators a sustainable development pace, facilitating annual growth for both University Lands and the operators.” Brian Owen, Senior Vice President, Land
NORTHERN MIDLAND BASIN & CENTRAL BASIN PLATFORM
SOUTHERN MIDLAND BASIN, PECOS BASIN & VAL VERDE BASIN
DEVELOPMENT ACTIVITY
DELAWARE BASIN & CENTRAL BASIN PLATFORM
Development Activity
Vital
Ovintiv
ConocoPhillips
Diamondback
Civitas
Sequitur
Devon
Continental
Point
Pioneer Elevation
Vencer
30
Made with FlippingBook - Online magazine maker