University Lands FY24 Annual Report

27

GAINES

DAWSON

HIGHLIGHTED UL DEVELOPERS

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ANDREWS

MARTIN

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WELL ACTIVITY

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Northern Midland Basin & Central Basin Platform

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ECTOR

MIDLAND

CRANE

WINKLER OVING

WINKLER

UPTON

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ECTOR

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MIDLAND

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REAGAN

IRION

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Miles

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SCHLEICHER

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PECOS

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CROCKETT

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UPTON

Et parisciis aut faccusa

REEVES

SUTTON

TERRELL

Delaware Basin & Central Basin Platform

Southern Midland Basin, Pecos Basin & Val Verde Basin

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BREWSTER

Key Oil & Gas Development Activity PECOS 0 30

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The PUF Lands span the Delaware Basin, Northern Midland Basin, Southern Midland Basin, and the Central Basin Platform with more than 200 companies operating ≈11,500 producing wells. New development in FY24 saw a total of 291 wells come online, of which 289 were horizontal wells with a cumulative ≈3.1 million lateral feet. Production from PUF Lands hit 431,500 barrels of oil equivalent per day, and UL’s cumulative net royalty production for the fiscal year was 33.7 million barrels of oil equivalent. To ensure continued development and value creation, UL negotiated eight development agreements on approximately 70,000 acres, adding approximately 2.6MM lateral feet obligation of drilling commitment over the next 6 years.

ANNUAL REPORT 2024

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