University Lands FY21 Annual Report

23

Oil & Gas Development

Fiscal Year 2021 Annual Report

ACTIVITY SUMMARY

ACTIVITY BY BASIN

ƒ 3 major oil and gas development agreements that add ~2MM lateral feet per year over the next 5 years on ~80,000 acres of leasehold ƒ 2 major oil and gas development ag reements under current negotiation on ~25,000 acres in the Delaware Basin ƒ ~20,000 acres of leasehold wer e returned as part of 2 development agreements UL allowed to terminate ƒ 218 w ells began producing ƒ 1.74 million lateral feet drilled on PUF acreage

NORTHERN MIDLAND BASIN

FY2021

Wells

Lateral Ft

Hz Spud

58

634,170

Hz 1 st Prod

87

944,690

DELAWARE BASIN

FY2021

Wells

Lateral Ft

OIL & GAS LEASE SALE #130

Hz Spud

43

434,430

Hz 1 st Prod

79

787,150

ƒ ~36,000 acres leased ƒ $88.5MM in lease bonus ƒ ~$2,500 per acre average bonus ƒ Leases sold as “blocks” to promote horizontal development

CENTRAL BASIN PLATFORM

FY2021

Wells

Lateral Ft

Hz Spud

15

105,960

Hz 1 st Prod

10

59,830

SOUTHERN MIDLAND BASIN

FY2021

Wells

Lateral Ft

Hz Spud

56

566,880

Hz 1 st Prod

44

442,380

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