University Lands FY22 Annual Report

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 10,170 producing wells. New development in FY22 saw a total of 229 wells come online, of which 206 were horizontal wells with a cumulative 2.04 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.

Northern Midland Basin & Central Basin Platform

Southern Midland Basin, Pecos Basin & Val Verde Basin

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TOM GREEN

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DAWSON

GAINES

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WARD

CRANE

REAGAN

UPTON

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IRION

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ANDREWS

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SCHLEICHER

MARTIN

PECOS

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CROCKETT

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SUTTON

TERRELL

120

BREWSTER

Miles

ECTOR

MIDLAND

WINKLER

DEVELOPMENT ACTIVITY

Delaware Basin & Central Basin Platform

Percussion 0

120

ConocoPhillips

Miles

WINKLER

MIDLAN

LOVING

ECTOR

Oxy

Continental

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Devon

Piedra Sequitur Pioneer

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Diamondback Elevation

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Hibernia

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CRANE

UPTON

WELL ACTIVITY

REEVES

Permitted

Drilled

Producing

PECOS

120

Miles

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