Using information available through the Texas Railroad Commission I’m trying to understand, as a mineral rights owner, how to assess (without getting lost in the engineering minutia) the potential for oil and gas production of a particular area using information from recently completed nearby wells.
Am I correct that that information is contained on Railroad Commission’s Form W-2, with the pertinent part of that form located under the “Initial Potential Test Data” category, with its 2 sub-categories of “Production During Test Period” and “Calculated 24-Hour Rate”? In those 2 sub-categories is the pertinent information the “Oil (BBLS)” figure and the “Gas (MCF)” figure?
Is this the best way for a non-engineer to determine, in a simplified way, the possible potential of production in nearby areas before going to the next step of hiring a professional opinion?
If yes, in general, what would be considered poor, average, good and spectacular figures for initial oil and gas production?
Any additional thoughts and advice on how to make an initial assessment would be welcome.