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Texas · Permian Basin · Midland Sub-Basin

Sell Minerals
in Reagan County,
Texas.

Reagan County sits in the southwest Midland Basin, where the Wolfcamp and Spraberry stack runs thick and well developed. Pioneer Natural Resources built a major position here over many years, and the county is now part of the ExxonMobil Permian footprint. If you own minerals here, the geology and operator activity are about as strong as the Midland Basin gets. If you are weighing whether to sell minerals in Reagan County, we are happy to help you understand what you have.

SWMidland
Sub-Basin Position
stacked-pay core
~9,500ft
Wolfcamp Depth
typical TVD
10,000ft
Standard Lateral
with longer pilots
Multiple
Stacked Targets
Wolfcamp A/B, Spraberry, Dean
UTlands
University Lands
Major regional owner
01 The Basin

A core piece of the
Midland Basin.

Reagan County sits in the southwest portion of the Midland sub-basin of the Permian. The Midland Basin is the eastern of the two main Permian sub-basins, separated from the Delaware sub-basin by the Central Basin Platform. Within the Midland, the southwest core (Reagan, Upton, and northern Crockett) has been one of the most consistently productive areas for stacked Wolfcamp and Spraberry development.

The county seat is Big Lake. Outside Big Lake, much of Reagan County is ranchland, with oil and gas activity spread across thousands of square miles of relatively flat, sparsely populated terrain. The county shares a long history with the Texas oil patch: the Santa Rita No. 1, drilled on University of Texas Lands in 1923, is widely credited as the discovery well that launched large-scale Permian development and funded what eventually became the Permanent University Fund. That history still matters today, because University Lands remains a major mineral owner in and around Reagan County.

Pioneer Natural Resources spent two decades building one of the largest contiguous mineral and leasehold positions in the Midland Basin, much of it concentrated in and around Reagan County. ExxonMobil now operates that position.

If you are reading this, you may own a piece of that history. Maybe you inherited minerals through a chain that goes back to ranching families or original Texas land grants. Maybe you have been receiving royalty checks for decades. Maybe an operator just sent you a letter asking to lease unleased acreage. This page walks through the rock, the operators, the geography, valuation, and the regulatory landscape including the role of University Lands acreage.

Starting point

Have minerals in Reagan County? Send us what you have and we will take a look.

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02 The Rock

Stacked pay across the
Midland column.

The Midland Basin section beneath Reagan County is thick and well layered. The Spraberry sits above the Wolfcamp, with the Dean sand and Jo Mill intervals tucked between. Modern operators routinely develop multiple zones from the same surface pad, with some pads supporting many wells targeting different formations.

WolfcampPermian unconventional core

The Wolfcamp formation is the deepest and most prolific unconventional target in Reagan County. It is divided into multiple distinct benches (Wolfcamp A, B, C, and D), each capable of supporting horizontal development. Wolfcamp A and B are the primary current targets across most of the county, with operators drilling multiple horizontals per spacing unit across the two benches.

For mineral owners, Wolfcamp development typically means multiple wells per spacing unit drilled over the life of development, with each well representing a separate revenue stream tied to the same minerals. Modern Wolfcamp completions use very large amounts of proppant and have steeper initial decline curves than older vintage wells.

Depth Range
8,500 to 11,000 ft
Type
Calcareous mudstone
Active Benches
Wolfcamp A and B primarily
Typical Lateral
10,000 ft, longer pilots
SpraberryLower and Middle

Above the Wolfcamp sits the Spraberry, historically one of the most prolific producing sections of the Midland Basin. The Lower Spraberry and Middle Spraberry are separate horizontal targets across Reagan County, and many spacing units have horizontals in both intervals plus multiple Wolfcamp wells, leading to high total well counts per surface unit.

For mineral owners, Spraberry inventory is one of the reasons Reagan County valuations carry strong multiples. The combination of Spraberry plus stacked Wolfcamp benches supports continued royalty income for many years even after early Wolfcamp development is complete.

Depth Range
7,000 to 9,000 ft
Type
Mixed sandstones and shales
Active Intervals
Lower, Middle
Status
Heavily developed
Dean & Jo Millinterbedded targets

The Dean sand sits between the Spraberry and the Wolfcamp, and the Jo Mill is an interbedded sand within the Spraberry section. Both have been developed as horizontal targets in parts of Reagan County, particularly where operators have already drilled the Wolfcamp and Spraberry benches and are working through remaining inventory. Older vertical production from these zones still continues across many parts of the county.

The practical implication for mineral owners is that even spacing units with extensive Wolfcamp and Spraberry development may have additional inventory in Dean and Jo Mill, plus legacy vertical production that continues to generate income.

Dean Depth
~8,500 ft
Jo Mill Depth
~7,500 ft
Status
Selective horizontal, legacy vertical
Where Active
Variable across county
03 The Operators

Who is drilling on your
Reagan County minerals.

The Midland Basin operator landscape consolidated dramatically through 2023 and 2024, with multiple large mergers reshaping the operator list. The operators below are the most active in current Reagan County development, but the county has many additional meaningful operators.

i.
ExxonMobil (Pioneer legacy)
Pioneer Natural Resources was the dominant operator in Reagan County for many years, having built a large contiguous position across the southwest Midland Basin. ExxonMobil completed its acquisition of Pioneer in 2024, and that footprint now sits with ExxonMobil. For most Reagan County mineral owners, the practical effect is a change in operator name on royalty statements. Development pace has generally continued, with ExxonMobil emphasizing long-lateral, multi-well pad completions.
Major · Pioneer legacy
#1 in Reagan
ii.
Endeavor Energy Resources / Diamondback
Endeavor Energy Resources, founded by the late Autry Stephens, was the largest private operator in the Midland Basin and held meaningful Reagan County acreage. Diamondback Energy closed its acquisition of Endeavor in 2024, combining two of the largest pure-play Midland operators. The combined company is now one of the most active drillers across Reagan and the surrounding southwest Midland counties.
Public · Diamondback / Endeavor
Top 3 in Reagan
iii.
Apache Corporation
Apache, operating under the APA Corporation umbrella, has a long-standing position in the Midland Basin including parts of Reagan County. Apache's Midland program includes Wolfcamp and Spraberry development with continued infill activity. Mineral owners under Apache leases will recognize the operator from royalty statements going back decades in some cases.
Public · Long-standing Permian
Top 5 in Reagan
iv.
Civitas Resources
Civitas Resources entered the Permian through its 2023 acquisitions of Tap Rock and Hibernia, building a position that includes acreage in the southwest Midland. Civitas has continued to develop its Permian inventory alongside its legacy DJ Basin position in Colorado. Mineral owners under Civitas leases may see division order activity reflecting the recent operator transitions.
Public · Permian + DJ Basin
Top 5 in Reagan
v.
Long Tail of Public and Private Operators
Reagan County has many additional meaningful operators including SM Energy, Vital Energy (formerly Laredo Petroleum), Callon Petroleum (now part of APA Corporation), and a number of private operators developing smaller positions. Mineral owners may see different operator names on different wells within the same general area depending on which operator drilled which spacing unit, and which acquisitions have moved leases between names over the past several years.
Mixed · Many active
Many Active Operators
See a familiar name?

We know how these operators develop in Reagan County. Happy to give you context on yours.

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04 The Geography

Not all Reagan County
minerals are built the same.

Reagan County covers roughly 1,175 square miles in the southwest Midland Basin. The Wolfcamp and Spraberry trends run throughout the county, with productivity varying by township and depth. Big Lake is the county seat and only meaningful town. Where in the county your minerals sit shapes everything from operator name to formation thickness and remaining inventory.

Big Lake Core
Central Reagan
The geographic and operational center of the county. Big Lake serves as the regional service hub. Spacing units in this area have typically seen extensive Wolfcamp and Spraberry development, with many already at multi-vintage well counts. Remaining inventory across Wolfcamp benches and Spraberry intervals is meaningful given the depth of stacked pay.
Activity: High Development: Mature, infill
Western Reagan
Toward Upton border
Western Reagan transitions toward Upton County, where some of the most productive Wolfcamp and Spraberry results in the Midland Basin have been recorded. Spacing units here have been heavily developed by the Pioneer (now ExxonMobil) program, and continued infill activity is common.
Activity: High Development: Active
Southern Reagan
Toward Crockett border
Southern Reagan runs toward the Crockett County line. Wolfcamp depth and reservoir characteristics shift somewhat as you move toward the southern edge of the Midland Basin, but stacked-pay development continues across most of this area. Some sections sit within University Lands acreage.
Activity: Moderate to High Development: Active
Northern Reagan
Toward Glasscock border
Northern Reagan transitions toward Glasscock County and the heart of the Midland Basin. Activity here is consistent, with operators drilling across the county boundary where geology permits. Both Wolfcamp and Spraberry sections remain meaningful targets.
Activity: High Development: Active
University Lands Sections
Scattered · Statewide
University Lands, managed for the benefit of the Permanent University Fund (PUF), holds substantial acreage across Reagan County and the broader southwest Permian. State acreage is leased on different terms than fee minerals, and royalties flow to the PUF supporting the University of Texas and Texas A&M systems. Mineral interests adjacent to University Lands may interact with these leasing dynamics.
Activity: Active university leasing Development: Major regional owner
Eastern Reagan
Toward Irion border
Eastern Reagan transitions toward Irion County and the eastern flank of the Midland Basin. Activity thins somewhat toward the basin edge, but selective drilling continues where geology supports it. Mineral interests here are often valued more on optionality than current activity.
Activity: Moderate to Light Development: Selective
05 Your Valuation

What your Reagan County
mineral rights are worth.

Valuation in Reagan County reflects the strength of the southwest Midland Basin. Multiple stacked formations, deep remaining inventory, well-capitalized operators, and consistent drilling activity all support strong mineral valuations. The four scenarios below cover what we see most often.

01
Producing Minerals with Active Royalty Income
Valued on cash flow plus deep remaining inventory
If your Reagan County minerals are actively producing, valuation typically starts with the trailing twelve months of royalty income. A buyer applies a multiple based on expected remaining well life, future drilling potential across stacked Wolfcamp and Spraberry intervals, and commodity outlook. Reagan County multiples tend to be among the stronger ones in the Midland Basin because the inventory depth supports many years of additional development on most spacing units.
What shapes the number: well vintage and remaining life across existing wells, how many additional Wolfcamp and Spraberry locations remain undrilled, your royalty rate, the operator quality, and your lease post-production cost language.
02
Unleased Minerals in Active Development
Valued on drilling proximity and future potential
Unleased Reagan County minerals, particularly in or near the Big Lake core or active operator footprints, are valued aggressively on expected development timing. Operators have been competing for acreage across the county, which supports strong lease bonus and royalty rate negotiations. Unleased minerals also carry optionality, since the owner can lease again on improved terms in the future.
What shapes the number: nearby permit activity, the operator's recent drilling pace in your area, formation quality beneath your specific section, comparable lease terms on surrounding tracts, and whether the section is part of an operator's near-term drilling plan.
03
Small Fractional Interests & Inherited Positions
Often worth substantially more than expected
Many Reagan County mineral owners hold small fractional interests inherited across multiple generations, often spread across heirs in different states. Reagan's stacked pay and consistent operator activity mean even small fractional interests can carry meaningful value. We pay these interests the same attention as larger ones and are comfortable doing the title research, including chains that go back decades through multiple Texas probates.
What shapes the number: net mineral acre count, royalty rate if leased, producing status, accumulated unpaid suspense (sometimes meaningful for inherited interests), and whether other heirs holding the same chain are also active.
04
Leased but Not Yet Producing
Valued on lease terms and proximity to activity
If your Reagan County minerals are leased but not yet producing, value depends substantially on the lease terms and how quickly the operator is moving toward drilling. Permian leases typically have three to five year primary terms with extension by production. A lease held by an active major operator is worth materially more than one held by a passive leaseholder waiting on conditions.
What shapes the number: your royalty rate, primary term expiration, the specific operator holding the lease, recent drilling activity in adjacent spacing units, and whether your lease has a Pugh clause or similar acreage-protection language.
Your specific situation

We would rather look at real facts than speak in generalities. Send us what you have.

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06 The Regulatory Landscape

Texas rules,
Midland Basin realities.

Reagan County operates under the Texas oil and gas regime, administered primarily by the Texas Railroad Commission. The on-the-ground realities reflect the role of University Lands as a major mineral owner, Texas-specific lease and royalty case law, and the regulatory framework that has developed alongside decades of Permian activity.

The Railroad Commission and how spacing works

The Texas Railroad Commission (RRC), despite the name, regulates oil and gas in Texas. The RRC permits wells, conducts hearings on spacing and unitization applications, and maintains the public well database. Texas has historically used a combination of statewide and field-specific spacing rules, with modern horizontal development typically operating under permitted units that match modern lateral lengths. The RRC's public records system is one of the most complete in the country and is the primary place to research wells, operators, and production history.

University Lands and the Permanent University Fund

University Lands manages roughly 2.1 million acres of surface and mineral acreage in West Texas for the benefit of the Permanent University Fund (PUF), which supports the University of Texas and Texas A&M systems. A meaningful portion of that acreage sits in and around Reagan County, with the historic Santa Rita No. 1 having been drilled on University Lands in this county. State land is leased through University Lands directly. If your minerals are adjacent to or surrounded by University Lands acreage, those leasing dynamics may affect your situation.

Texas lease law and post-production costs

Texas case law generally allows operators to deduct certain post-production costs (gathering, processing, transportation, compression) from royalty payments unless the lease specifically prohibits it. The Heritage Resources line of cases is the seminal Texas authority on this question. Older leases often allow more deductions than newer ones with carefully drafted royalty clauses. Reading your specific lease's royalty language matters in Texas, because the lease terms control.

The Pioneer to ExxonMobil transition

ExxonMobil completed its acquisition of Pioneer Natural Resources in 2024. For Reagan County mineral owners who had Pioneer as the operator, that transition has worked through royalty statements, division orders, and operator contacts over time. Lease terms and royalty rates did not change. If you have not received updated division orders or have questions about the operator transition, those questions can be addressed by ExxonMobil's owner relations team.

07 Questions We Hear Often

The real questions
mineral owners ask.

We have been through these conversations hundreds of times. Below are honest answers to the things people actually want to know.

01
How much are mineral rights worth in Reagan County, Texas?
Values in Reagan County tend to carry strong multiples because the Wolfcamp and Spraberry stack supports years of additional drilling on most spacing units. That said, values vary widely depending on where in the county your minerals sit, whether they are leased or producing, the operator, your royalty rate, and the lease terms. The only way to know what your specific minerals are worth is to look at the actual facts. We are happy to do that for you, at no cost and with no obligation to sell.
02
What makes Reagan County a meaningful part of the Midland Basin?
Reagan County sits in the southwest portion of the Midland sub-basin of the Permian. The Wolfcamp and Spraberry sections beneath the county are thick and well stacked, which means multiple horizontal targets per spacing unit. Pioneer Natural Resources built a large position here over many years, and after the 2024 ExxonMobil acquisition of Pioneer, the county became part of one of the largest operator footprints in the Permian. That combination of geology and operator quality has kept Reagan County activity consistent.
03
I inherited mineral rights in Reagan County but I do not have any documents. What do I do?
You are not alone. This is one of the most common situations we see. Start by gathering anything you do have: old letters from operators, tax statements, probate records, royalty stubs, division orders. The Reagan County Clerk's office in Big Lake keeps deed records, and the Texas Railroad Commission maintains a public database of wells, operators, and production. We can usually identify what someone owns with just a name and a rough idea of where the minerals are located, because Texas mineral records are publicly accessible.
04
Should I sell my Reagan County mineral rights now or hold them?
That depends on your situation. People who hold typically want long-term royalty income, do not need cash for other priorities, and are comfortable with commodity price volatility. People who sell typically want to convert future uncertain income into certain present value, simplify their estate, or use the capital for something else. Reagan County's stacked-pay inventory supports both cases. Neither is wrong. We can help you think through the tradeoffs without pressure to pick a side.
05
How did the ExxonMobil acquisition of Pioneer affect Reagan County mineral owners?
Pioneer Natural Resources was the largest operator in Reagan County for many years. When ExxonMobil completed its acquisition of Pioneer in 2024, those leases and operating responsibilities moved to ExxonMobil. For most mineral owners, the practical effect is a change in the operator name on royalty statements and division orders. Lease terms remain the same, royalty rates remain the same, and development pace generally continued. If you had a long-running relationship with Pioneer landmen, those contacts shifted over time.
06
My royalty statements have post-production cost deductions. Is that allowed in Texas?
Whether your specific lease allows post-production cost deductions depends entirely on the lease language. Texas case law generally allows operators to deduct certain post-production costs unless the lease specifically prohibits it. Older leases often allow more deductions than newer ones with carefully drafted royalty clauses. Reading your lease carefully and checking how the operator is calculating deductions is worth doing. We can help review your statements and lease language together if helpful.
07
Can I sell mineral rights I inherited if other family members inherited the same minerals?
Yes, you can sell your undivided fractional interest without needing the other heirs to participate. This is very common in Reagan County, where many interests have been subdivided across generations of heirs, often spread across multiple states. A good buyer will work with your specific interest, not require you to round up cousins. We do this all the time.
08
What is the difference between an offer to lease and an offer to buy my minerals?
Leasing gives an operator the right to develop your minerals for a period of time, typically three to five years, with extension if production is established. In exchange you receive a bonus payment per net mineral acre and a royalty percentage on any production. You still own the minerals. Buying transfers ownership entirely, in exchange for a lump sum. After a sale, you no longer own the minerals and you receive no future royalties. Both have their place. Buying typically delivers more value up front. Leasing preserves long-term upside.
09
How does the sale process actually work?
Step one, we do the research. You send us what you have, we pull Texas Railroad Commission records, we check operator activity in the spacing unit, and we build an analysis. Step two, we send you a written summary with our reasoning. Step three, if you want to proceed, we handle the mineral deed preparation, you sign at a notary, and funds are wired at close. We move on your timeline, whether that is quick or deliberate. There is no charge for the research and no obligation to sell.
10
Why should I sell to Timberline Minerals specifically?
We are a family-owned office with roots in Texas and Montana. We work across the primary US basins and we are comfortable with Midland Basin specifics including Wolfcamp and Spraberry development patterns, Texas lease language conventions, and the Railroad Commission process. We work with mineral interests of all sizes including small fractional positions. Our process is straightforward: we research the tract, share what we find, and make an offer. The decision to sell is yours, and we are happy to help you understand what you have either way.

Find out what your
Reagan County minerals
are actually worth.

Send us what you have, or what you think you have. We will pull Railroad Commission records, check operator activity in your section, and put together a plain-English summary with our reasoning laid out. If it makes sense to go further, we move on your timeline. If not, you have a free breakdown you can take anywhere.

Request a Valuation (512) 626-7267
Free · No Obligation · Your Timeline
08 Keep Reading

More for Reagan County
mineral owners.

Guide · 6 min read
I inherited mineral rights. What now?
A walkthrough of the first few things to look at, whether you just found out or have been sitting on it for years.
Read the guide  →
Guide · 8 min read
How mineral rights are valued
The core inputs that go into a mineral valuation. Production, inventory, operator, lease terms, and what each one actually means in practice.
Read the guide  →
Guide · 5 min read
What to look for in an offer
Reading an offer letter, understanding what is and is not included, and the questions worth asking before responding.
Read the guide  →
Market Pulse

Permian status, June 2026

12 month oil production trend
6,627
thousand barrels per day
Latest month
+1(+0.0%)
thousand barrels per day
Month over month
-65(-1.0%)
thousand barrels per day
Year over year
Last updated June 2026. Source: US Energy Information Administration, Short-Term Energy Outlook regional production estimate (June 2026).