Pecos County sits deep in the Delaware Basin, and the sheer depth of the section here is exactly why underwriting has to be handled differently than in the Midland Basin.

Pecos County is Delaware Basin country, and that means deeper, higher-pressure wells targeting the Wolfcamp and Bone Spring intervals, often with longer laterals and bigger completions than what you'd see across the Midland Basin to the east. The tract desk spent enough years working completions on Delaware Basin wells to know the economics here run differently, and that difference flows straight through to how we price a mineral or royalty interest.

A lot of what we buy in Pecos County traces to old ranching families, some of whom have owned the surface for generations while the minerals have been leased, sold, and re-leased through several operators over the decades. We buy those interests directly and underwrite off the actual well or unit your interest is tied to.

Why Delaware Basin wells price differently than Midland Basin wells

Delaware Basin wells in Pecos County tend to be deeper, more expensive to drill, and often produce more gas and NGLs relative to oil than comparable Midland Basin wells, which changes the revenue mix your royalty check reflects. High-pressure, high-rate wells can also show steeper initial decline before leveling into a longer tail.

We model each interest off its own well's actual production and price mix rather than assuming Pecos County behaves like the Midland side of the basin, because in our experience treating them the same leads to bad offers in both directions.

Operators and development pace across the county

Pecos County has drawn both large-scale Delaware Basin developers running full multi-well programs and smaller independents working more targeted acreage positions. Development pace has varied section to section depending on infrastructure, particularly gas gathering and takeaway capacity, which matters more here than in more built-out parts of the Permian.

Before quoting an offer we check current permit filings and whether the operator on your tract has an active multi-year program or has slowed activity, since that materially affects how much forward value we're willing to underwrite.

Ranch-scale ownership and split estates

Because so much of Pecos County remains large working ranches, it's common for us to buy from an owner holding a substantial mineral position, sometimes hundreds of net mineral acres, alongside owners holding a much smaller fractional heir interest in the same section. We underwrite both the same way, well by well, unit by unit.

Split estates, where the surface and minerals were separated generations ago, are also common here. We handle title research on split estate tracts as part of the underwriting process.

Water, gathering infrastructure, and why it matters to your value

Delaware Basin development leans heavily on produced water handling and gas gathering capacity, and areas with established infrastructure tend to see more consistent, faster-paced drilling than areas still waiting on buildout. That infrastructure picture is part of what we check before pricing undeveloped or lightly developed acreage in Pecos County.

If your tract sits in an area with strong existing infrastructure and nearby active permits, that generally supports a stronger offer than an equally sized tract in a less-served part of the county.

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What formations produce in Pecos County?

Primarily the Wolfcamp and Bone Spring intervals of the Delaware Basin, often across multiple benches on the same tract. We identify the specific producing interval on your well before quoting.

Why do Pecos County wells sometimes have more gas than oil in the royalty mix?

Delaware Basin wells generally produce a higher gas and NGL component than Midland Basin wells. That mix affects your check and is something we factor directly into underwriting rather than assuming an oil-only price.

Is a large ranch-scale mineral position underwritten differently than a small fractional interest?

The underwriting logic is the same, well by well and unit by unit, but a larger position typically involves more wells and more paperwork to verify, so it takes a bit longer to fully underwrite.

Do you buy interests where the surface and minerals have been split for decades?

Yes, split estate ownership is common in Pecos County and we handle the title research that comes with it as part of the purchase process.

How does gas gathering infrastructure affect what the owner's interest is worth?

Areas with established gathering and water infrastructure tend to see steadier development pace, which generally supports stronger forward value. We check the infrastructure picture around your specific tract before pricing.

How long does it take to get a real offer on a Pecos County interest?

Once we have a division order, check stub, or deed to work from, we can usually turn around a written offer in a matter of days. Ranch-scale positions spanning several wells take a little longer to fully underwrite than a single-well interest.

Do you buy interests from out-of-state heirs who inherited Pecos County minerals?

Yes, this is common. Many original Pecos County ranching families now have heirs scattered across the country, and we regularly close purchases entirely by mail and wire without requiring anyone to travel to Texas.

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