A Midland Desk Built Around Underwriting
Build the Producing and Undeveloped Cases Separately
Existing wells are evaluated from actual production and an appropriate decline curve. Undeveloped value is evaluated from permits, offsets, spacing, formation, operator pace, and timing probability. Combining those cases too early hides where the range is really coming from.
Price the Assumptions, Not the Story
Reconcile Decimal and Acreage
The owner decimal, lease royalty, unit allocation, net mineral acres, and ownership fraction should reconcile to the best available documents. A mismatch becomes an explicit adjustment item rather than disappearing inside a blended multiple.
Explain What Moves the Range
A new permit, a corrected decimal, an additional tract, a depth reservation, a different lease burden, a title cure, or a revised well forecast can move consideration. The acquisition file identifies those levers before a proposal becomes a closing document.
Normalize the Producing Evidence
Check stubs and statements are organized by product, sales month, volume, price, taxes, deductions, decimal, and net payment. Suspense releases, prior-period corrections, recoupments, and one-time adjustments are separated from recurring cash flow.
Close on the Interest That Was Underwritten
The purchase agreement, exhibit, title findings, adjustment schedule, settlement statement, and deed should agree on owner, tract, fraction, acres, depths, included rights, exclusions, effective date, and consideration. That is how underwriting survives the closing table.



