The performance of the Texas Pacific Land Trust stock certificates gives a glimpse of what investors believe is to come once Chevron begins drilling shale wells on its acreage.

The trust owns a 1/16 non-participating royalty interest under 377,777 acres of the Chevron acreage, and a 1/128 non-participating royalty interest under 85,414 acres. Most of the acreage is in the Delaware Basin, but a small part is in the Midland Basin. Another part is outside the Permian Basin.

When the Wolfbone play began in 2005 the stock certificates went from about $10 a share to about $40. But the big jump occurred in 2013 when the shale play began in the Permian Basin. Since then the stock went from $40 to $300.

So overall there has been about a 3,000% appreciation in the price of the stock over the last ten years. And Chevron hasn’t even began drilling shale wells on the acreage in any significant way yet.