The 'best' way to deal with Object data, or any SOURCE file.
Open a blank MAP session (or Civil 3d) attach the SOURCE file:WELLS-WATER-r2000.dwg
Perform an ALL query, using ALTER properties and define your text properties
from the attached object data.
Otherwise,open the file, and use MAP>>Object Data>>Edit Object data to view the attached object data
OR,
Use MAP>>Annotation>>Define Annotation Template and create Annotation Templates to label the
various features as desired from the attached object data.