We have an interest in this location. The well was spudded July 20. I'm curious to know if anyone can tell me how to find out at what stage of completion the well is at and if there is any way to know what initial production expectations are?
Also, I signed a letter of intent with Millenial Energy Partners (subsidiary of Parallax) to sell 60 acres of the 120 we have interest in. Has anyone else here dealt with them before?
http://imaging.occeweb.com/imaging/OGWellRecords.aspx
You can watch any well here. Type in 1217N10W in the location box and hit search. It will take about three months to drill. It depends upon when they frac-immediately or later with a bunch of wells. You will not get paid until six months after first production. Hard to know what the production will be like since that is one of the first horizontal wells in that section. The horizontal drilling is just starting in that area with about six wells. Be sure and get an attorney to check the sales document to make sure you are getting the terms you should be getting. This is about more than one well-maybe many.
Thank you Mr Barnes. I had an attorney review all the documents before we executed them. I am hoping that this well will be productive and the first of many.
I just wanted to post one more time that we sold to Parallax/Millenial Energy Partners. I want to say that those folks do what they say and were a pleasure to work with. If you are contacted by Phillip Gayle, he is a stand up guy.
Craig, Did they only pay you 500 dollars for your 60 acres of minerals here? On the deed the Documentary stamps were only 0.75 cents. If they did only pay you that, then I sure would hate to recommend them, or I sure would love to pay double that for the other 60 acres you own. Minerals out here have been going to 5K-6K an acre and even more in some sections in your township.
Documentary Stamps are figured at the rate of $.75 per $500 (or any fractional part thereof).
Its a felony to intentionally sham a county clerk on consideration paid for deeds, including mineral deeds. Im assuming they filed the deed and not you.
Either way, I sure would hate to have the Oklahoma Tax Commission mad at me or the group that bought the interest for not paying the appropriate transfer taxes.
Steve,
I don't wish to make public the amount we sold for. I will only say that it is much higher than $500. As for the filing fees, I'll be sure to check into that. I can only tell you that my experience with Parallax/Millenial has been exceptional and I have no reason not to recommend them at this point. I sent you a friend request so that we can converse further about the issue if you so wish.
Regards,
Craig