Has anyone worked with 1907 Land Company. We recently received an offer to purchase our minerals in McClain and wondered if anyone out there has experience in working with them?
I would not sell anything in McClain right now.....
Could you elaborate a bit?? Thanks
Depending upon where you are in McClain, there is quite a bit of pending activity. Anytime someone wants to buy your minerals, they think they are going to make a profit. Canary in the mine indicator to me that I want to hang onto whatever they want because they know something that I know. I would rather have the profit and I am willing to wait to get it. Sometimes families have extenuating circumstances and need to sell. Cold calls just make me curious.
Is this still your opinion about McClain county? My siblings and I have leased 12 mineral acres each in Section 20-7N-2W (E/2 E/2 SW/4 and W/2 SE/4, and Section 29-7N-2W (N/2 NW/4 NE/4), under three year leases, and have been receiving numerous offers and letters of interest to buy, ranging from $2000 to $4000/ mineral acre, although the contacts seem to have slacked off in the past couple months. Should we consider selling?
Only you can decide about selling, but I can tell you that are getting offers to buy because BP has a pending horizontal well in 20 and 29. Section 33 which is catty corner to 29 has five wells, so that is what they are trying to buy is your future revenue. You should have gotten the mailings for the OCC cases. If not, then let me know and I can give you the numbers and you can look up the attorney and you can find out why not.
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If I had acreage there and received an offer of $20,000/per acre, I would consider selling, but only on terms where they don’t have a firm commitment from me until they hand me the check for the full purchase price. I wouldn’t sign any drafts, letter agreements, or any other “deals”.
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Agreed Frank. Most of these outfits are making an offer, they feel like, will reimburse themselves after the first well, so they are really not risking much. That is why they make small offers.
We received the mailings but didn’t really understand them, asked the agent who arranged our leases about it and he told us we didn’t need to do anything because we already had leases. Is there anything we should do now to protect our interests,even though we didn’t respond to those mailings at the time?
If you are leased, you do not need to worry about them, but they have very useful information in them and you should read them and try to understand them. They tell you a lot about the pending activity. Just keep an eye open if you ever get a pooling because they do require an answer within 20 calendar days or you will not have your choice in the matter.
MS. Barnes, We have 100 net acres of minerals in the SW/4 of 8-5n-3w in southwest McClain County. Our lease expired March 23, but before that, on March 8, we received a letter from a leasing company offering us a three year, 20% lease for $2,500 per acre. We mailed a response indicating our interest in leasing on those terms when our lease expired, but thus far have heard nothing back from them. Should we contact them to check the status of their offer, or should we just wait for things to play out on their own? Thanks for your insights. Rick B
Rick,
it looks like Eagle Exploration was leasing in the section directly to the west of you (8-5n-3w) in Sept. of 2017 for $4750 per acre and 1/8 or $4500 per acre and 3/16. but the leasing in this same section as of 05/01/2018 is showing leasing from a company called Keith F. Walker Oil and Gas Company, LLC for $300 per acre and 20% and $350 per acre and 3/16. (these numbers are according to Mineral Insight) I dont think it hurts to reach back out.
I would say that it would likely be best to try and get some more offers if you can to get a true sense of the market. Looks like Eagle Exploration Production, LLC; Citizen Energy II, LLC; Keith F. Walker Oil & Gas Company; and Craig Elder Oil & Gas have taken leases in this area over the last couple of years. Good Luck!
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Keith Walker probably leases to Eagle ! Those are the type of deals you do not want to be a part of!
Can’t hurt to reach back out to them. Sometimes, landmen get busy and don’t circle back or they get reassigned. Lots of other companies are leasing in the area as mjenz mentioned.
Reach back out. Letter could have got lost or the landman could have got busy and forgot to get in touch with you.