Received a purchase offer for 5 acres, currently leased at 3/16ths. They have been calling me at least 1 time a week for the last two months.
Been receiving approximately $140/year royalty for 45 years from the two shallow wells there.
Offer is $7,000/acre. Continental is working here in a couple wells. I suspect that Plateau Energy will just flip it.
I think i might counter at $8K and see what happens.
Today, we received an $8,000/acre offer for this 5 acres. They are sending a full contract for review and signature. The company is Antelope Oil out of OK City. I’ll do some research on the company before signing.
Golden rule is to only exchange deed for check. NO bank drafts and never send executed deed to buyer without payment.
Absolutely! If we accept the terms in the contract, this will be a face to face transaction.
Continental is drilling a horizontal well from section 19 into sections 23 & 24 right now. Your current royalties from shallow wells are completely different from revenue from a horizontal well with thousands of feet of perforations (if successful). They are buying your royalties from the drilling well and any future wells.
I believe M Barnes is talking about 1N-2W. There are no new activities with the OCC for 24-1N-1W. The wells she is talking about are being drilled from 19-1N-1W into 23 & 24-1N-2W. Please let me know if that is not correct.
Todd is right. I was off by a township. Finger slipped on the keyboard.
Thank you for the update
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