I was called a few weeks ago and offered $5,000 per acre for the mineral rights to a small piece, and then the same person followed with $3,000 per acre via email. I'm new to this group and discussion and am trying to find out where to go to get up to speed quickly. I don't know if that area is strong or weak at present. Any advice would be greatly appreciated.
Thanks, G Grannis
I don't know if they have done any drilling in that area, but there has been an interest in sections in that area. My opinion is $5000 is a very low offer for mineral rights. If you don't need the money now I would hold on to the minerals to see what other offers you get. Maybe someone will comment on activity in that area.
Thank you, Paul.
The best way to get up to speed quickly is to read the Q2 investor relations presentations and the recents Barclays conference power points if they participated. Look up Continental Resources, Newfield, Marathon, Cimarex and Devon to get a feel for what is going on in the general area.
Will do, thanks!
Have you leased your acreage in 3-18-13 G Grannis ? My brother and I have 160 acres in that section and we leased to Newfield a little over a year ago. A well has been completed in section 8, just over a mile away and it appears to be a good one. They have not released production yet due to a squabble between oil companies. It looks pretty favorable. We have been offered more than what that company is tempting you with and we are NOT selling our minerals.
No, we have not leased it yet. The only offer that has come in is the one I mentioned. I'm glad to hear about your success. I'm reading up per M Barnes' recommendations, and it does seem like there is generally good activity in the area. I still have a ways to go yet before I really will have a good idea, but your comment is a direct help. Thanks.
It surprises me that you have not been approached to lease yet. What part of the section are you in ? We are in the SE quarter.
I'm not sure. I've never been there and only have the description. Does that help you place it?
E/2 SW/4 Sec. 3-18N-13W
Yes, that does help, we border up to you on the East side. I'm surprised that Newfield hasn't contacted you about leasing.
That is the East 1/2 of the Southwest 1/4 comprising 80 acres.
How big is your interest? Do you own the whole 80 acres or just a fraction of it? Your deed may tell you what fraction or percentage of the whole you own as an "undivided interest". Newfield may not have contacted you yet because your net interest is relatively small.
Yes, I think you are right. It is only 2.6 acres.
I did some checking and here is what i found. Both Newfield and Continental Resources have leases in your section. Continental Resources took title to a recorded lease in July from Nancy Jane Doggett. Annastin Energy, Worth Petroleum and Tomahawk Land are seeking leases in your section and in fact already have some leases. KEW Drilling has taken a lease, too. This company tends to put together packages of leases for resale to others. Someone will eventually contact you. Newfield is the most likely operator for a well in your area. You can wait to see what happens or you can contact Newfield directly and ask for an offer. They may tell you something interesting about your interest.
Thank you so much. You saved me many hours of work this weekend trying to track that all down. Much appreciated.