Has anyone leased anything in this area in the recent past? If so, what were the terms? Looks to me like it’s mostly old, shallow wells. Thanks, Linton
There is a video on the home page which shows how to check activity through the RRC website.
Yes, thank you. That’s how I knew there were mostly old, shallow wells in the area. I was hoping someone in lease negotiations might respond. I am in negotiations with a company that has offered me quite a bit less than what some others have told me the going price is. I realize location is everything. But there are quite a few producing wells in that area, shallow as they are. I also have an additional mineral interest in that area unleased that I have had no offers on, so I am interested in tryng to get it leased, also. Thanks for your response. I have watched the video twice and found it very helpful.
I also forgot to mention that the term of the lease is 3 yrs with a 2 yr option.
Sorry, new to the blog and think my first response didn’t go through. I have been offered $700.00 per nma and 20% royalty on Block 34, Section 98 in Ward County. Seems a little low to me, but not too familiar with this area.
That is low. Quite a bit of activity in Block 34, but it is an irregularly shaped block and can vary in activity level. The best indicator is to look on the RRC website for horizontal wells and permits, as it is new activity that determines value more than old production.