I am new to this group. Any info would be greatly appreciated. I have mineral rights to 160 acres in Section 48 Block 33 in Ward County. It had been leased by Devon which expired this year. I've been contacted from a couple of companies about purchasing but not leasing? My question is, does anyone know why there is absolutely no activity in this area? From all the research I have done is that they are drilling everywhere in the area except in my area? Not sure what to do? I know I've heard to never sell, but would like some insight as why no activity in that area or if there's a possibility there will be at some time? Thanks for any opinions or knowledge.
Shanna:
Based on what little I know about Ward County, there is a ton of activity taking place there and it may be only a matter of time something happening on your lease. Just be patient.
As a suggestion I would hold on to your lease an NOT sell anything unless you absolutely need the money. It seems many of these folks buying up leases may be privy to some information that everyday folks like you and me don't have. Consequently, you may be shooting yourself in the foot for a few dollars now when there is a chance of a bigger payoff down the road via royalties by leasing the mineral rights.
Like you, I have been approached by several companies to sell my mineral rights but have held off for those reasons stated above. Instead, my mineral rights have been leased for three years and I got a nice bonus check for just signing a piece of paper. However, leasing the mineral rights did have some legal expenses associated with them to protect myself and to make sure I wasn't getting ripped off by signing a lease highly skewed in favor of the oil company.
This is just my $0.00000000000000000000000000002 worth of opinion considering Obama hyper inflation.
Shanna,
I agree with John. Try to be patient. A lot of drilling going on in Ward County at this time. There is production all around your Section 48. And Shanna your Abstract # is 443.....
GIS map of your Section 48 and surrounding area:
Clint Liles
Thank you so much for your reply. Oh I tend on being patient. Although, a landman I spoke to said it was very odd that area is not showing any activity to date. He stated there were a number reasons why? Which none of them were good. Only hope he’s wrong. Thanks again! I will keep in touch.
John Armstrong said:
Shanna:
Based on what little I know about Ward County, there is a ton of activity taking place there and it may be only a matter of time something happening on your lease. Just be patient.
As a suggestion I would hold on to your lease an NOT sell anything unless you absolutely need the money. It seems many of these folks buying up leases may be privy to some information that everyday folks like you and me don’t have. Consequently, you may be shooting yourself in the foot for a few dollars now when there is a chance of a bigger payoff down the road via royalties by leasing the mineral rights.
Like you, I have been approached by several companies to sell my mineral rights but have held off for those reasons stated above. Instead, my mineral rights have been leased for three years and I got a nice bonus check for just signing a piece of paper. However, leasing the mineral rights did have some legal expenses associated with them to protect myself and to make sure I wasn’t getting ripped off by signing a lease highly skewed in favor of the oil company.
This is just my $0.00000000000000000000000000002 worth of opinion considering Obama hyper inflation.
Thank you very much for your reply. I’m not going to sell, so will have to be patient. Hopefully in time there will be some activity in my area. Thanks again.
Clint Liles said:
Dear Shanna Deer,
If I were you, I would just wait, maybe a prayer or two, that's what we have been doing. My family has many leases and many lands never leased in the counties Ector, Ward, Andrews, and Crane. While you will always get offers to purchase your Minerals, well you would be foolish to do so. My family just least to Whiting Oil Section 8 of Block 33, they paid $1200 an acre, 25% no transportation charges out of the hole. 3 year lease, no option. I would also agree with the two others here that, just wait the land men will come a knocking. I do recommend with 160 Acres, that you consider having an Oil and Gas Attorney work with you on the lease. There are a few clauses you will want included in your lease that will benefit you a whole Lot. And making sure your not leaving anything on the table that you could have had, so the attorney will be worth the cost, because your wells will keep giving and giving and giving some more. so you want to make sure all the i's are dotted and t's crossed the first time. After you have signed on the line, you can't go back.
Sincerely,
Chris Wilson
Thank you for the reply Chris! I’ve been hoping and praying they come a knocking!
Chris Wilson said:
Dear Shanna Deer,
If I were you, I would just wait, maybe a prayer or two, that’s what we have been doing. My family has many leases and many lands never leased in the counties Ector, Ward, Andrews, and Crane. While you will always get offers to purchase your Minerals, well you would be foolish to do so. My family just least to Whiting Oil Section 8 of Block 33, they paid $1200 an acre, 25% no transportation charges out of the hole. 3 year lease, no option. I would also agree with the two others here that, just wait the land men will come a knocking. I do recommend with 160 Acres, that you consider having an Oil and Gas Attorney work with you on the lease. There are a few clauses you will want included in your lease that will benefit you a whole Lot. And making sure your not leaving anything on the table that you could have had, so the attorney will be worth the cost, because your wells will keep giving and giving and giving some more. so you want to make sure all the i’s are dotted and t’s crossed the first time. After you have signed on the line, you can’t go back.
Sincerely,
Chris Wilson