Our family members have an existing O & G leases which expire this month (undrilled). Does anyone know of:
1. Any new drilling in this section?
2. Bonuses and royalties being offered?
3. Companies who may be interested in leasing?
The new terms we have been offered are much lower than what was paid 3 years ago. (Our O&G lease had been sold to a different company.) We were told it was because oil and gas prices are down (which I'm sure is true), but most of us are reluctant to sign on the offered bonus/royalty since the oil and gas prices may go up again and we would be locked in.
Anyone with additional information on this section?
Martha the only activity I found in the area, Robertson Oil started drilling a well from section 35 horizontally into 2-16N-3E in March. They pooled section 2 and prices were$300 for 3/16 and I think it was $250 for 1/5. Robertson Oil also leased area in Section 34 in 9-2014, no idea what lease prices were.
Roberson Oil Company drilled a horizontal well into the Mississippian in March of 2014. It was spud in 28 and drilled south into 33. Nice little well. First sales were in March, so will be interesting to see how it produces. Completion report says 326 BOPD (oil) and 601 mcf/day gas.
Bay Petroleum drilled from 26 south into 35 in 2013-also Miss.
The Gibson 1-34H was drilled in 2012, but not sure it produced.
Bay Petroleum, Roberson Oil Co and PostRockMidContinent did a lot of leasing in 2014 before the bottom dropped out. So you might see some interest when prices rise again. Don't take less than 3/16ths and try to get 1/5 if you can. Roberson pooled 33 in January 2015 for $300 3/16 and $200 1/5 so that is your ballpark range.
Thank you both. Roberson has made an offer, but for far less than either of you mentioned.