Anyone had any dealings with Bridgeport out of OK City? We signed a mineral lease in Dec. for 10 acres @ $1250 an acre with another company. Then, yesterday received a letter from Bridgeport offering to purchase mineral rights to all 40 acres @ $6000. an acre, with the offer to expire in 30 days. I don't live there, have never seen it, so what do they know that I for sure don't know? An offer of almost a quarter of a million dollars for just the mineral rights to 40 acres of land? Can any of you guys enlighten me a little bit?
Fred,
Where are your mineral rights located? Section, Township and range.
There is quite a bit of activity near the west side of the I-35.
I think this is on the East side of I-35.
32-7S-2E
Fred,
Here is a drilling permit that should result in a well in your section
http://imaging.occeweb.com/OG/Well Records/1DD19BB8.pdf
The case number is 201305184. You can track most of the activity with this number.
Fred,
I checked the 201305184 case number and the well is going to be drilled in section 32, but production is going to come from section 29 north of section 32. XTO is the operator and will probably produce in your section in the future.
Daniel A. Thompson said:
Fred,
Here is a drilling permit that should result in a well in your section
http://imaging.occeweb.com/OG/Well Records/1DD19BB8.pdf
The case number is 201305184. You can track most of the activity with this number.
THERE HAS BEEN A PAD SITE BUILT IN THE NORTH PART OF SEC 32
Thank you very much, Mr. Thompson and Mr. and Mrs. Turner, for responding so quickly to my querry. I am supposed to handle this for my mother-in-law who inherited this Indian Trust land from her father. To be honest, she didn't even know until a few months ago that she owned it, after being contacted about leasing it. A very pleasant surprise to an 84 year old woman, who recently had a bad stroke and is being treated for Alzeimer's. She has never married, always been independent and lived alone. I had the unpleasant honor of taking her car away from her and moving her in with my wife and I after her recent bout of poor health. Absolutely noone needed the recent $12500 lease money she received for 10 of the 40 acres she owns. I need some advice and opinions now. What would you do in my case? They have shown interest in purchasing mineral rights in the remaining 30 acres and their website says they will even purchase the 10 acres she has leased. I understand that there's a better than average chance that if she keeps her mineral rights, she will in the long run be paid more by not selling her mineral rights. But how long does that take? She's almost 85 now. If she does sell her mineral rights and has to go into a nursing home, that money would be eaten up quickly by the nursing home. Between her Social Security and my wife and I, she does not suffer for living expenses at the present time. If she sold her mineral rights she wouldn't know what to do with the money because she's never had any. In her mind, all she wants is a car and to be able to move back to her home. That is not going to happen because of her health. Her health problems are many - kidney failure, gout, high blood pressure and can fall asleep while talking to you. Can you list some pros and cons to this situation for my wife and I to consider? I truly will appreciate your opinions whether I agree with them or not. I apologize for using this forum to get advice, but maybe someone knows better than us about what they would do in the same situation.
if they hit a well, 40 acres would bring in @ $5000-6000 month based upon what the McKay well in 35-7S-1E and the Cathey well in 18-7S-2E are producing presently. That is with one well per section. They could possibly drill more than one per section.
if you go on the Stephen web page and ask your question. its seem like I read something like what you have about a year ago. what you have here has a lot to do with taxes and ok has a income tax.
Rhett,
I would make sure the deed is in order, recorded, etc. I have read too many stories on these forums where things are all messed up and when the owner is ready to sell or lease, the operator won't act.
I think I would contact RD Williams in Ardmore and see if they are interested in leasing the other 30 acres.
XTO is active down in Love. I would negotiate for the best deal. Is the current lease for 1/8 or 3/16 royalty? You could just lease another 10 acres. The longer you can wait, the more the minerals should be worth.
I would like to talk to you more about your interest. Please message me