Does anyone have any pricing/production info for Byrd Lockhart league A36?
Barbara - Don’t see much as to production yet but there are several drilling permits in the area. Hunt Oil and EOG appear most active in the area. Pricing/valuation is very difficult without more specifics for the property but that should be a decent area overall.
Thanks Marcus. It is hard for me to value properties with the production curve being so drastic. Since there is no production, what would be a fair price for the sale of minerals in the area?
Thanks,
Barbara
I would need more specifics such as to whom you are leased, royalty and other terms of lease so I sent you a friend request.
I’m a CPA who works in the oil and gas industry and I also have a mineral interest close to your area.
I am a landman/oil and gas mineral owner. My dad was a CPA. Got involved watching him investing and talking about the industry.
I am Byrd Lockhart League A37. I just joined this forum.
Does anyone have info on Byrd Lockhart League I am new.
Does anyone have info on Byrd Lockhart League I am new.
Hi everyone ~ I’m a newbie, and my 2 siblings and I just received a lease to sign for the mineral rights on our portion of an 80 acre tract (supposedly our share is very small because there are close to 200 heirs) in Byrd Lockhart A36 with EOG. The landsmen are saying that our portion of the 80 acres is so tiny that the oil company will not be willing to negotiate the terms of the lease, (kind of a take it or leave it situation). Has anyone else found this to be true when dealing with EOG? Current offer shows $10 bonus ( they said that’s boiler plate and the real offer is $1,200 per acre) and 20%. Looking for advice, should I hire an attorney or would it be a waste of money?
DO NOT BELIEVE FOR ONE SECOND that the landman is being totally honest. I have had my problems with EOG's contract landmen in that regard. The first landman they sent to deal with me was in a real hurry to get me to take their offer, which was not a very good one for this particular acreage. He said they were not willing to negotiate. I told him to loose my number. A month later they sent another landman who WAS willing to negotiate. Problem with that negotiation was that he said that everything I wanted was in the legal language of the lease agreement. I read the document to discover that none of my stipulations had been resolved so I had them revisit the document again. Once again they sent me a document with words arranged differently but saying the same thing. I told them to take a hike.
Like you, I have a small undivided interest, but in 154 acres. They have unitized 8 acres in one unit which now has a producing well. They just received approval to drill on a new unit in which they pooled another 106 of my acreage. I suspect that it won't be long before the rest of my acreage is unitized as well. Still have not signed a lease with them but in my situation, I have nothing to lose. They are going to develop this area with or without leasing my interest and at some point they will have to deal with terms that are more favorable to me than what they have offered so far. That is my situation.
Considering your acreage, it may not be worth it in the short haul, but in the long haul it would pay to have an oil and gas attorney look it over. EOG makes some good wells and considering their acreage position, they wouldn't be leasing if they didn't really want the acreage. They aren't working with hunches any more - they know what's there and whether they want to spend their capital in that particular property. Check with other mineral owners who are leased to see when the original term expires on your acreage. More than likely, it will expire soon and EOG does not want that. They probably leased a big percentage of the mineral interest before the boom hit and it was cheap. It won't be cheap for them if they let them expire and have to lease at today's rates.
Good luck!! Hope it works out for you.
Hello, I am a descendant of Ned Nobles. We are the Johnson branch of the family tree. We just received lease notices for A-36. Can anyone provide information about this site?
Hi, I am an great grand daughter of Ned Nobles, EOG informed family that they were beginning in Jan 2016 processing division orders and also we have a very small interest. Still waiting on division orders