Dennis, 13-5N-10W has an old shut in well. Nothing going on. sorry.....
Rebel, some leasing foing on in 15-10N-10W but no OCC activity yet.
has any body got paid by Blue ribbon? Greg albright has ben going to send me a check since the 21rst of December. SECT 8 township 11N range 10W.maybe there is no activity! Caddo county
We have not been paid either by Blue Ribbon. It has been months. It seems we are free to lease to others, because BR has not recorded the lease at the courthouse, but that is small comfort.
Can anyone tell me what the activity is in T5N-R11W-S5. I have the minerals up for lease. Chesapeake was the last to lease it.
No activity in 5-5N-11W.
Just joined this group and appreciate reading issues that so many others are also faced with when receiving a lease offer. Our family has the mineral rights to land in Caddo County, Section 4, 12N-12W. We received a letter from Turner Oil & Gas Properties Inc regarding leasing our section with a "3 year primary term paid up O&G Lease" with three choices: 1) $1500 per net acre, 1/8 Royalty; 2) $1250 per net acre, 3/16 Royalty; and 3) $1000 per net acre, 1/5 Royalty. It also says that the offer is subject to aproval by Newfield Exploration Mid-Continent Inc. Has anyone else received a similiar offer from Turner? The person that has contacted us is John Jondahl. Based on comments on this website, before selecting any offer we plan to request a copy of the lease agreement to know what other Terms & Conditions they are proposing. Would appreciate any advice. Robert Briscoe
Welcome to the forum!
The major operators do not have land departments any more. They frequently contract the leasing out to professional land companies. Turner Oil & Gas Properties has been around for a long time. It is preferable to deal with a CPL, Certified Petroleum Landman (or woman) as they are bound by a higher standard of ethics and tend to make less mistakes.
The offer you have is identical to the most recently pooled section 6 by Continental Resources. Never go with the 1/8th. I usually pick the 1/5th because the royalty from one or more horizontal wells over decades usually far outweighs the difference in the bonus payment which you only get once. Having just dealt with Newfield, I can predict that the first lease that you will receive is not the one you want to end up with. It is all in their favor and I totally understand their reasoning. However, the terms are negotiable. Friend me with the blue icon to the upper left and I can show you the clauses you need to change.
Just a question. Are you getting paid on any wells in that section? There are still two producing wells and if you are held by those you cannot lease. Your acreage might be in the quarter sections not held by the wells or you may have a depth clause on an earlier lease.
We're still researching exactly what our late Mother actually inherited before responding. They have sent a "draft contract" and it includes, as expected, many of the clauses the forum advises to not accept. The mineral rights listed in the Deed are for "All that part of Lots 3 and 4 tying South and East of Deer Creek as found in Section 4, Township 12 North, Range West." It states it is for "47.00 acres, more or less, together iwth the right of ingress and egresss at all times for the purpose of mining, drilling, exploring, operating and developing said lands for oil, gas and other minerals and storing, handling, transporting and marketing the same there from with the right to remove from said land all the Grantee's property and improvements."
We are aware of 3 wells (#1 Federal, #1 Klaassen & #1 Byrum) on the property and there may be an additional well. We don't know if any are active at this point as we only received $230.00 for the past year.
The mineral rights the the 47 acres was left to 3 entities so our family is only entitled to a third. The email from Turner that included their offer stated that their records show we "own 13.708 net mineral acres in the NW/4". We would like to find out who owns the other 2/3 mineral rights but Turner's representative didn't have that information. Would appreciate any advice as to how or where to obtain that information. We are also evaluating whether or not it would be best to sell our mineral rights since the 13.708 portion would be further subdivided between we three children which further reduces the potential income. How problem is we haven't found any website that could give us some insight as to the potential value. We understand that the value would be determined by any potential activity nearby and industry trends on this location, etc.
So at this point we're evaluating whether entering into the agreement or selling the mineral rights would be the better decision. Any suggestions on things to consider for both options would be greatly appreciated.
R Briscoe, sending you a friend request so I can answer some of your questions off the main forum.
Thanks.
My leases ran out in 2017, does anyone know of any activity for leases in T9 R10 or T7 R9? Thanks for information!
There is some leasing in 9N-10W in 2018. section 2.
Mid-late 2017 in other sections.
Some leasing in 7N-9W in 2017. Mostly section 7 and 17
Thank you M Barnes!
Any activity in 16 11n 13w in caddy county
Ray, there are spacing and exception cases pending in 10 and 15-by Excaliber. Usually leads to a well.
A bit of leasing in 16 by Bistro in mid 2017.
Has anyone heard of Summit Resources? I received their contract in the mail for Sec. 2 9n 10w and it does not stipulate what zone their target is. Does this mean they would control everything? Also, their offer is 950.00 per acre with 3/16th royalty. Does that seem fair for this section?
Summit is probably a leasing company for the operator. You need to ask whom they are leasing for. You need to ask for what their 1/5th price is as other lessees in the area are offering that royalty. Summit has already leased at that royalty in your section. A lease usually covers from the surface to the center of the earth, so you need to limit the depth. The first offers are usually low, so that is probably low. You will most likely need to negotiate some of the clauses from that first contract as it it probably not in your favor. If they have a draft payment letter, do not sign it. Friend me and I can walk you through the steps. Blue icon