Thanks Michael, appreciate your advice. i was wondering if I should just wait. How do i know about when activity has started? Do you get contacted when activity starts?
Thank you Linda, Do you agree on waiting and see what happens first. Since we have not had any activity since the 80's or 90's. Is this in a good drilling area?
Monitor this forum and the Canadian forum. Go on the OCC website and get familiar with what they have online. Read the paper, troll the web, watch what is going on in the sections around you. You can type in the name of the land company in the search button above and see if others have comments about them or know who they are really leasing for.
John, off the top of my head I believe the activity in Canadian is more to the northwest like around 13N/9W. Devon and Cimarex have drilled a ton of wells in that area but the play is still evolving and the edges keep getting pushed. The Cana-Woodford is kind of a general name for the area, a lot of drilling is into the Woodford shale but there are other formations also being drilled.
John...I don't really know what to tell you. We've had some of our minerals since the first of the 1970's and we came through two booms around Lindsay and no one wanted to drill on ours in 2n,4w south of Lindsay when drilling seemed to going on everywhere. Then all of a sudden about a year and a half ago it became a hot spot of the SCOOP and now they have just drilled 11 wells on Section 21 2n,4w (6 of them going north in our Section 16 and 5 more going south into Sec. 28 for the Casados wells! Then on the section 20 beside that they are drilling the Claudine through two sections. Those are only a drop in the bucket of the drilling going on in that area now. There are holes being punched in the ground everywhere around here and they say they have just begun. So you will have to decide for yourself but some seem to think you should sell some and lease some and that might be a good idea. I just don't know. We've decided to hang on for the ride!
Here is a link about the Cana
http://www.fool.com/investing/general/2013/10/17/dont-overlook-this-emerging-oklahoma-oil-play.aspx
Thank you, Gary, it is good to hear this exciting news about the Cana.
Gary, I wonder if I am in this area. If so that helps me understand why we are having a offer.
Here is a map. I think you are in the Cana.
Here's an article about the new Meramec Shale discovery by Newfield in Blaine, Canadian, and Kingfisher counties. The Meramec is a Mississippian shale which sits right on top of the Woodford:
http://seekingalpha.com/article/1818562-meramec-shale-oil-play-unveiled-by-newfield-exploration
That's a new one on me, Glenn, but that doesn't mean anything.
http://www.ndoil.org/image/cache/Bakken_Basics_-_Helms_and_Dokkens.pdf
Pretty good look at all the equipment that is being used to drill horizontal wells. It is the Bakken, but applies to the Woodford (with a little less snow!)
If first sales were reported on March 6th, what would be a reasonable period of time to receive division orders? Also, about how long before the completion reports show up on the OCC website? Thank You.
On the first well on an new project, it is usually 5-8 months before DOs have been sent out. If a subsequent well in the same spacing/formation, then it should be a couple of months quicker.
The operator is required to submit the completion report to the OCC within 30 days of completion. From there it is 2-6 weeks before the OCC approves and posts the report.
I'd say about last of Aug. or first of Sept. for those DO's Jeanie. It's according to who the operating company is. Our only experience is with Newfield so far but they took the whole 6 months to pay our first four month check and you know they always keep you two months behind from then on. When I called after we found out that they were drilling more on the same section they said it would still be the full 6 months again and they were right. About six months on the dot we got the check. (DO's seems like were a couple of weeks before the check but can't remember for sure). You do know about the law that says if they don't get it to you in the six months they have to pay you 12% retroactive back to first sale if you have a clear title. If the delay was because of problems with your title then you still are suppose to get 6% when you get that cleared up. Hope this helps!
Thanks Linda and Rick! Time really drags by when you are waiting for that first "mail money" ha. You guys are the best to give us quick answers to our many questions, we appreciate your help.
http://online.wsj.com/article/PR-CO-20140421-903720.html
interesting article
Here is a link to Cimarex quarterly report, some interesting and exciting information about the Cana.
Here is a small part of what Cimarex has to say:
Looks like 2015 might be a good year
We are looking at acceleration in Cana. We're, of course, kind of in the midst of a lot of moving parts here with just announcing this transaction. We're in the due diligence phase, getting ready for the June closing. We are looking at a potential acceleration that would have additional infill drilling, really would be a 2015 issue. We might get started later this year. But obviously, we have other companies to coordinate with. Cana is a multi-company arena, and no one company can just do things in isolation. So we're looking at some plans, we're lining it up and we'll get back to you when get a little more detail on it.
What are the reasons for protesting spacing? They are requesting 640 and I want it smaller. Any help greatly appreciated.