1099-MISC lists Box 2 Royalties amount, then below the form lists “Additional Information” with “LESS PIPELINE/TRANSPORTER/PURCHASER COSTS” with an amount; “LESS STATE AND MISCELLANEOUS TAXES” with an amount; then “EQUALS NET ROYALTY INTEREST” with an amount which is about 75% of the Gross Royalty amount list on the 1099-MISC form. Question is: Are these amounts normal and/or reasonable for Royalties and can these “additional amounts” be deducted as losses or something on Income tax returns?? Thanks all input.
Anyone else receive boomslang’s ridiculous mailer saying “$29,000” an acre offer to purchase minerals? a few of my relatives called in regards to this mailer and that’s just their gimmick to get people to call back. Very shady company that I will never do business with. I hate to bad mouth a company but ive only heard bad things about this group
We received the same $29K letter. Boomslang’s previous letters looked scammy so we didn’t reply to this one. Thanks for posting.
this landman says my mineral lease is in sect. 8 11N 10W is there a place? thank you!
Anyone hear when drilling may begin in section 19 13N 6W Canadian county?
- Does anyone have any knowledge of drilling in Section 32-11N-8W in the SW corner of Canadian County? If so, I’d like to know the status of the well. Spud Date was May 23, 2017. OCC website says the permit to drill expired in Nov. Well name is VICKREY 1H-32-5.
I own mineral rights in Grady County that were pooled with this section. . Now I’m receiving numerous offers to sell. Latest offer is $13,500. Is that enough?
Sure would help to know status of the well before making a decision about selling.
Jeffery,
you gave me a link to look up activity on some wells.
http://imaging.occeweb.com/ Not able to use. I have the cause cd nos. but do not know which drop down to use and what other info I must put in. I tried everything but could not pull up anything.
John
Found a message by Mr Barnes and it told someone to click on OPA and then the case no. That worked great.
Thanks
Mr Barnes and Jeffery
What is ‘OPA’ ?
Go to http://imaging.occeweb.com/ and find OPA and put your case number in and it will give you all the info on that well.
Oh, you really meant OAP, which is Office of Administrative Proceedings.
Thanks.
Kent, yes you are correct.
Thanks,
John
I’m looking to purchase minerals in 11N-6W if anyone has any for sale.
Any offer to buy/lease Sec 8-11N-10W?
Greetings,
I had received notice from the commission about drilling in 30-14-5 in Canadian County. Wondering if anybody knew if this was drilled? And if it was the outcome. Thanks and regards.
How much acreage is needed to drill a horizontal well? How difficult is it convert a vertical well to horizontal and how much space is required and can it be done in a housing addition?
Horizontal wells are usually spaced at 640 acres which is a section. Some wells cover two sections in their horizontal length.
Most vertical wells cannot be converted to a horizontal because their casing design is too old to accommodate the additional down hole machinery needed to drill the turn and then the later part of the hole. Some are, not many.
Surface location can be in a different section to drill down the vertical part and then turn at depth and drill the horizontal out under an area that would have all sorts of things on the surface, ponds, golf courses, houses, etc.
MB, thanks. Re "Horizontal wells are usually spaced at 640 acres...." - does that mean there is no more than one start-hole for a horizontal well in a given section ?
Originally, yes. Then if the reservoir horizon can handle more production, the operator will get permission from the Oklahoma Corporation Commission to drill more. Some sections may have up to 20 wells in the future. Those will probably be in Blaine. Some Canadian County sections have eight or nine already. Usually the surface location will host two-three wells-more efficient use of space. Go to the Continental Resources, Marathon, Newfield, Devon and Cimarex websites and look at their investor relations slide shows. They have some very nice diagrams.
Great, thanks.