Greetings,
A follow up on the offer to lease in 30-14-5W. They have now offered 1100 dollars per ac. for a five year lease. Any ideas? Thanks and regards.
Hi Richard, I have interest in 17-14N-6W and we signed a 3 year lease with a two year option ($1000/acre; 3/16 royalty) if they hadn’t drilled in the initial term and wanted to extend. They would have to pay the same price for the additional two years if they opted for that. Also, we had to negotiate out the $1/acre per year clause of a shut in well that was originally in the lease. It had no expiration date and we shortened that to one year. Had a lawyer look it over and it was worth it.
Another follow up for 30-14-5W. Not sure if I pushed too hard. Tried to lease for 3 years at 1100. With a two option same money. Shut in clause. And depth clause. Got a call from Landman. The client is no longer leasing in that section. Was not sure who the client is. I did receive notice that seismograph operations will start sometime this year. May get to lease yet. Anyway thanks for Info. Regards
Richard, you are probably better off. You did not want that two year option! If they are shooting seismic, then there will probably be another round of leasing or force pooling. I prefer the force pooling myself.
Has anyone heard of a Company called Payrock Energy LLC? Thanks
Richard, Payrock is active around there. I also had an issue of a quick exit where a lease broker (not Payrock related) “moved out of the section” after making a good offer, but a few months later another broker showed up who had been by before, this time with an even better offer, and we took it.
My sister recently (within the past 6 months) signed a lease with Penterra Services on Sec. 7, T14N, R6W, Canadian Co… She received a nice bonus. Yesterday she received a phone call that said someone had done sloppy work and that they wanted the money back. What is going on?
Abigail, sounds like someone made a mistake of some sort somewhere along the line. A lease is a contract; your sister might need to have an attorney review the lease and the facts surrounding the situation.
The latest on Stonebriar Energy and Penterra Services…
We have still not received anything in writing nor the original lease back. Yes, someone did make a mistake. This is on Canadian County Oklahoma Sec. 7, 14N, R06W. Stonebriar assured my sister in a letter that they had reviewed the Canadian Co. Land REcords and that their were NO conflicting leases on this tract. Two of the family members received money. I want the original lease back and I will have to do research now to be sure it wasn’t filed in the courthouse or that they have no future tie to this mineral deed.
I leased minerals in 14-13-7 and 23-13-7 at the end of last year to Newfield, now I am getting all these offers (3) to purchase my mineral rights? Can someone give me some insite as to why I am getting these offers? What do they know that I don’t? The lowest being 2500.00 per acre and the highest 3500.00 per acre.
shotgunsam, go to google type in the words newfield stack. Download the pdf that shows up near the top and read it. Its a few months old, but the general information is there. Good luck!
Shotgunsam, what this means is that somebody is about to drill on or near you and they know the minerals should produce way more than what they are willing to pay you. If it’s $3500 an acre it probably indicates that a well has produced nicely near you and that they are confident they can make you a blind offer of $3500 and come out way ahead.
Tim, Thanks for the insite! I figured as much. The seismographic crews are out but not on our sections yet. They are across the road to the North of us so far. I used the spread sheet R Barnes put on here to calculate possible earnings but am not sure if I entered the right numbers for Oil BOPD and Gas MCF’s for this area. How can I find out these numbers for the producing wells in this close proximity?
Shotgunsams, Below is the OK tax site where you can search by location. Go the S-T-R nearest the one you are interested in. You can see which wells are there and their early production. The average of the first three months is a good place to start to plug in the numbers into the spreadsheet. The spreadsheet automatically will decline from there. Remember, it is just a guide for you. One of the wells close to your acreage is the Marveldt. Try 300 BO and 1300 mcf as a starter. The other is the Okarche at about 730 BO and 800 mcf. This will give you a range of nearby wells test data
The reason you are getting offered a lot is that this is near the Newfield Stack play. see their recent investor presentations.
Could anyone tell me why Devon would ask for location exceptions on wells they drilled 2-6 months ago.
Leon Need location.
35, 13n, 10w. Thanks
http://imaging.occeweb.com/AP/Orders/OCC4375232.PDF
http://imaging.occeweb.com/AP/Orders/OCC4374463.PDF Leon It looks like they didn’t have final order on some or all of the wells.
These are in 2013. They filed location exceptions in march 2014 and this is after wells have been drilled.
Canadian: Devon Energy Production Co. LP; Sysum 1-13N-10W No. 9H Well; NW1/4 NE1/4 NE1/4 NE1/4 (BHL) of 01-13N-10W; 2,984,000 cu-ft gas per day, 128 barrels oil per day; TD 17,523.
Devon Energy Production Co. LP; Walking Woman 5-13N-9W No. 5H Well; NE1/4 NW1/4 NW1/4 NE1/4 (BHL) of 05-13N-09W; 2,091,000 cu-ft gas per day, 91 barrels oil per day; TD 17,292.
Devon Energy Production Co. LP; Walking Woman 5-13N-9W No. 5H Well; NE1/4 NW1/4 NW1/4 NE1/4 (BHL) of 05-13N-09W; 2,091,000 cu-ft gas per day, 91 barrels oil per day; TD 17,292.