I am new to this site and haven't figured out how to navigate it yet. I thought I posted something yesterday, but don't see it... so if it appears somewhere else, I apologize. I have been offered a lease of my interest in S23-T7N-R3W per net acre with a 3/16th gross proceeds royalty & 3 year term OR $175 with a 1/8th gross proceeds royalty & 3 year term. Does anyone know what the going rate for a lease is? Also, if a 3 year term is reasonable? This is from Capstone/Charter Oak. Are there any "gotchas" that I should watch for?
When I get back from town later today I'll get you some more information, if no one else does. in 36-7n-4w I was offered $400 for 1/8th or 300 for 3/16th. And there are some "gotchas" to watch for.
Thanks! I appreciate any and all information....
Ron McKenzie said:
When I get back from town later today I'll get you some more information, if no one else does. in 36-7n-4w I was offered $400 for 1/8th or 300 for 3/16th. And there are some "gotchas" to watch for.
They have pooled the N 1/2 of the N.W. 1/4 of section 23 and started a well there on 2/11/2013. In the pooling for that tract they were ordered to offer $200 for 1/8th or 175 for 3/16 th . You also don't want any deductions for marketing the gas and you need a depth clause in the lease . Let me know if you have any questions
In your opinion, is it best for us to wait and see if they will pool the interests? Or ask for $175 for 3/16th? Thank you.
Ron McKenzie said:
They have pooled the N 1/2 of the N.W. 1/4 of section 23 and started a well there on 2/11/2013. In the pooling for that tract they were ordered to offer $200 for 1/8th or 175 for 3/16 th . You also don't want any deductions for marketing the gas and you need a depth clause in the lease . Let me know if you have any questions
I'll do some more research and get back to you tomorrow.
Ron - Capstone's letter says 9,200'.... what impact does the depth in a lease have?
Teddie Carole Bruce said:
In your opinion, is it best for us to wait and see if they will pool the interests? Or ask for $175 for 3/16th? Thank you.
Ron McKenzie said:They have pooled the N 1/2 of the N.W. 1/4 of section 23 and started a well there on 2/11/2013. In the pooling for that tract they were ordered to offer $200 for 1/8th or 175 for 3/16 th . You also don't want any deductions for marketing the gas and you need a depth clause in the lease . Let me know if you have any questions
Has there been any further discussion on the foregoing re S23-T7N-R3W? I am new to this site as well and because I live a LONG ways off, need all the help I can get! I have not signed on with Capstone yet and need to know what the ramifications are - if any - if I don't, if I delay or if I proceed. I have been offered the $200 for 1/8 or $175 for 3/16. Also, what is a "depth clause" and why is it desireable?
Michael If you would like to call I will give you my # in a friend request and go over it all with you.
I was offered $150 and 3/16ths. The original lease they sent to me had no depth clause or deductions clause. I requested both clauses be added to the lease, and, also, asked for $250 and 3/16ths. They had no problem with the depth clause and deductions clause, but balked at the $250. So decided not to sign the lease (and not necessarily because of the refusal to offer the higher bonus amount). I was told by Capstone that pooling is imminent.....Since we opted to be pooled, can anyone tell me the ramifications of this and what happens? Does that mean we must show up to protect our interests when it goes before the Oklahoma Corporation Commission for pooling?
Teddie If you want to accept my friend request in upper right hand corner and I will give you My # and we can go over your options on the pooling.
I just accepted you as a friend.
Ron McKenzie said:
Teddie If you want to accept my friend request in upper right hand corner and I will give you My # and we can go over your options on the pooling.
Have received a Pooling Notice of Hearing and Pooling Application on the S 1/2 of the SW 1/4 of S23, T7N, R3W. The hearing is set for June 11. If anyone hears anything about the outcome of this Hearing, I would appreciate you letting me know. I am not sure they will notify interested parties. Thanks!
If you got a notice of hearing and Application they should send you a copy of the Order unless you have leased. What is the hearing date ?
Didn't lease.... the hearing date is June 11 at 8:30 a.m.
Ron McKenzie said:
If you got a notice of hearing and Application they should send you a copy of the Order unless you have leased. What is the hearing date ?
I saw the hearing date after I ask you for it . Remind me after the 11th if you don't hear from me.
OK, Thanks!
Ron McKenzie said:
I saw the hearing date after I ask you for it . Remind me after the 11th if you don't hear from me.
Ron - The hearing was yesterday. Have you heard anything? IF they notify me, it will take a week or so to get the mail. I was just curious.... Thanks!
Teddie Carole Bruce said:
OK, Thanks!
Ron McKenzie said:I saw the hearing date after I ask you for it . Remind me after the 11th if you don't hear from me.
The pooling was recommended, should take 1 to 3 weeks to issue the order. You should get it about three day after that . Have 20 days after the order date to make election.
What do you mean when you say we should have 20 days after the order to "make election." What election? Thank you...
Ron McKenzie said:
The pooling was recommended, should take 1 to 3 weeks to issue the order. You should get it about three day after that . Have 20 days after the order date to make election.