Linda,
I could not find any activity at this time, but they are drilling close by. I bet RD Williams offered you 3year lease with 2 year option at 3/16 and come bonus about $250 per mineral acre. This is very common, but not very good. You may get more mineral interest and less bonus if you ask. This will produce more money over time. These wells could produce for 20 years or more. Stay on this forum and watch what is happening. It is hard to find out what leases are going for unless you know someone in the area.
All parts of a lease are negotiable and you want to play hard-ball.
Try to keep from paying for production by requesting GROSS PRODUCTION AT THE WELL HEAD. That way they will not have NET PRODUCTION in the lease.
Also ask for a DEPTH CLAUSE on the formations. There are three in the area that are important, but there are many. The three are WOODFORD (biggest and most important), CANEY (I think this can be a oil producer) and the SYCAMORE. Most of the activity is in the WOODFORD at this time but some drilling in the CANEY only.
Don’t be in a rush to sign your lease, if you wait until they FORCE POOLING, you will be given a choice of bonus/percentage based on leases in the surrounding area. I was the second mineral owner to sign in my area at @250 and 3/16. The force pooling was something like $400 @ 3/16 and went down to $0 @ 1/4 (I think).
Do you have any idea how many mineral acres you have?
Thank-you very much!!! I will keep monitoring the blog. My sister-in-law and I own 15 acres undivided.
Diane,
XTO, which in the natural gas unit of Exxon-Mobil, has so much drilling to do, they are way behind because of a lack of drilling rigs and a lack of fracing equipment. Patience is truly a venture when dealing with the oil companies. Once there are more than 50% or 60% leased, then XTO will go for the FORCED POOLING. If you have not signed a lease, the Oklahoma Corporation Commission (OCC) will notify of the lease options. I think your lease will be with XTO an not RD Williams.
Is this what you mean? 4 south and 2 east
Thank-you very much!! We have not signed anything yet.
Diane
My sister-in-law and I have been contacted by R D Williams & Comapany. We are very new to this. We have rights in Carter Co. Township 4, section 13. I plan to scroll through this blog to gain a better understanding, but was wondering if there is a web site where I can find out what the going rate is on leases next to us?
Diane
Diane,
What section are your mineral interest located?
This is what I have found on some papers I have: SE/4 of NW/4 of Section 13, township 4 South, Range 2 East
I received an offer from Ferrelloil Co. of $5,000 per mineral acre for leased interest on a 3/16 lease; on our 145 acres in section 29. Any information on this offer would be appreciated. Thank you, Sid
Sidney what is the township and range ?
Sidney do not sign with them . They will give you a thirty day pay, but if they can’t find someone to buy iy from them, you never hear from them and your 30 day pay is worthless
I forgot to add that i am leased with williams at this time with 11 mo left.
Sidney,
If the mineral interest is in 29 4S 3E, I’m surprised they would pay that much for a lease. Since RD Williams is doing most of the leasing for XTO, I would not believe Ferrelloil.
Sid,
There were 2 wells permitted in Section 27 in 2012 and 1 well permitted in Section 28 in March 2013.
daniel how close is 3s 3e to our 4s 3e in sect 29 thanks sid
Sidney,
There are 4 sections between 29 4S 3E, going straight North to the southern boundary of 3S 3E. Since each section is 1 mile on each side, that would make it 4 miles.
If my memory is correct, I believe there has been drilling in Sections 28, 27, 21, and 22 in 4S 3E. I’ll check on that and get back to you.
I came across another OCC website yesterday that gives the handwritten notes of the previous days docket results. This is much easier to use as you do not have to install any software from the OCC.
http://www.occeweb.com/ap/docket_results.html
Great site - I didn’t know about it. Thanks, Dan!