So, I guess the minerals were held by production and that would explain why I found no OGL in the public records for that Section in the last few years. Thanks
Does anyone know of any action (leasing, drilling, etc.) on Carter Co. Sec. 26, T2S, R3w? I believe it is just east of Fox, Ok. My cousin has a little royalty there and was curious.
Since Jun '12 the following permits have been issued.
7/5/'12 JILL 3
7/9/'12 KELLAN 2
7/11/'12 SARAH 1-26
Yes, but no Spud Reports yet.
All are straight wells. Spring Operating company out of
Edmond is driller.
Daniel…Do you know if these are going to be horizonals or verticals? Does this mean that there are already some wells there (Jill and Kellan)?
I saw this well listed today in the OKC paper.
Canadian county BROOKS 5-15H 4,520,000 cfd with a choke of 20/64. Very nice well.
Ray,
Leases filed the past year in the following Sections:
6, 7, 8, 9, 10, 14, 15, 16, 17, 18, 19, 20 , 22, 23, 24, 25, 26, 27, 28, 29, 30, 32, 34, 35, 36
What section is your property in?
I check section 29, 30, and 31 from 1/1/2011. One well was sold, nothing else.
You can pull it from http://okcountyrecords.com
Filter it by Oil and Gas Lease type, on 5S-3W, the dates.
Thanks, I had used this website earlier, but not for the OGL.
Just wondering, Olvis Ray…is that around Fox, Healton, Springer or ???
Linda, Two townships south of Healdon near Reck
Continental just filed some leases in 14-5S-3W. Jack B Smith and RD Williams seem to have most of the resent leases in 23-5S-3W.
I don’t see any active applications in the entire township.
I would go for less bonus and more royalty, say 150 acre and 1/5 royalty or maybe even try no bonus and 1/4 bonus.
Try to get payment AT THE WELL HEAD for GROSS PRODUCTION and NOT PRODUCTION.
If you can get a DEPTH CLAUSE so much the better. Try to exclude an OPTION CLAUSE, ie 3 year lease with 2 year option, just do a 3 year lease.
Rick, that’s some good info. Where did you find the lease info?
James,
Pooling orders in that township have not been that high. I’m sitting on ours in the next township over in 3S-3W where pooling orders have been $600 per acre. More important than the bonus is the lease and clauses. Depending on your net acreage, you may want to wait a bit. Continental is doing most of the leasing in your section, which means we may see some horizontal wells in the next 2 years.
James,
Does the cover letter say you have 79.72 acres (net mineral acres), or does the lease have a description of tract containing 79.72 acres (gross acres)? Having 79.72 net mineral acres is not that common in most of the area around there.
Yes, a horizontal well is usually a good thing. In my opinion they only placed a 14 day limit to rush you into a decision. I’d say you honestly have easily 6-12 months to make a decision. The only downside of waiting is that they lose interest in your property. If you truly have 80 NMA that could impact your decision quite a bit. Not all leases get drilled. Over half expire without any activity, so it is really a gamble with the negotiation side of it. Also if you have 80 acres, you really should pay an attorney to review it. It actually is a good idea regardless of the NMA, but I understand not wanting to spend all of the bonus on fees. Remember if they drill on it, you will be held to those terms as long as it is producing.
You will want to protect yourself by not granting an extension, adding a depth clause. A pugh clause may or may not be necessary, a shut-in clause, no pre or post production deductions, etc. Maybe a favored nation’s clause based on the final pooling order price. You want to strike the warrantee portion of the lease (or limit it to the amount of bonus paid)
Rick
On the cover letter it is 3.986 nma but the total is 79.72, it has been handed down and the family is so big we each ended up with 3.986, so per individual it’s not that big of acreage, but as a family we are all in it together, and we each are trying to find out all we can, and if we all combine money together for an attorney it shouldn’t be to much i hope.
Is there much activity in this area?
thank you Rick
Thanks Rick, Our property is in sec 14 and 23. I see the Williamson in sec 21 and wells in 11,12,13, and 26