Hello ~ I was wondering if anyone here would have an idea on the going rate per acre for oil and gas lease. i have been offered $350 per acre on ~ section 3, township 3 south, range 2 west, and 3/16 of the gross. I was thinking the $350 per acre was low. I am new to this and hope some one has any idea’s or thoughts. Thank you
james
Thank you RIck, like i said i am new to this and i don’t understand all the language in the lease, wish it was in english. lol
would the horizontal wells be a good thing. Right now i am trying to find out all i can, on the lease papers it said i have 14 days to have them signed and returned, i don’t want to be rushed into anything i don’t know about. 79.72 acres more or less. I would hate to have to hire an attorney and pay him my bonus money, I am sure lawyers are expensive.
Again thank you Rick
Thank you Daniel, These lease papers are from Jackfork land, and i don’t know if they would negotiate a new lease ~ but i don’t have to sign it either but they have given me a 14 day deadline to sign, and i don’t like that part for sure ~ especially since i don’t understand the lease. Is this area a hot spot or maybe one in the future. Thank you again Daniel, and all the info i can get will be greatly appreciated
Yes that is what usually happens. It get split many times as it is passed down. The drilling activity has not been very active. The leasing has been picking up. So hopefully we will see drilling in the next couple of years to go along with it.
Daniel, That is all about 25 miles East of where his is at.
I think all of XTOs drilling has been in 2E and 3E.
CHK has a permit for 5-1S-3W and it was extended in June, but I have not seen anything on it since then. That was the only Horizontal permitted on the West side of the county.
Most of the stuff on the west side of the county has been shallow vertical wells. On the east side, XTO has permitted over 50 horizontals in the past year.
XTO has most of the area around the Ardmore Airport, but they are drilling in Marshall, Johnson, and Pittsburg counties.
I’ve been told they plan to start drilling in section 30 3S 3E early next year.
Rick, I see that, but RD Williams is get leases in a lot sections is 3S 3W and they do a lot of business with XTO, but then again it could be another operator.
Continental Resources has signed 35 leases this year in Section 3 3S 2W.
I posted a bunch of really good news about the south Cana Woodford field on the Stephens Co. group today about noon if you want to read it.
I just had a Hunton prospect dry hole in Love County.
We talk about things that work and sometimes about the small driller that has trouble hitting it big. Look at this one in Carter County just West of the Ardmore Airport.
This is a completion report of a well that never produced.
The National Assn of Royalty Owners websit is www.naro.org there is an Oklahoma chapter OK-NARO.
Hunton is the next foramtion under the Woodford where my mineral rights are located.
They well they plan to drill, the one Ann looked at the pad, is planned to go 13,500 vertical, before they start turning for the lateral. So something came up for XTO to stop and plug the well.
Have you ever had two bills for consecutive months that where exacatly the same amount? Usually they did read the meter or whatever. We just had that happen on our royalty check and caught them on it. We ask for an explanation and here is what they said
The information used to report September production was an estimate.
So be sure to look over the back information on your royalty checks.
The well I talked about earlier was a horizontal well that was stopped at about 2400 feet and plugged.
Gosh…that’s not very deep to give up on it! Wonder why? Do they 3D or is it only the big deep wells that they use that for? For the Woodford Shale Horizonals they have been going about 15,000 ft. down before making the turn to horizonal.
Ann…Isn’t the Hunton a deeper shale than the Woodford?
Linda,
It was XTO, a division of Exxon Mobil.
Daniel…Do you mind telling who the company was that just estimated your bills? I’m wondering if they all do that or just some that think they can get away with it.
Ann…Was it a major company that had the dry hole in Love Co.?
When I told P. about that XTO plug he just shook his head and said “something funny about that” “doesn’t sound right” and he went to bed. lol
Wouldn’t be ha ha funny if it was your well they were working on. Maybe Don Underwood could shed a little light on a situation like that.
It seems like more of the new wells are being drilled in groups of four.