In June I got notice of a Chesapeake pooling hearing.
Got a letter last week from Okie Energy wanting to pay for a 3-year lease.
I see there's a Chesapeake pooling hearing scheduled for today (8/29/16).
Have no idea what's going on or what to do. Any thoughts?
201602707 Location Exception
201602705 Horizontal
201602706 Unknown
201603030 Pooling
All by Oklahoma Energy Acquisitions-the first three scheduled for 7/26/16, the last for 8/22/16. No orders posted yet. (Chesapeake had a pooling for 6/21/16, but no news on that one. 201602064. They also had horizontal and Exception hearings back in 2015.)
Not unusual for third parties to come in close to pooling and try to lease. However, you do not have to do three years since pooling is max a year, so 18 months is reasonable.
Make sure you get the correct lease terms if you lease. Depth clause, commencement of drilling clause. NO post production costs, limit your shut in time, do not warrant title, etc.
Thanks very much for your quick response. Okie Energy is wanting 3 years for $1,000 an acre. Lease terms look reasonable. The pooling order you noted (201602064) is the one that was scheduled in Oklahoma City court for today at 8:30 a.m. Don't know if it took place or not.
You can watch for the orders on the OCC website. Go to Oil and Gas commission, doing business, imaged documents the OAP orders. Type in the pooling number and look for the order. It takes about four days to post. You can also check the same spot under Dockets and look for today's results tomorrow or the next day and see the status, just not the amounts. REC means recommended or the delay date may be posted.
Once the pooling results come out, you can judge whether the offer is equal or greater than the pooling. You only have 20 full days, not business days to reply to pooling or for Okie to file the lease at the courthouse, so the clock ticks quickly. No reason to get a 3 year lease when the pooling is for a year max. It might be for 180 days. Will be in the order.
I've been struggling to find this kind of information for the past few days, and here it is in a matter of seconds. Thank you so much for your quick responses. Glad I joined!
Glad to oblige. Someone turned me on to that trick a couple of years ago. For the docket list, you do have to make sure it is the right court. Tulsa is on different days sometimes. If you can't find it in OKC, then look in Tulsa.
Will do. Thanks again.
Evidently continued until tomorrow. No new news.
Can you possibly enlighten me on terms like "Respondents to delete," and "Respondents to move to curative" on Pooling Cause exhibits?