On the Arapahoe County Clerk site it shows that Conoco filed to release about 9 leases on MAy 28th that started back in 2010/2011. Most were started through GFL. Some are in Township 5 Range 63 and some in Township 4 Range 64. I take it these were released rather than the option taken by Conoco to extend past the Primary term.
Anyone else have any other info on any of this or maybe insight? What does that usually mean?
Thanks!
It does appear that some of the leases have expired and have not rolled over into the option extension. I do know one person in 5S 64W which his lease expired several months ago and cop did not exercise the 2 yr option. Conoco did contact him a couple months after the lease expired and tried to negotiate a new lease. Conoco might figure a 3yr to 5yr. new lease is cheaper than 2yr. option. I guarantee Conoco will not let the leases that were acquired for $25.00 per acre expire. Some of those leases were locked in for 10yrs, 5yr primary with 5yr option with no increase. The last few months Conoco's permits have been in 65W both in 4S & 5S but this week one permit was filed in 5S 64W. I think Conoco is hell bent to recover oil in the State Land. Can you imagine spending $6,500 per acre on over 21,000 acres and to this point have not produced one drop of oil. Perhaps someone will share their knowledge and experience of life after primary lease has expired.
Hi. We live in township 4S, 64W near Watkins. Conoco has hired Centex to negotiate a mineral lease extension. Does anyone know what the going rate is per mineral acre? They are telling us they won’t pay more than 750 an acre and the gentleman was acting very pushy. Any info or advice would be appreciated!