i have been contacted to lease my 80 acres by people representing devon. i was wondering what production there has been around my area and avg lease terms. i know devon has now owns the rest of the sections minerals and is now acquiring mine. i've read the mineral help sections and things to do when the land man comes but it seems they are here and i have little wiggle room.
If you have signed the lease you have little wiggle room . If not you still may have some .
no i haven't signed. my wiggle room comment referred to the this is what we will give. also production from surrounding wells is something more than a google search.
Here is what they had to pay in the pooling they had to file on section 22 because they couldn't get everyone to lease.
http://imaging.occeweb.com/AP/Orders/OCC4374477.PDF
I'll get you some production info now .
http://imaging.occeweb.com/OG/Well%20Records/1DD1A70C.pdf
http://imaging.occeweb.com/OG/Well%20Records/1DD1987C.pdf
http://imaging.occeweb.com/OG/Well%20Records/1DD1832F.pdf
http://imaging.occeweb.com/OG/Well%20Records/1DD1831F.pdf
That Ron McKenzie is a nice guy!
Jerry, you're fairly close to my location in 5 19N 3E. My best advise is a small sum spent on a lawyer might bring large returns.
Jerry There are some other Co.s leasing around you . Devon can't drill without your interest .
Make sure you get a depth clause in your lease. Devon is having to pick up the 2 year option on us because they want to hold onto the formation under/over the one they drilled into. Wells were drilled August 2013 & they still haven't fracked any of them, but they are held by 'attempted' production. Neighbor didn't get the depth clause & they don't get bonus money again. $175 was all we got, but 200 seems to be going rate. Production has been good - go for the higher royalty over higher bonus. We are just west of you a couple miles. Have a lawyer look it over - it was money well spent for us.
thanks for the help ron. i will search for a lawyer to represent my concerns. this discussion group certainly helps mineral owners to become more empowered.
r w kennedy said:
That Ron McKenzie is a nice guy!
I would like to visit with you about the terms you’re wanting as well as what’s been offered in the area.