East Texas Energy and Key Exploration have written several hundred leases in Cherokee County since 2021. They began with two-year seismic options followed in many cases by oil/gas leases with three-year primary terms.
East Texas Energy has 97 leases in which the primary term expires in April. I expect we could see an assignment, or at least some extensions, in the next few weeks.
Alan: do you have the abstract numbers associated with the soon to expire leases or additional nearby areas of intetest?
Not much is happening in Cherokee County. ALTHOUGH there is some activity. Most of the haynesville shale is Panola & shelby. I would see them expire
Something is happening in Cherokee County, we just don’t know what it is yet! Somebody did seismic work on more than 50,000 acres and converted more than 90% of seismic options into O/G leases. Somebody also extended the primary term on a bunch of leases but lengthened the extension from two years to four years.
It’s developing slowly, but it continues to develop…
Thank you both for the update.
Changing the option term from two to 4 year’s and the option payment amount happened to me with a small acreage with EOG!