Rob,
Like CTaylor said, its a little difficult to tell exactly where you might own in Sec 33 and 34 based on your description. And it matters where it is.
Find out what the lease # is.
Like MrTaylor says, work on the basis of NRA, net royalty acres.
My first assumption is that someone offering interest in your acreage is offering said interest in the hopes of taking advantage of you. They might not be, but that’s where I would start. Not exactly earthshattering, but still. I’d kind of assume that they know new wells are coming online in Sec 34. Yep, its tough to put an exact value on what it’s worth. But a good portion of Sec 33 and 34 have a lot of the guesswork removed because Spur went and drilled some wells.
Here are some guesses on value per NRA based on where your acreage is in Sec 33 and 34.
N/2 of Sec 33. Two old Mewbourne wells. Likely not worth much. $1k/NRA.
S/2 of Sec 33: has 3 wells in it already (aforementioned Dorami wells). They are ok but not too great, worse than the typical Yeso well, which may be a function of being drilled E-W instead of N-S or maybe just on the Western edge. But I wouldn’t expect much more drilling there anytime soon, despite there being undrilled permits. Spur has WAY too much acreage across the Yeso trend to hold to come back and drill more wells here in other Yeso benches (upper Paddock/Blinebry) anytime soon. Those wells are making a combined 10,000 bopm. 10,000 x 50 x 1/320 x 1/8 = about $200/NRA per month. Times about 25 = $5k/NRA plus probably $2k/NRA for upside = $7k/NRA. They have already made around $4k/NRA since early 2020, which if that is in suspense, that should be considered.
W/2 of Sec 34: Has 4 new Spur Lakewood wells in it. Drilled, fracked, and started coming online in March 2021. Lets assume those are as good as the average Spur 1 mile Yeso well in this area. If so, than this acreage is worth about $15k/NRA. I mean they should cash flow twice that much in 15 years at $55/oil but there has to be some discounting back to present value, so I’d say $15k/NRA is a good price there. Do I think anyone would pay you that? Nope. But that is what 4 pretty good Yeso wells in a 320 acre unit are worth.
E/2 of Sec 34: Same as above. 4 other Lakewood wells drilled and coming online.
fwiw, I grew up a few miles north of there and own a tiny shred in Sec 34 and in Sec 27, so I have done some math on this for myself and I was bored today at lunch.
Cheers
Info below shows the 8 Lakewood wells drilled in Sec 34 (in the Lower Paddock/Upper Paddock) and then the average production profile and forecast for a 1 mile Spur well in this area.
