Thanks to this forum I have learned how to do my homework. I have been checking the wells in sections surrounding my leases to see which ones are producing, which ones have been abandoned, and which ones just seem to be sitting there for some reason. In further searching out individual well names I find that those that seem to be "waiting" have been approved for "enhancement projects," often a number of years ago. Will someone please tell me what an enhancement project is?
Posted this in the wrong place.
Thanks Mr. Barnes. I have been checking on wells by going to the OK Tax Commission, Gross Production System and doing a legal search in each section surrounding leases that I own. When a well is listed as active but shows no production, I then do an Internet search for it by name. For instance, a well named Joella 1-29 is located in section 29, T14N, R12W. The search then comes up with the following information listed at this address: http://severancetaxrefund.com/mustang-fuel-co-joella-1-29-well-gross-production-tax-rebate-request-has-been-approved/
I have found the term "enhancement project" attached to a number of wells. My speculation is that it is worth hanging on to but not worth putting into production at the present time. One web site suggested that it was a term used for a period of time for better equipping the well for future use. If I had a better handle on what it means it would help me to understand where I stand in the big picture.