I was leased prior to pooling, maybe I am more confused than I thought. ha
Deborah, Maybe this will help. We’ve all had to read O/G info over and over, for it to make sense.
Is the fracking information on the Oklahoma Corporation Commission website pretty up to date? Still wondering if section 27 21n 3 w has actually been fracked yet?
Where do you find it ?
Deborah-Your best bet would be to call the company and find out who the landman is in that area and he can fill you in on what’s going on.Bob
Thanks Bob, if I am understanding any of this oil and gas stuff at all, I believe if you are a horizontal well with 2 section involvements I might eventually end up as a commingle application, is that correct?
Fracfocus chemical disclosure looks like it does on the Oklahoma Corporation Commission website.
Oklahoma Corporation Commission under Hot Topics, it seems to show when searching by legals or well name when a well has been fracked
then hit find well
Well, I broke down and got brave and called
Devon about the status of well on section 27 21N 3W Garfield county. Just left a message and a phone # to return my call. Easter weekend was probably not the right time to ask, huh?
Deborah,
Section 27-21N-3W, Garfield Co, is on multi spacing. That means that 2 section (1280 A.) are spaced together. I’m not sure if it’s 50 to 50 horizontal. That means did all the investor put 50 % in for each section and was the same # of holes shot in each section, plus did they drill all the way. Lets say, it’s a 50%/50% that means that each section will divide the profit. Or you can just said, it will be divided between 1280 Acres times the number of Acres you have. So, if the well came in at 128 bbd, you would take 3/16 if that is what your lease states (24 total barrels to be divide by 1280 = .01875 per a. Now if you had 10 A = .1875 B times $100, that would be abt. $18.75 before taxes, etc or $6843.75 per year. Now the way I figure that is cut it in half as that is what the well will probably make as their are shut down times, plus oil may not be $100 depends on the grade. Plus the well will go down fast after the first few months, so don’t set up your budget on the first years checks.
Virginia, Small interest owners may initially receive a diluted amount on the 1st well, but return should improve if they eventually drill more wells. A exec. with a company in our area told me yesterday that if the 1st well is commercially viable, they will return to drill 3 Woodford wells and 3 Mississippian wells or more on each 1280 acre pool. Also, I’ve read that drilling should continue for next ten to fifteen years unless we see $50 or less bbl oil price. However, in the Bakken they drilled the so called 1st wells for the first 5 yrs and then started drilling the rest. I guess “patience is a virtue”.
Martha,
Devon guy told me on the multi unit, they plan on drilling at least 4 wells, but it maybe over several years. Once they get the first well paid for, the next well goes down. I really think multi unit wells are to hold some leases that they don’t have time to drill on. Could be wrong. But, Devon is drilling as fast as they can in my area and probably still have 100rd of leases left to drill before Oct or Nov. They don’t like paying big bonus and not get it drilled.
Virginia and Ron, Stephens Co is interesting, because there can be 2 Woodfords.
Garfield: SandRidge Exploration & Production LLC; Crouse 2408 No. 1-1H Well; NE1/4 NW1/4 NW1/4 NE1/4 (SL) of 01-24N-08W; 320 barrels oil per day, 1,429,000 cu-ft gas per day; TD 10,365.
SandRidge Exploration & Production LLC; Dryer 2407 No. 1-6H Well; NE1/4 NW1/4 NW1/4 NE1/4 (SL) of 06-24N-07W; 493 barrels oil per day, 1,760,000 cu-ft gas per day; TD 10,362.
SandRidge Exploration & Production LLC; Holden 2407 No. 1-26H Well; NW1/4 NE1/4 NE1/4 NE1/4 (SL) of 26-24N-07W; 174 barrels oil per day, 640,000 cu-ft gas per day; TD 10,720.
It cost a lot less to drill one multiunit then it does to drill a well in each unit . We were under one in Garvin Co. that two wells would have been close to 20 million . the multiunit was less then 14. Also like you said you hold the lease on both . In 17 & 20-2n-4w in Stephens Co. Continental drilled a well in each section to start . About a month ago that ask for increased density for 10 more wells, all multiunit under 17 & 20. All of the I D I have seen for them down there have been M U .
Virginia,
Ever hear how long it takes Devon to pay off a well?Thought the statement about not starting extra wells in a section until they pay off the first one interesting.my guess would be 3-5 years but really haven’t a clue.
Virginia, You are right about foreign countries doing things their way, because lots of counties have different accounting methods than the US. They are all supposed to follow IASB (international accounting standards board) recommendations, but sometimes they don’t.
Virginia, I hear you and stick with it. I built no deduction into my lease, so now it’s back to the drawing broad. Thanks for the heads up.
M.D. Are you saying Devon is drilling a second well or is it Plymouth?