$250 per acre back in March for Section 14.
Also I think I’ve followed dual sections out enough to realize that they sometimes do a survey to decide. Am I just out in left field. It is a Devon and they don’t post anything.
Are we talking reports only or also payouts from production?
Many (including myself) are getting $200 or more plus 1/4th royalty leasing to third party lessees all over OK. FYI-I’m not a third party lessee or have any connections to a third party. Just the facts.
Before the Corporation Commission decides the payout ratio on 2 sections won’t they have to do a well completion and test to see what it is actually testing out at? Due to go to Corp Commission again on the 22 of July and .still haven’t saw a well completion or a test figure.
Deborah, A year ago, OCC said they are allowing reporting to come after all horizontal wells from one pad have been drilled and completed.
Sounds like definitely an advantage to the Oil Companies!
Thanks Linda. I’m assuming that is with a 3/16th royalty.
Deborah,
I wish they would figure out how it’s all going to be divided. I can’t believe someone invested in drilling and didn’t know how they planned on dividing the payment. I’m hoping they don’t decide to give everyone the same amount, then it would be divided on 2480 A. I haven’t even been notified of OCC hearings. Are you still gettting notified?
Last paper work I received they were still estimating 50 - 50%.
M.D., I’ve read where (EOR) Enhanced Oil Recovery may be used to effectively drive 70% of the hydrocarbon production from shale.
Garfield: Devon Energy Production Co. LP; Decker 13-21N-3W No. 1WH Well; SW1/4 SW1/4 SW1/4 SW1/4 (SL) of 13-21N-03W; 18 barrels oil per day, 92,000 cu-ft gas per day; TD 10,348.
SandRidge Exploration & Production LLC; Lois 2407 No. 2-16H Well; SE1/4 SE1/4 SW1/4 SE1/4 of 16-24N-07W; 326 barrels oil per day, 882,000 cu-ft gas per day; TD 10,820.
SandRidge Exploration & Production LLC; Zaloudek 2407 No. 2-24H Well; SW1/4 SW1/4 SE1/4 SW1/4 (SL) of 24-24N-07W; 133 barrels oil per day, 1,078,000 cu-ft gas per day; TD 10,737.
haven’t a clue what the royalty is…don’t have privy to the lease just looking at the oklahoma mineral owners registry.
Virginia, my prior date of June 10 got moved to july 22, 2014. Not for sure if I got notified or just followed it on the Corporation Commission web site. I am about to get sick of all this rescheduling stuff. ha. Before they changed spacing to 2480 that would have to involve 4 sections wouldn’t it? I think my stuff still shows 640 but then that would mean a ratio on the percentage on top of that I am sure.
Deborah,
Are you sure it is only 640. I thought you were on the 1280 spacing for 27-22 and it started out 50% to 50%. Who knows for sure what is going on. I haven’t been able to keep up. I will just wait and see what % I get I guess. It must of tested out O K as I get at least 5 letters per day wanting to buy my minerals.
You will get a division order after completion.This is to see if all mineral owners are still the same as when they leased.They have around 6 mos. to pay for production, or you can charge them interest
Deborah, Completion reports
NARO information on royalty payments - Oklahoma Production Revenue Standards Act
Interest on royalty payments after 6 months from first production sales
52.§570.10. (Effective 7/1/93): Payment of Proceeds From Sale of Oil and Gas Production.
Interest rate - Marketable title: 12%
Interest rate - Unmarketable title: 6%, until the title becomes marketable.
Information concerning late royalty payments
http://en.allexperts.com/q/Oil-Gas-3147/2009/1/late-royalty-payment…
http://en.allexperts.com/q/Oil-Gas-3147/2009/1/Royalty-Division-Ord…
Virginia, what sort of offers have you been getting off of 23? It seems like all of my offers go to my physical address which is where my daughter in law lives and she is in Florida for the summer and has her mail put on hold. Now all of the important ones from Pepper comes to my P. O. Box which is where I actually get my mail. Just curious to see what they are offering, not that I would ever sale.
You are right Martha. We receive more from the liquids than the dry gas.