How many more rigs are they bringing in? Gottta lot of drilling to do!
Linda, yes, I got 1,000/min acre @ 3/16th. Did a little back and forth negotiating, but after looking at maps of the shale formation, I thought this area looked good (said the novice)!
Julie…I think theirs would figure out to $1000 an acre and they got 3/16. But they had only 1/3 of an Acre and a Half.
Permit 12-11-12 Lang 1-20H 3N/4W Continental Resources
They are branching out and filling in the gaps!
Dan, I am getting proposals on 2 3N 1W in Garvin County. And I noticed a post by Julie from a week or so ago about 22-3N-1W. Offer was $150 @ 3/16 but quickly moved up to 1/5th.
This is my first post; I found the forum and read all 65 pages of posts in the Garvin group. Thank you all for sharing so much – I feel like I’ve learned a ton and now realize how little I know about leasing. Like many of you, I’ve fallen into the role of coordinating our families leasing for interests in Garvin and surrounding areas. Realizing there is likely a better deal than what is first offered I was thrilled to find this discussion group. I’m going to try to get a little better informed before I start asking my first questions…
I bet Cactus and Percision are having a hard time keeping up. They may have to share with Podunk Drilling who used the ole pail and a shovel to dig the hole! lol
In an attempt to get my head around going rates, I compiled a list of force pooled deals from 2011 & 12 from the OCC site. It is both helpful and random when I look at it… thought I would share in hopes others find it helpful:
https://docs.google.com/open?id=0B1WnwcmnKZ1PX0Q1bm9rOUdMVnc
Does anyone know of any activity around sec 9&10 1N 1W in Garvin Co.
Thanks Dan
Your learning fast. Great job.
Chris,
The research looks good. One column you added that many seem to miss is the area covered. The intent of the operator with the lease can greatly impact the lease. Those smaller areas are likely shallower wells compare to the entire sections. As you can see the price is very relative as we would expect much more production per acre out of some of these deep horizontal wells.
Also remember that the rest of the lease is much more important than the bonus amount itself.
I have seem countless people asking about activity because they signed a lease x months ago. When I look at the lease, I see it is in their best interest if the lease lapses before they see drilling. And hopefully get a new lease with much better terms before they see drilling and production.
Chris,
Another thing that might help in your research is the school land leases
http://www.clo.ok.gov/MMD/OandGSales.htm
they are base on 3/16 RI with favorable terms.
Chris Stephens and Grady Co. has a lot of good information that might help.
Sec 31, 1n, 1e, anyone got any offers latley? We just got a phone call to verify where to send papers for an offer of $250. 00 nma plus 3/16 intrest. Like to hear from someone !
Dan,
Looked at 9-10 and don’t see much. In the sections surround there has been some leasing the last year but mainly in section 15. There is a pooling application pending for all of section 15 targeting (what appears to be) all known zones. This could be an interesting well to provide some data of what that are will see in the future.
There have been a few other smaller pooling orders in 12 and 15 in 1N-1W and some shallow wells (2000’) completed in 24.
Have you been contacted about leasing?
Thanks Rick, the school thing is a nice source of info.
I changed the list of force poolings to sort by the range/township/section and it helps make clear the trends on terms; here is the updated sheet: https://docs.google.com/open?id=0B1WnwcmnKZ1PcXcxVjN6d005ZGc
Beyond the RI, bonus & time of the lease; what terms do you all consider most important? Depth clause stands out to me.
My thinking on leasing is getting more focused on seeking 1/4 RI and no bonus, thinking about long term potential. But I would really appreciate thoughts anyone would care to offer. Most of our interests are in the middle or east of Garvin county so sadly outside the giant bonus areas today.
I’m actively working a deal on part of 2/3N/1W and a little torn about which way to go since there does not appear to be a lot of activity in the immediate area.
Chris
rick: talk to me about 1n 1w
rick, is this also 1n 1w ?
Looked at 9-10 and don’t see much. In the sections surround there has been some leasing the last year but mainly in section 15. There is a pooling application pending for all of section 15 targeting (what appears to be) all known zones. This could be an interesting well to provide some data of what that are will see in the future.
rick: i have interest in both tsp’s. 1n-1w and 1n-1e.
1n-1w = sec 15, 21, 23, 25, 26, 30, 31,and 36.
1n-1e = sec 31. Thanks in advance.
It looks like you are leased
recent activity -1N-1W
Spacing Order 12-1N-1W NE 601516
Pooling 12-1N-1W All 602190, 602246
Pooling 15-1N-1W app 201207624
Permit 13-1N-1W
Completions multiple in 24.