Tica,
All of that is in 1N-1W
Is your interests in 1N-1E or 1N-1W and what sections?
Chris are you aware of how they set the options offered in the pooling.
Ron, I think I have a basic understand of this; I’ve read up on it and also had a productive call with folks at the OCC offices who gave me some background on it. Plus I did this summary of pooling details for the last 2 years in Garvin county: https://docs.google.com/open?id=0B1WnwcmnKZ1PcXcxVjN6d005ZGc
My understanding is that the pooling offers “fair market value”. Fair market value as determined by the administrative judge who hears the case – this is derived from actual leases in the nearby area. OCC was pretty clear that it is not necessarily the best offer that anyone in the pooling received, they said that is a common misunderstanding. Although I gather from discussions with some landmen that reality is that the best offer is generally at or below the surrounding leases unless your ownership involves multiple sections in which case that data is excluded from consideration for pooling.
What is confusing to me is that OCC doesn’t have lease details except when there was pooling so how would the judge know what other leases are? If there has been some nearby pooling I guess they can use that data but if there has not been there seems to be a bit of a chicken and egg problem.
The landman gave the information to the judge at the pooling I went to, they are under oath, and I felt they were fair. And most Poolings I look at are far. They are a good place to start. The Judge also said she didn’t like to use other poolings for reference at the pooling I went to , she like current leases. Good job with your research. Sometimes when I have leased from family or others I have had landmen call and ask what I paid. Said they were doing research for a pooling. Going to eat. Good luck.
we are not leased in part of 1n-1e sec 31. that was the phone call. every thing else in that area is eagle or bluestar since last jan.
Rick,
It was leased in March of 2010. I have heard nothing more since.
I just wondered about any activity in the area.
Thanks
Dan,
There is a lot of leases starting to expire there about 6 months.
Chris,
I’ll see if I can drag up some of my previous posts and put some of it together.
There is some really good material on the “mineral help” link at the top of the pages.
I think the biggest thing is to take your time. Unless we are talking about larger acreage numbers, it is doubtful that you will lose out on much if for some reason interest drops and you don’t get to lease. Most of the time it is to the advantage of the operator to lease early and they will rush you to do so.
A ¼ RI and no bonus has many advantages. Look in the Grady co area on some numbers I posted in the last couple of days on the subject. But remember, it is a good Woodford well. Also, only about 1/3 of leases end up getting drilled. ¼ no bonus on an expired lease means nothing in your pocket. I’ve seen several of ours expire from 2007-2008.
From the maps I have seen it does not look like the Woodford play is going to hit much of the mid and east part of Garvin except in the most southern area.
Is that Sec 2-3N-1W? Or do you have interest in both 2N-1W and 3N-1W?
Has the landman revealed the intentions?
Oops typo… last one is 34 2n 2W
Tica, the pooling application is on the OCC docket for Monday 12-17-12. Here’s the application:
thanks rick and michael.
rick: Pooling 15-1N-1W app 201207624 help me with details on this number or where to get the info.
Anything going on on 13 2N2W 14 2N2W 23 2N 2W o N 2W thanks in advance. For any info you might have I am brand new to this world of oil leasing and need to learn a lot…
Rick, thank you. I’ve read your previous posts in Garvin so no need to go back and repeat for me, I really appreciate the effort you have already made in sharing your insights! Will also checkout the other sections of the site you mention.
Was referring to 2-3N-1W, sorry for using the “/” to make it unclear… still getting the nomenclature down. Landman (Liberty) reps Raydon who I had not heard of – but they are hot to trot, initial pooling stuff was filed a few days ago.
I think my next step is to try and figure out what leasing activity is nearby beyond the poolings – seems like that information is much harder to come by online.
Cris Pemberton,
I have minerals in 29 & 30, 2N 2W. I was offered $1000 an acre for purchase but there were no leasing offer. I declined and will take my chances on further interest.
Does the state of OK. have a certain length of time that there can be inactivity in the minerals where it actually reverts back to the surface owner ?
documenting a couple of offers I received recently in hopes they are helpful to others:
32-4N-2E & 4-3N-2E – offer of 3/16 @ $100/acre (landman)
4-4N-2E – offer of 3/16 @ $100/acre (Fractal)
correction, 4-4N-2E was a typo… same offer as the other one.
Thanks for the info Don
Chris, you should also be following the Grady and Stephens groups as these discussions can float around. Right now most of the talk is in the Stephens forum. Look at the info that Clint Lyles has linked to in the Stephens discussion forum.