Does anybody know anything about something called the “Wildhorse Creek Prospect”? My lease is about to end with Triad in the next month. I recently received a letter from them saying they will be tendering lease option payments in the next several weeks. They say that this will vest their leasehold going forward so that the prospect can be fully developed.
So these people are contacting us “just in case”?
sorry Mike, that wasn’t very clear! We have had calls in recent weeks from Energy Lease Account LLC-don’t know who/what that is-and from a landman named Craig. The first talked about a lease, Craig seemed mostly interested in finding my family members in the area. We have no idea what’s going on. Thanks for talking to me!
Pamela, Actually I enjoy doing the research. My interest is in a recently completed well in Stephens County and it will be several months before they start paying royaltys. So in the meantime I’m happy to look up stuff for other people. I’m retired so I feel like this is my job. Hiring an attorney is a very good idea. I’ll get back to you on some of your other questions.
Pamela go to www.occeweb.com/MOEASearch/index.aspx and put in last name only , lots of matches for property in Garvin and Lincoln counties, check out the Reeves family trust on Page 4, follow directions and file a claim it may take a few months for every thing they need.
Rick-wow, yes thanks I will call courthouse on monday!
where did you see that? are the pages online?
Mizerman, Heres the spacing order, looks like it didn’t get any further. Is the wildhorse thing the same location. Sounds like your original lease had a renewal option, usually for 2 years.
Rick, are you saying to file\list the adrs change with the County? Is that something I can do online?
It would be the same process as filing a deed. I have seen a few titled Notice of ownership. It would need the legal description of the property. It would need to be notarized. It could be mailed to the county for filing with payment.
The one I did was just a public notice of address change letter I made up. It has fixed most of the address problems for me.
Here is an example of one someone else prepared.
http://www.naro-us.org/Default.aspx?pageId=697394&mode=MessageL…
The Affidavit of Heirship will probably get you leased but you might need more for royalty payments, but you will have plenty of time to work on that.
Rick and Mizerman, I googled it and got “Wildhorse Creek Watershed Project”
Pam, In 2010 Triad Energy established Drilling and Spacing Units for sections 7 & 8. Recently they applied for Pooling in sec. 8, this is a good indicator that they plan to drill, pending OCC approval. There are no new applications for sec. 7 but considering all of activity around you I would say there is an excellent chance 7 will get drilled at some point.
I will & thanks again for the help!
Pamela, You are talking to the right guy when it comes to county records, Rick has been a big help to me.
The wells in that area are usually oil and gas. Gas production has been dropping off because the price is so low there is not much profit in it. We are fortunate to be in an area that has some good oil reserves plus high btu “wet” gas which sells for a higher price than “dry” gas.
As far as a timeline thats hard to answer. Sometimes they get busy with OCC filings right away, other times nothing happens for quite a while. This area has gotten hot pretty quick so I’m thinking it may not be long. I keep track of the OCC filings so I can tell you if and when they get the paper work started. Don’t be afraid to remind me to check yours from time to time or I can tell you how to do it yourself if you like to waste a lot of time looking at a computer screen!
Michael, can you tell me what you know about the hearings Triad had back in 2009 with the OCC regarding W/2, S/E 4, Section 9, T1N, R2W?
Michael, thanks for the info & yes, please do check the OCC filings for me. Regarding leases, I’ve read a few online & it looks like you agree to pay a portion of the drilling costs-can that be right?
Pam, Paying part of the cost to drill is called “participation” and is an option but unless you are in the business it’s probably not a good idea. Most people choose to lease and take so much per acre as a lease bonus and receive a royalty which is a % of the income of the well like 1/8, 3/16 etc. Your net royalty % factors in the number of acres you own in relation to the total unit acreage, which is usually a 640 acre unit for horizonal drilling.
Rick, Do you know anything about the “Wildhorse Prospect” that Mizerman mentions below?
Rick, thanks for your take on that website. I won’t get my hopes up, we are told title to Garvin Cnty rights isn’t clear and the ones in Lincoln Cnty have outdated contact info. That’s what I was hoping they could help with.
Megan Elias from Energy Lease is talking about creating a Affidavit of Death and Heirship before signing a lease in 2N 3W. I have no idea if this is a good idea or not. And then what-they turn around & sell the lease to a driller?
Michael, thanks for the explanation. I have a copy of a lease our parents signed in '94 with a Land Co. My question is about the phrase, after the terms are stated, “such net proceeds to be less a proportionate part of the production…”, taxes, & cost of transporting. Does this mean he “participated”?