Can someone tell me what is happening in section 23--3N 4W Garvin County? . The last offer to buy my mineral rights was from Bridgepoint for $6,000.00 per acre. (Feb.28, 2014) Others have offed to beat any other offer.
I thought the Oklahoma Corporation Commission had approved it for Newfield Exploration Mid Content to proceed????
Jim, drilling of the section does not prevent buying and selling. The fact that they are drilling or planning to only enhances the value. If the well hits good the offers will go up, if additional wells are drilled it will go up some more. Sections with multiple wells are being offered $15-24,000/acre. I was offered $18,500, not selling.
Michael, thanks for the comeback. What I would like to know is if they have started to drill, have drilled or plan to drill. This small area we have has gone through the courts and has been included in a 640 acre tract. How do I find out what is currently happening in. section 23--3N 4W Garvin County? If they have drilled and are producing when do they start sending the checks? As you can tell I am a novice in this area.
Jim you are correct all paperwork is completed for the well. Newfield has 180 days from the date of the poling order which was in April to commence drilling or they will have to start the process over again. It looks like this will be a multi unit well including sections 14 and 23 meaning the spacing is 1280 acres. Jim you will receive your first royalty check if your lucky 6 months after first day of production.
Richard, thanks for your reply.
I guess I had better wait to buy a new Porsche until I see the $$$$$$$. Thanks again
Newfield got a year to start the well. #10
Thanks Ron, Do you think they will drill anytime soon?
Ron McKenzie said:
Newfield got a year to start the well. #10
If they don't drill in a year they will have to pay everyone who made an election under the pooling another bonus. They have the permit .
http://imaging.occeweb.com/OG/Well%20Records/1DD1B0DF.pdf
I also saw where Merit & Anadarko assigned their interest to Marathon .
Ron, Thanks for the info. I noticed that the Well Plat showed Sec.26 3N 4W. My ares is Sec.23 3N 4W. Do you know of our rights are included on the Well Location Map you sent me?
Ron McKenzie said:
If they don't drill in a year they will have to pay everyone who made an election under the pooling another bonus. They have the permit .
http://imaging.occeweb.com/OG/Well%20Records/1DD1B0DF.pdf
I also saw where Merit & Anadarko assigned their interest to Marathon .