We have some small mineral rights in several areas of Payne County. Does anyone know the current lease rates for 20N Sec. 9 Range 4E and/or 19N Sec. 34 Range 02 East? Any help would be great. We're located in Ohio and its difficult to transact business from such a distance.
Terry, Oil and gas prices are very depressed. American Energy Partners (Woodford) is pooling in Sec 6-19N-02E and Meade Energy has filed spacing and pooling in 17-20-4E, so I wouldn't lease until I found out the pooling elections in those sections and other sections around you. Activity in these areas are picking up so I would try to get much better offers than what I'm guessing you are being offered right now.
Oklahoma Corporation Commission website shows the pooling and spacing order going on around you. ftp://ftp.occeweb.com/dockets/docket/week.pdf Click on Dockets and Agenda then weekly dockets.
Thank you for your advice.
Terry,
I own minerals in 6-19-N-2E which is a long ways from 34 but I will tell you when they applied for an increased density (no drilling yet) they said the reason was an underlying this section was 682MBO and 3,429 MMCF.
That's some serious oil and gas...
They are low balling offers now but the Woodford is there if they don't hit tons of water. The Misener has been hitting in Payne County as well.
If you wish to look it up the Cause CD No is 201503011 and the order no is 646475
They want to force pool way too fast.