How to get info on well in Lea Co

New Mexico Mineral Rights Lea County, NM
1

Hello All

I am a new member and overwhelmed with the oil/gas business. My family was recently informed that we have a 12.5% working interest and 3.333 ORRI in Lea County Section 7-T10S-R37E

There is a well making 130 BBLs/month for a total of about 44,000 BBLs to date. What do we do to find out why we have not received any compensation? Do we contact the operator because we don’t know who the other owner(s) are.

Also, the landman who contacted us wants to buy our WI for $250/acre. Is this a good value?

Any advice would be more than we have now.

thanks

Michael

2

I was offered $54,000.00 for 9.5b acres in the same area

3

Mr. Koehler, thanks for your input as your offer is 22 times greater than mine. There is much to learn about this and my family is thankful for this group. I guess we will thank the landman for his offer of $250/acre. We think we need to contact Mr. George Wilson who also posted in this group. He may be able to help us find out about well proceeds.

Michael B.

4

Michael

I would true to e dubose's on this sit, he been in the oil for a long time. He has help me a lot. he is a older gentleman that enjoys helping the new people at it

Ron Koehler

5

Mr. Koehler Thanks for your advice, it's just that I don't know how to contact a Mr. E. Dubose. Can you tell me how a fella i

6

Michael

Look him up under members

7

Hello again I have a partial answer to my question. It's DrillingEdge.com where you can get

8

Folks

Forgive me but I've never done this type of discussion and don't really understand how this works.

I've been trying to tell everyone that DrillingEdge.com was a place that gave me a wealth of information about the well in Lea County Section 7-T10S-R37E. How many barrels of oil per month, the operator, total production and other facts.

Does anyone know how to know what a fair offer is for my working interest. I was offered $250/acre and learned in this group that $5,000+ has been offered in the same area. How do you know? Do you just stand firm till the landman gives in? Is it supposed to be kept secret?

thanks

Michael

9

get the best you can there is no set amount