JW, my understanding is that you must answer within 20 days (or the number stated in the pooling order). There is not grace period afterwards. You may lease within the 20 days. I heard you have about 10 days because the lease must be filed before the pooling limit is over.
M Barnes is correct. Some operators don’t require the lease to be filed of record. Some do. Better plan on them wanting it filed if you’re going to lease. Especially if it’s Newfield.
OK; thanks guys. Let me ask a followup. I own mineral rights in 9-15N-i7W (Walta 1H-4x). I never leased, although numerous leases were taken in the section. A pooling order has never even been entered for the section. The well was completed, and a completion report filed in October 2014. Any idea why no pooling order? I realize I could probably write them (and wait a year for their reply, if any). The only well in the section is a commercial disposal well (zech 1-9) which sells reclaimed oil. What is going on?
Hi, can anyone help me find out what the boepd is from the following well Anderson12-18-6 3H APi 35073249880000, occ dont have any spud or completion details, but i contacted Chesapeake who said it completed on 11/14/14 and first sales on 12/8/14, i cannot check because i am in the UK and get blocked out from most official US sites,
Many Thanks
Geseppe
JW…I sent you a friend request. Would be easier to talk privately. M Barnes can help you as well.
There are some old pooling orders in that section from decades ago. I don’t see anything recent. The spacing for the Walta 1h-4x is a horizontal 640 that encompasses 2 sections. I would have to know where your minerals are to give you an answer about why you weren’t pooled. It’s possible your minerals aren’t included in the spacing unit.
I have surface and minerals in Kingfisher County, the surface is leased to an individual, planted in wheat. Several months ago there was seismic testing on the section. The tenant has claimed damages on the surface, and is asking the seismic testing company for reimbursement. The company has contacted me by letter, asking if the payment should be made to the tenant or to me. Who generally gets the payment in a situation like this? Thanks in advance for your help!
Hi Susan. I too recently went through the seismic study in Kingfisher county. the company offered 10 dollars an acre and that is all they would pay. it is my opinion the renter should get damages because it was his crop that was damaged. unless they did damage to fence or water wells then those damages would go to You.
thank you m. Barnes I appreciate all the information. I’m from Oregon so it hard to Know what’s going on.
Is there anything on the horizon for 8-17-8? Newfied holds the rights for the 180 acres in our family. Thanks for your help.
I/'m4)4)Kevi sectin I’m just looking for any information on the North East quarter (NE/4) of Section 31, Township 17 North, Range 7 West. Leased through Turner oil do you know of any action there and which company is involved? Thank you for any info.
Kevin, Newfield is most likely going to be the operator for 31. Turner is just a leasing company. They have a multisection horizontal well permitted just to the west of you in Section 36 and 25 of 17N 8W. Hang on til prices go up.
Rick, same concept for you. Newfield has a multi unit horizontal very near to you. Hang on for a while.
M. Barnes. I have another question. The offers to purchase our mineral rights keep rolling in. They are now up to $4500/acre. I am not interested in selling but I wonder how they come up with the number? I know they low ball hoping to get an uninformed mineral owner, but what method do they determine how high to go?
My guess is that they would offer what they think they will get in one years worth of royalties. Anyone out there have any knowledge or a better educated guess than I do.
In general, an unsolicited offer by a speculator is about half of what they think the property is worth, so they lowball on the first offer hoping an unsuspecting mineral owner will jump at it. Anyone who offers wants to make money on the deal! They hope you don’t know about future potential to drill, etc.
When companies buy from each other, they generally offer four times the last year’s oil revenue plus seven times the last year’s gas revenue. Of course, they would do due diligence and get the reservoir engineers and geologists in there and do a full blown reserve calculation. They factor in time value of money, predicted oil and gas prices, drilling costs, etc. It is a quite intensive evaluation and can take months. Been there, done that.
That should give you a ball park idea.
What was the initial production of the well? Where was it?
I can get the information for you if you wish.
Kingfisher county. The big check was $2000 for the first six months. It would be $1000 now.
Hi, I would say if you have a real offer to buy at $4500 an acre that is going to be more than you will get after a well is in. We just had a multi unit put in by New field last year and for 6.6 acres my March royalty check is $118.00. Could you please post some contacts because I would jump at a sell.
I had an offer a week or so ago on my 60 acres in Section 16-17N-9W for $5000 an acre.
Larry, their isn’t a well from Newfield in KF county that isn’t hitting 400 barrels a day or more. Something’s up with you getting those small checks. Do you have a completion report from them? We had a well in Garfield county that we got some piddly checks on and then finally a check that was more, a couple thousand dollars. The completion report was just filed a few days ago. Look into it, because my math says you should be getting about $450 a month based on a two mile long well and 400 barrels a day. And, just because they test at a high amount doesn’t mean they have to pump it at that rate…
Hi Tim,
It is Section 25 and 36 of 17n 8w referenced by Mr. Barnes below on 26 March. I have all the completion reports since the start last year and the last sale was 15 Jan 1,584 Barrels $42 each for the 30 day period. So I would like to sell my rights if you know someone.
Can someone tell me if any activity is going on at 32-18N-06W, Kingfisher County? Thanks!