Tim,
I read somewhere recently that each section in Kingfisher County is thought to hold on average 135 million barrels. So in my case it is probably that Newfield is pumping slow to see what happens to the market and so forth. They are permitted and planned all along to put in one or more drills to make it a multi unit. So no point to sell cheap. They could pump for decades to come. Thanks for the help.
Larry,
I have many people who would be interested in making an offer to purchase your acreage, but I would caveat this by saying “values” of acreage can swing wildly, and the $5000 an acre offer may be for unleased unproducing minerals where as producing minerals are often valued at a certain number of times monthly payment so if you are receiving $100 a month on your producing acreage they may offer 40x that or $4000 total. Using this as an example only. Let me know if you are still interested and I will get you their info through a private message.
We are actively leasing acreage in Kingfisher. Please send any open acreage available to lease to: [email protected] Thanks in advance.
Larry, the info is from Newfield’s first quarter report. You should read it. It is where the claim of 135 million barrels from each section is contained.
http://www.newfield.com/assets/pdf/@NFX_2015-02-24.pdf
It also has many of the wells they have drilled and their production in Kingfisher County and south. It averages about 800 barrels a day.
Larry,
Something else to consider is infill wells. They can and will drill more HZ wells in more than one formation in your unit. See if the buyers will buy your interest specific to the wellbore of the “Muggenborg 1H-25X”
If they do, then you will not miss out on any upside that comes with the infill wells, which I would bet will not get drilled until the price of oil comes back to a more favorable price.
Check out the Grady and Stephens county forums to get a better understanding of “infill drilling.” Mineral owners three favorite words should be “increased well density”
Scott,
Well was spud in August. Next OCC action should be final Location Exception order that contains exact footage from lease lines. Drilling should be complete by now unless problems were encountered.
Previous comment was for Sec. 24 16N 7W
Thanks Soonerpe…I appreciate your help.
Yes, We used to get checks from the M. Hoffman well. Our ownership is 1/2
NE/4 Sec 24 T16N 7W But as I said, I haven’t seen a check in a while.
Thanks for the info.
I assume since family own 1/2 of the NE?4 =40 acres? And I own 1/3 of that or 13.33 acres? Is my math right? John
The Hoffman is a small gas well, and consistently reports sales each month. You could contact the operator (Tulsa Energy Partners) or the Purchaser (DCP). However, my previous comment applies. They usually accumulate checks until it meets their minimum before they send them out, and that can take months for small wells.
The NE/4 has 160 acres. If your family owns an undivided 1/2 of the mineral rights (not surface) in the NE/4, they would own 80 net mineral acres, and you would have 1/3 of that.
The Hoffman well was drilled in 1980. If there was no PUGH Clause in your lease, then in this case likely ALL of your minerals in the NE/4 are held by the small Hoffman well, even though it was 80 acre spacing. That would be my guess. If it were mine, I would get a copy of the lease and take a look.
Scott,
The location exception was recommended for approval at the 3/24 hearing. I would expect to see the final order issued any day. There is usually a 2-3 week lag to draw up the final order and get it signed. There is nothing else on the docket for the section, and I would not expect any other filings until additional wells are proposed.
Thanks JW Guess I had a senior moment with my math.
thanks Soonerpe. I have been tracking the Location Exception through the 3/24 meeting. As i understand it, they settled with the protesting firm. I expected to see an Order from the OCC that give final approval of the Location Expection, but I haven’t seen it yet. The drilling is completed and the frack is on the schedule to complete once the gas line is complete. I was just curious if there is anything else on the OCC docket.
24-16N-7W => Payrock Energy has filed several causes in January, such as Spacing, Pooling, Location Exception, etc. These causes are actively going forward, though not approved yet.
28-18N-6W => GasStar got a spacing order approved about a year ago, but no current activity.
I’m in receipt of Payrock’s Exception Filing. Their land man says lease held by production; however we’ve received no Royalties for years. Is it possible to be held by production when no royalties are being paid to Royalty Owners? John
Since we own 1/2 it could be the W1/2 of NE/4?
can someone help me determine if there are any scheduled OCC meetings for 20-19n-07w? thank you in advance for your help…I appreciate it.
Any one know of activity in sec24 T16 R7W?
Is anyone aware of activity going on in 28-18N-6W in Kingfisher county?