Martha, Could you check for a pooling for 19-17n-6w, I appreciate all you do for everyone on the forum.
None yet, but several pending in the area
Jay
https://www4.oktax.onenet.net/GrossProduction/PublicSearchPUNbyLega…
There is also a Meyer 1406 2-4MH
This is the one you asked for.
Jay, what section township range? It takes almost a year before you get a DO. I can look it up for you.
WELL PAYMENTS: Payrock pooled a property on which I had a interest that was already producing and paying me from the well that is there. They drilled another well under the pooling, that still included the one I had.
I have contacted them several times as to when they are going to pay me. No answers! Also no Division Order. What should I do now? Jay
I and my brother own 30 acres of mineral rights at SE of section 25, township 16 N Range 9 W and section 25 Township 16N Range 9W. It has a very old lease on it and one old vertical gas well.
A company called Carnegie called me last week and wants to purchase my rights for $750 an acre.Since talking to them I found out Chesapeake just started to drill there.
We want to sell but will wait to see what happens with the drilling. If they strike oil or gas what will be the value of the rights?
Marcie,
The “value” of your rights depends upon many factors. It is not just the “value” of one well. It is the potential for all wells in all horizons that might be drilled on your acreage over time. In the case of horizontal wells, they may be ultimately 1-12+ wells possible on the acreage. Not promising! If there are two good horizons, then they can drill a row of six or more horizontal wells in each horizon. Given today’s prices, that will be a ways down the road in time. So that is also a factor-time. Companies may wait to drill those other wells (or never) when the prices come back up. One horizontal well will hold the entire section as HBP (held by production) until times are better. The reserves will still be in the ground. The Woodford and the Meramec (and other reservoirs) are possible in Kingfisher. The quality of the reservoirs is also important. Right now the Meramec is doing very well and is preferred. Can always change. Price of course is a huge factor. Also a factor is the ratio of oil (or condensate) to gas. Your royalty percentage is also a factor. I try for the highest royalty I can get. Most of the time the royalty is choice is much more important than the bonus per acre. The price of technology is also a factor. As the operators cut their costs and improve technology, then the ability to get more out of the ground is a key item.
Our family holds minerals that have been producing for almost 100 years, so you can see that it is a multi-generation consideration.
That being said, a “fair” price is “willing and informed seller and willing and informed buyer” agreeing on the same price. In general, the buyer is much more informed and will offer a much lower price to see if they can persuade a less informed seller. Sellers need to take care and get more informed! If you do not have heirs and want to sell, there are some prudent ways to get a better “price” for your acreage.
M.Barns: The info needed is 4-14N-6W Canadian County. Thanks for the look up! Where do you go to get this kind of info? The well was completed 4/24/15 and the first sales date was 5/14/15 It is the Meyer 1406 1-4 H Horizontal Hole 1300 ft in the Woodford. Thanks again. Jay
Marcie:
A multiunit well, the STANGL 36-16-9 1H was spudded in Oct 2015 for sections 25 and 36.
Suffice it to say that $750 was a lowball offer, and patience would be the right thing.
Several companies have been drilling horizontal wells in Kingfisher County. Newfield has been the leader, but there is some drilling in your corner of the county by Devon, Cimarex, Chesapeake, etc. In your case, sections 25 and 36 border each other, with section 25 on the north. In contrast to a strandard vertical well, they drill down, then deviate and drill 2 miles horizontally through both sections 25 and 36. They are drilling in the Mississippi formation (Meramec). In spite of the low oil prices, a lot of drilling has continued in this county.
Thank you for that information. Can you tell me what that means? Obviously, I know nothing about this.
I have a mineral s owner number. How do I find the location of these minerals in Kingfisher county.
Contact the company that assigned that number and ask them. If you have the mineral owner number, it probably came from the check stub.
Was it leased or force pooled, or you don’t know?
John, Friend me
I have minerals in Section 20, Township 18, Range 7 West this week I saw that across the road south of my lease there has been two wells drilled. There is no sign giving the lease name or operating company, any information on this activity would be appreciated.Some friends of ours have minerals in section 26 16N 5W and have received an offer to lease. Can anyone tell us was the going price to lease in that area and what if anything is going on there or around there? Thanks
Thanks M…that’s what they needed to know. Appreciate it!
26-16N-5W Pooling application is posted 2/29/16 for OK Energy Acq. Husky was supposed to have their pooling hearing on it 3/1/16 201506298, so your friends better keep their eyes open for their documents. 20 day window. Woodford and Hunton. Looks like Husky will be drilling. Forman 1+26H permitted 7/22/15 for the Hunton.
27-16N-5W pooled for $500 3/16 Feb 8, 2016, so that is the going rate or pretty close to it.
John, Lots to learn, but join the club.
Newfield is planning a well in that section. Hopefully your friend either leased or responded to the pooling order in a timely fashion. If not, come back here-immediately. She only had 20 days from Jan 25 to reply or she would get the worst of the pooling options assigned.
Gross and Net can mean different things depending upon the situation, but here the Gross usually means the large tract of land that was originally patented by the US govt or Indian Affairs. Could be 40 acres, 100 acres, 160 acres, etc. The Net is usually the amount of acres that the heirs might receive. For example, an undivided 1/8th of 40 acres is 5 acres net. “Undivided” means that no specific acres within that description, so their are other heirs or buyers that share in the rest of the 40 acres. For a well in Sec 20, the net revenue interest will be the net acres/spacing unit (640 ac) x royalty % (3/16th, 1/5th, etc.) x percentage of the well perforated in that section. This well is planned to extend over two sections with 50% in each section.
http://imaging.occeweb.com/AP/Orders/occ5256836.pdf pooling order for CD 201503464. Check to see if her name or relative’s name is on the list. If not, then it might have been leased already under the relative’s name. Friend me using the icon to the left and I can walk you through it.
Time is of the essence here…
M Barnes,
To my knowledge she has not took any action. Yes her name is on the pooling order.