If your well has watered out from effects of fracking, watch this video broadcast by OETA on April 28, 2017, and notify Okla Corp Comm https://youtu.be/HEz0B0CfGGk
Thanks NANCY GREER for the post about the video on horizontal wells interfering with older vertical wells. That’s something we’ve been concerned with lately since our wells are vertical, old, and have been slowly declining over the years and now horizontal wells are being drilled around our sections making me wonder if our already marginal wells will stop producing. Of course the upside could be that we may be pooled on the new wells which could increase our royalties.
Those old stripper wells generally get a tax break to keep operating.
Ms. Greer, it sounds like the producers who have been watered out are seeking to make deals with the horizontal drillers that will NOT benefit the mineral owner, as usual.
On the plus side, some mineral owners leased at 1/8 may have their lease terminated for lack of production, or get a new well to hold the lease? It’s an ill wind that blows no good?
My point being that those old wells are going to water out when you try to increase production regardless of new horizontal wells in the area leaving the only way to max production per well is with horizontals. rw is right, the strippers get special tax treatment because they are not economical without it. I really hate to see the old wells go too as we have many.
My understanding is that the old vertical wells pay a 7% production tax while the new horizontal wells only pay a 2% tax. If that is so, it would take a 3 1/2 increase in production for the horizontal well to equal the tax paid by the old well. In many cases, the new well can knock out several old wells compounding the problem.
non consent on Richard 1-17 in section 17-19N-8W- not sure what I got- kingfisher county
Ed, does the document have a number at the top or is this a lease offer before a pooling?
Ed, Husky Ventures and Gastar are in a fraud lawsuit in Texas. There’s issues with some of Gastar’s former OK wells in Garfield too. https://www.bloomberg.com/research/stocks/private/snapshot.asp?priv…
Did Chesapeake flip it to Gastar?
interesting- u know why I said= not sure what I got- at one time I had three different operators trying to bill me (Chesapeake,gastar & husky)- I am in two wells in kingfisher
I owned a small WI- and went non consent on a Chesapeake hunton (Richard 1-17)- I have a division order which shows me with 0.00% until pay- out-
yes- it changed hands several time- Husky
linda,
IF they actually meet you there then yes, the problem is that they drive the nail half in so to speak. I’ve dealt with several customers that have had bad experience with them. from not having their deeds filled for months and being bombarded by companies thinking the minerals are still valid, to signing deeds and never getting paid for them. But to answer your question, yes if they meet you there one would assume they would pay, if they don’t have the money and want a deed signed, try to get a legally binding contract from them saying we will pay within X amount of time.
Jonathan, thank you for your response. There’s no way I would sign a deed over to someone without the exchange of a certified check at the same time. Don’t want to hear the checks in the mail when royalty sales are involved. I’m not afraid of walking away. I’m having a hard time getting the same # of mineral acres from the different companies & my records are different too. How do I get the real true amount?
Linda, M Barnes recommended Ryan. M Barnes is very helpful and as a geologist has given great advice to many people concerning mineral rights, etc. I think that Ryan is very reasonable but you’ll have to talk cost with him because it depends on what you need. He’s very knowledgeable about what you may need and it depends on how much time is estimated to do the work. The lawyers we had were on a separate matter and if you need a lawyer you basically just have to see what kind of agreement you can make with them so I can’t really say much about that.
Linda, I was in a similar situation as far as acres and other information goes. If you have a deed it should show the acres. In my case our parents misplaced the deed. I went through everything I could think up but finally had to hire a landman to go search the records to get the information (I’m in CA so have to get someone in Oklahoma). Just received the information so now, if I decide to sell, I know exactly what I have. If you have to go that route I would highly recommend Ryan Story, a real professional, no BS, he can estimate the cost. You can contact him via this site in the LANDMAN listing, he is HIGHLY recommended.
Linda, Ryan Story is independent, go here www.mineralrightsforum.com/profile/RyanGStory?xg_source=profiles_me… to contact him through this forum. I did deal with a lawyer there BUT Ryan may know someone better as the lawyer I used wasn’t that great with oil matters. Ryan can tell you what needs to be done if you contact him and tell him your situation, he is an expert. A search for the deed(s) only needs to be done once as far as I know. I think he can also tell you about selling if that’s something you want to know about. Main thing is don’t sign any papers until you have some good advice and you can get that from Ryan, also M Barnes. Hope that helps.
Thank you John. How did you meet Ryan & was it expensive for him & the lawyer? Thanks
Thank you John. I just received 2 offers, one from BFC & another from Crestwood. They show different amounts of mineral acreage in my name. I have a stipulation that was filed in 2006 that looks like I have a lot more acres than they both found. One found 68 & the other 61 rounded. Do you have the company Ryan works for? I need to find out for sure how much I have. Been receiving checks and never looked in to this before. Probably should have. Also if I sell, do you have an attorney in okla that is recommended to further complete the deal? Would an attorney also need to do a title search after Ryan does? Thanks.