We recently found out we have about 7 acres mineral rights in Reeves county. In the last 2 weeks we have been contacted by 3 land men, they offered $3,000 to $4,000 for us to lease. Section 54 lot 24. Any suggestions on what we should do?
Sorry, will have to look up post the correct section.
Janet,
We also need to know what the Block # is.
Clint Liles
Okay, East-half of Section 24, Block 54, Twp. 4, T&P RR County survey A-2260 Reeves County. Do you know if there is any activity currently in the area.
Janet,
In the western half of Section 24 Anadarko completed a good oil /gas well(API 389-35086). That is the latest activity I see in the area although there are several other permitted location in the surrounding area. There are several producing horizontal oil/gas wells in the surrounding area.
Well 35086/583BOPD/1,825,000 MCF gas per day Completion Report results...........
Link to Completion Report on well 35086:
GIS Map of Reeves County Abstract 2260/Section 24/Block 54T4S and surrounding area:
CLICK ON MAP TO ENLARGE
Clint Liles
Janet,
After checking closer I see where Energen Resources has 3 permited locations(35245,35506,35507) in Section 12 and running through Section 21(to the North of your Section 24).
Link to approved drilling permit for horizontal well 35506:
http://webapps.rrc.state.tx.us/DP/drillDownQueryAction.do?fromPubli...
Spud date(begin drilling) on well 35245 was June 18, 2016.
Spud date(begin drilling) on well 35506 was November 30, 2016.
No Completion Report available on either of these 2 wells.
Clint Liles
The lease bonus is not as important as the royalty if there are wells drilled. Make sure it’s 25% on the royalty. After that, the lease bonus is icing on the cake. Happy Holidays.
Are we in a viable location or are we out of luck?
Thank you so much for your patience and guidance.
Janet,
You are in a fantastic area for future wells to be drilled on your minerals acreage.
BE PATIENT.........
and Merry Christmas
Clint Liles
Oh, how lovely.
Janet,
Just to clarify, Clint meant 1,825 MCF or 1,825,000 CF of Natural Gas.
"M" is the Roman numeral for Thousand; "CF" if for Cubic Feet. Each MCF is a 10'x10'x10' Cube of Natural Gas.
And you are in a really Killer Bees spot!
Merry Christmas!
Charles
Wow, apart from spending time with our amazing family…this is an awesome Christmas gift… Merry Christmas to y’all.
Good Morning Charles. Thanks for the clarification on my oversight. Yes, her minerals are in a very good area of Reeves County.
Clint Liles
Thank you for your clarification. This is just an exciting adventure from a man that died 40 years ago.
Clint, what is the daily oil production in barrels for well 35086?
Has anyone leased their mineral rights to Anadarko? If so, would you recommend them as a company to do business with.
The people at Anadarko are straightforward and reliable to deal with. Anadarko has been leasing and operating in this area since 2005. The entire Permian division (landmen, geologists, engineers) is moving from Houston to Midland by July 2017. Anadarko is there for the long run. A lot of companies are equity funded and will sell leasehold every 3-4 years. EXL, Brigham and Ameredev have sold assets this month.
Janet,
My apologies to you for not getting back with you sooner but I've been out of town deer hunting. I took my laptop with me but it seems as though it has the hiccups and is out of commission. After checking I find no Production Data on the Betts well and not even a spud date(begin drilling).
Most of the time the Spud Date(begin drilling)will be in the 'Status' area of the approved permit toward the top.
http://webapps.rrc.state.tx.us/DP/drillDownQueryAction.do?fromPubli...
CLICK ON MAP TO ENLARGE
Clint Liles