I have mineral rights in Township 18 N, Range 2 West in Logan Co. I was kind of wondering what the leases have been going for up in the area.
sec 17 was force pooled at $325 for an 1/8 and less for higher royalties.
sec 18 was just force pooled on July 8 at $475 for an 1/8 or $450 for 3/16 or $350 for 1/5. If you have acreage and are not leased, you should be getting a letter any day now with those options. You only have a few days to respond or they will pick the $475 and 1/8 for you.
I am kind of curious also. We have minerals in 18N 2 west as well that haven't been leased yet. Maybe we will get some kind of idea!
It may take them about a week to get the letter to you if you have minerals in the section of the Force Pool. If you don't hear from Devon, then make sure they have your correct address because you only have 25 days (I think) from the date of the hearing (July 8) to make your decision.
I just was force pooled a few miles to the west and I choose the lowest bonus and the biggest royalty that is offered. My thinking is that I would rather give up a little bonus money on the front end and get more royalty money in the long run. Also, if they drill more than one well, then whatever you pick from this decision will be for any subsequent wells. Hence, I would rather have more royalty money on more wells. Depends on whether you need quick cash. If so, then you might pick the 3/16 option which puts you kind of in the middle- some cash now, some cash later. Just a heads up, Devon is know for drilling multiple wells in this area. Not a guarantee though.
I am section 24, so close. I have not got any mail about the force pooling. I got a notice that says " Relief sought: Vacate existing spacing and establish new drilling and spacing unit and establish horizontal drilling and spacing units." I called and they said this is so they can drill horizontal in the area and they are to go before the commissioners July 30th.
Have you heard anything in section 33 area?
Nothing on the pooling docket in 24 or 33 yet, but things are creeping that direction. New drilling and spacing units are a good piece of news. When they go from an 80 acre spacing unit to a 640 acre unit, it means that they are switching from vertical wells to horizontal wells. Keep an eye on your mail box in the next few months.
Okay Thanks! We had landmen here looking for an old well about 3 weeks ago and they said we should be getting lease notice in the mail but nothing yet.
Be very careful about their first offer if it is for a lease. Their first offer is usually lowball. Ask around on the forum to see if it is reasonable. If it is a force pool, that is different. The options are clearly stated and you only have from 20-25 days (stated in the FP order) to respond with your choice.
Funny I have an offer of $350 an acre with the 1/16th override. I ask for $400. I know this is a good offer , but I never have taken the first offer. I was told they would not go higher. But , they have been calling since April, so I know they are interested.
M Barnes, we had an offer about 3 yrs ago for a very lowball offer and we said we weren't interested in that low of an offer and never heard from anyone until the Landmen came to look for the old well. I guess we will see what happens! Waiting game now I guess to hear from them again.
Devon applied for a Spacing in 24-18N-2W a few days ago. Filed 7/8/13 and the hearing is scheduled for 7/30/13 (#) CD-201304498.
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A few other townships close by have been twice as high. 23-19n-2w was 650.00, 4-19n-3w was 850, 7-19n-3w 700, 8-19n-3w $850, 9-19n-3w $850, 16, 17, 18 of 19N-3W $700. These townships started with the same lower numbers that M Barnes mentions for this township. Devon has hit some big wells in 18N-2W so I would imagine your offers should get higher soon.
Is there any web site you can go to and see what is being given as a matter of public record?
The actual amounts leases are not part of the public record because most everyone puts $10 in the amount line.
The force pools in the area are public records, so that is a pretty good indicator.
http://www.occ.state.ok.us Go to the Conducting Business page and then to the Imaging-Unitization part and type in the legal location S-T-R. Remember to put in leading zeros. Hit Search. This web page doesn't always work, but it is a place to start. I usually hunt for force pools from the last 2-3 years because their prices will be more in line with going rates versus something from 10 years ago. Force pools are only good for 6 months or a year so they are a good indicator of what going rates were at the time they are force pooled.
You can also try to find federal land leases, but that mostly works in the western states.
The other way is to scroll through all the member comments on the county in which you are interested. Lots of folks share what they have been offered.