Hi, I’m from California, and received a Oil & Gas Lease On Section 10, T15N, R1W, From T Properies, Inc. $102 Acre 20ac out of 160 plus 3/16th royalty , 3 yr lease w option to extend but was sent a collection draft instead of check, My credit union bank was baffled. Is this fishy!
I’m also wondering if the $102 an ac, is the going rate, I’m reading this forum and it seems the rates are all over the place. How do I find more accurate infomation.
Patricia you can make a copy of the signed lease and send it back and tell them they wil get the original when you receive a cashiers check or cash in hand.
Excellent idea! I never had any problems with the companies I’ve delt with but that’s not always the case. I never thought of holding on to the original lease until the money arrived.
My bank holds the original lease until the collection draft clears. I’ve never had a problem with a collection draft.
I subscribe to a service that publishing leasing information every two months. The most recent report shows the low bonus for Logan County is $2 the high is $200 and the most common is $200, with a royalty range of 1/8 to 3/16.
Banks seems to have a problem with collection drafts. I know ours here did. Finally we spoke with the company and was told to write ‘void’ across the collection draft and return it for a check you can deposit. If the company you’re dealing with tells you to do that, be sure to make a copy of the voided draft before sending it back as a safety precaution.
In Alabama they don’t know what the heck to do with collection drafts at the banks. It was a major headache to get one through until the companies agreed to send us checks instead.
Offers in Logan County has been considerably higher than the $200. range!
Kaye
Thank you for confirming what ive said in the past about the price going up.Recently received an offer for 1500 per acre and have leased some for 350 which is to cheap but was a bird in the hand .
Lee
I don’t understand why a bank would have problems with a draft. I worked at a large bank in OK City years ago and we had lots of drafts run through. If the bank is real small, they may not have a collection dept. and that maybe the problem. I always ask for the leasing company to pick up the cost of the draft that is anyway from $25 to $35. Also, a person should always run a leases by their attorney to be sure they didn’t overlook something and then he can forwards a copy of the lease to the oil company. When the leasing company OK it’s, they send a check to the attorney and he forwards the lease to them to be recorded. Also, make sure the last page saids how many pages are in the lease. (Like 3 pages of 3) I have seem where attachments didn’t get filed at the Co Clerk offices.
Osage Exploration - Wolfe 1-29H well comes in at 1,185 barrels then settles in at 876 barrels in its first 30 days. Osage also, has drilled the Krittenbrink 2-36H well, but no data.
great news. we just leased to osage and are not far from wolfe. good news for all of logan co. should increase leasing values.
You can leave off the E, it’s just Wolf, named for the surface owner.
Leon,
Are you North of the Wolf well? They told me they were not leasing any further South than 17N.
mine are 16N-3W and they told me they were not leasing in 16N but I had seen where they leased some in the upper part of 16N
look at osages april 23 presentation. it shows their area as 16n to 19n and 3 and 4 w
we are in 16n. se of wolf.
After I looked at Osages investor presentation and a couple more companies that are drilling in the area. It made me wonder how many of these wells are really making large amount of oil.
Has anyone seen OCC report on the H wells that are 6 months to 1 year old in this area of Logan Co?
I would like to see a break down of production in this area. It kind of looks to me like it’s promoting investor’s information and not all the facts.
What number means large amount of oil?The area of most interest to H drilling stops at 17N and goes north .Yes south , it may get leased but its not thought to be as good as to the north.So im told.16 N is to far south.This H drilling is not developed enough for anyone to say how good or bad one will be or where the sweet spots are yet.It will take time money and drilling to tell.Ive recently seen H wells one mile apart that were like night and day in production volume out of the same zone.It is now proven thatt in the area of dissusion there can be drilled some good H wells but threre will be some bad ones.
Lee
Even 17N they are defined to a small area as most turned down 17N-1W. They are having great rates of production 16N and South in the Woodford of around 50-150 bopd but no on seems too interested. They have such very small areas of interest in the county doing the Mississippian.
Virginia, perhaps you forgot my post showing the recent horizontal wells drilled in Logan and the production rates but here they are again from OCC. You’ll notice some are not the best like the one 16 bopd.
Husky Ventures Inc.; Hancock No. 1-20H Well; SW1/4 SE1/4 SE1/4 SE1/4 (SL) of 20-16N-04W; 16 barrels oil per day, 32,000 cu-ft gas per day; TD 11,598.
Kirkpatrick Oil Co. Inc.; Jordan No. 1-6H Well; NE1/4 SW1/4 SE1/4 SE1/4 (SL) of 06-19N-03W; 125 barrels oil per day, 577,000 cu-ft gas per day; TD 8,346.
Kirkpatrick Oil Co. Inc.; Smith No. 1-6H Well; S1/2 S1/2 S1/2 SW1/4 (SL) of 06-19N-03W; 687,000 cu-ft gas per day, 143 barrels oil per day; TD 9,150.
Husky Ventures Inc.; Olin No. 1-20H Well; SW1/4 SE1/4 SE1/4 SW1/4 (SL) of 20-16N-04W; 26 barrels oil per day, 78,000 cu-ft gas per day; TD 11,434.
Husky Ventures Inc.; Naomi No. 1-29H Well; SW1/4 SE1/4 SE1/4 SW1/4 (SL) of 20-16N-04W; 58 barrels oil per day, 136,000 cu-ft gas per day; TD 11,100.
Payne Exploration Co.; Rising No. 1-30H Well; NW1/4 SE1/4 NW1/4 NE1/4 (SL) of 30-16N-04W; 71.77 barrels oil per day, 350,000 cu-ft gas per day; TD 10,614.