I am a newbie to this group and I am pretty ignorant, so please bear with me. My husband and his siblings have inherited mineral rights in Love County, OK. There are 2 parcels and an attorney is in the process of taking the ownership out of a trust and putting it in the names of the heirs. These parcels are leased already and evidently, there is drilling going on. The 2 parcels are 26-06S-01E and 27-06S and 01E. It looks to me like there is a horizontal well going from 26 to 35…how does that work as far as royalties if there is production?
Jay, I’m not familiar with the term marketable/unmarketable title interest. Could you explain what that is? Thanks.
They have 6 months to pay you from the date of sale. Marketable title interest is 12%, unmarketable title is 6%. Oklahoma Production Revenue Standards Act.
8 or 9 months
Basically if you have title requirements that must be satisfied before they company will pay you it is an unmarketable title. IE: Copy of a divorce decree, Affidavit of death and heir-ship. Marketable title would mean you passed a Title Opinion without the company requiring to see any documents to clear up any clouds or gray areas on the title to your interest.
Thanks, Sam. I’ll hope for the best.
Roger,
XTO is drilling one just north of your acres in section 3. If they do any good your section could be next.
The Rudman Is going south thru sec 3 and stopping 1 ft from sec 10. The rumor is they going to do another one off the same pad going north thru sec 34 7S 2E
has anyone heard anything about sec 7,7s,2e. im a distance away. trying to keep up with news. Appreciate any information
A lot of leasing some at 1/4 in 7s-2e .
Gary,
Attached is spreadsheet for calculating oil and gas income that someone posted here a few months ago.
Gary, your calculations are correct so far - you need to include calculations for your undivided interest. For example, divide the dollar amount you have by the number of acres in the spacing, then multiply by your net mineral acres. For example if spacing is 640 and you have 25 net acres: $239,062.50 divided by 640 times 25 = $9338.38
Ron, In the same section as the Frankl below is the Enderco 1-4H. Do you know if these two wells are interrelated or are they separate drilling efforts?
Love: XTO Energy Inc.; Franki No. 1-4H9 Well; SW1/4 SW1/4 SE1/4 SE1/4 (SL) of 04-07S-01E; 562 barrels oil per day, 1,962 cu-ft gas per day TD 19,240.
XTO Energy Inc.; Hart No. 1-3H Well; SW1/4 SE1/4 SW1/4 SW1/4 (SL) of 03-07S-01E; 589 barrels oil per day, 1,264 cu-ft gas per day TD 18,534.
XTO Energy Inc.; Holden No. 1-15H10 Well; SE1/4 NW1/4 NW1/4 NW1/4 (BHL) of 10-07S-01E; 537 barrels oil per day, 1,211 cu-ft gas per day TD 19,064.
I am waiting on results for XTO Brett 1-34H27. It will be about 90 days since start of drilling at end of September or early October. Will they frac well right after drilling is complete? When would they do oil & gas flow test? Are those flows indicative of early production flow rates? How do you calculate oil income? 500 BPD x 30 days x $85/BBL x 3/16 = $239,062.50 per month royalties. That doesn’t seem possible. I must be off by a factor of 100 or 1000. I am new at this. Does someone have a good article or website that will explain all of this?
My brothers and I have an interest in Section 1, Township 7S, Range 3 East.
Is XTO or anyone else leasing there?
Love: Mustang Fuel Corp.; Dept of Wildlife No. 2-12 Well; S/2 NE/4 SW/4 NE/4 of 12-07S-02W; 12 barrels oil per day; TD 9,530.
XTO Energy Inc.; Enderco No. 1-4H Well; SW/4 SW/4 SE/4 SE/4 (SL) of 04-07S-01E; 406 barrels oil per day, 1,001,000 cu-ft gas per day; TD 19,121.
Looking for an update on Section 19 - 6S -1W. XTO was trying to pool that section. Seems that there is drilling all around that section. Hearings kept getting postponed. Haven’t heard anything in a while. Thanks.
http://imaging.occeweb.com/AP/CaseFiles/OCC4370651.PDF They have been trying to get a hearing for well over a year .