Hi, I’m new to this. I just found out about property I inherited. It’s in sections 16 & 32, township 2 north, range 3 west of garvin county. I’ve just received a notice of forced pool on the section 16. I also received the proposed lease for this section and it has four options. One is to participate in the drilling test by paying my porportionate share of the completed well cost? The others are your standard percentage options. I’ve never heard of the first option before. Any info would be much appreciated. Thanks Jess
It is called taking a Working Interest. You pay your share of the cost of the well and you get 16/16th of your share.
That’s what I was thinking. Thank you Ron! Is this section in a decent place? Production wise? Thanks Jess
There is something wrong if you are just now got notice of pooling.
http://imaging.occeweb.com/AP/Orders/occ5117453.pdf
The ordered was dated June 26.
Is your interest listed on the pooling above ?
This well is under 3 sections.
http://imaging.occeweb.com/AP/CaseFiles/0307CF76.pdf
Here are some completion reports.
http://imaging.occeweb.com/OG/Well%20Records/1DD18E43.pdf
http://imaging.occeweb.com/OG/Well%20Records/1DD06A18.pdf
All mineral owners that are not held by a lease are given the option to participate in the wells where their interest lays. Most of the time if you do not participate in the first well you cannot participate in any subsequent wells drilled on that location. Chances are it is too late to pick an option. You have less than a month after the order is signed to pick an option or they pick for you. Usually the highest bonus and least royalty.
That is what I could not understand when Jesse said he had just received a pooling order unless they missed him on the first one.
Ron, I just looked at the notice of hearing. The cause cd no. Is 201406332-T. It’s supposed to be seen by the judge on 11-17-2014. So I guess we will see? Forgive me if I ask a silly question but does this mean that newfield is pumping oil now or is the reports just giving an idea what the flow rate has been tested to? Sorry guys still trying to wrap my head around this. Thank you for the help Jess And no I’m not listed on the cause order you have. My father died three years ago and I’m just learning about this stuff. I was told we may have property back in last sept. But didn’t hear much about it until two months ago.
The reports were for wells around you . Is your name on cd # 201406332 ?
Yes. Myself, brothers and my uncle.
They must have missed you on the first pooling and had to file another one to pool your interest . I could not find it on OCC's site yet. Maybe they will post it tommorow. I'll see what else I can find. How many acres do you have ?
We have 10 acres. Thank you for helping me Ron.
They will more then likely offer the same options in the section pooling that they offered in the first. You can take more then one option with your 10 acres. There are some things I would like to tell you about that well. I am sending you a friend request.
friend request accepted!