I just inherited mineral rights to land in Harrison County Texas. I have signed a lease with Rose City Oil. I have just learned that they have drilled 2 wells of which I have large shares and are to drill 3 more which I am not sure what my shares will be. I have over 500 acres in that area. These wells have not started producing yet but so for all the wells in that area have been very productive. So I am assuming there is there is potential for more drilling. Would it be advisable for me to produce a spreadsheet when these wells start producing for each well? I am new at this. If I do what should I include in these spread sheets? I will be using numbers for IOS.
I have found it useful to make a spreadsheet that has the well name, API, location and columns that reflect the lines on the statement. What is reported to the state and what is on your check statement will often not match. Especially the gas numbers. I go off the royalty statements since that is what goes in the bank.
Hello Texasmartyann,
We are currently in negotiations with Rose City for our land in nearby Morris county. Did you have any issues with them so far? We have a lawyer assisting due to lots of vague language in their boilerplate lease agreements but we are anxious to get it all moving. They are looking at horizontal wells in our area but we have to be ready for a vertical well hence the lawyer. They are permitted for a horizontal well on the property next to us so hopefully it works out. Best wishes to you on the new wells! We have only ~78 acres but still pretty excited.
I had a and estate lawyer in the beginning as was having issues with the trust with from I inherited the mineral rights and then hired a landman and an oil and gas lawyer who worked on the lease language and agreement for me as I was clueless. I was thankful for all the help as i had much going on with an ill husband and my own health issues so if there were any problems I was not really aware but I do know my lawyer and landman did make some significant changes. They are drilling horizontal and vertical wells both in Harrison County. I think at this time only about 167 acres of my over 500 acres are involved so I am hoping they decide to drill more on my acreage! I do know the wells that are producing in the area have done very well.
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