I am new at this. Got offer to buy mineral rights (small number of acres) associated with the Juanita G127 well in Section 27 9N 4W in McClain County. Any guidance on the going price per net mineral acre would be appreciated.
Also, have heard EOG Resources is interested in drilling the southern half of Section 27 – anyone know anything about that rumor?
Jim- prices will depend on your royalty percentage.
When well(s) are planned, offers to buy minerals are frequently sent. EOG has permission to drill the Phantom 2227 1H. The surface location will be in 27 and go north into 22. The placement of the well on the far east side f the sections indicates that they are saving room for additional wells in the future (if economics are good).
Buyers usually offer about the price of one-two wells’ value. They intend to make a profit on that first well and they think the will make a further profit off any additional wells after that. They think big picture.
You should have gotten all the OCC mailings for that well. If not, then contact the attorney for the mailings as you need to get on their mailing list. You also need to make sure your name and address are properly filed in the McClain County courthouse with your title documents (deed, probate, etc.)
EOG RESOURCES, INC. 3817 N.W. EXPRESSWAY, SUITE 500 OKLAHOMA CITY, OK 73112-1483 Contact Name: JESSICA D. HATCHER Contact Phone: 405-996-3395
You have an old gas well there, but they want to buy the minerals for the upcoming horizontal well.