XTO has decided to not release in S17T2NR3W SESENW and S2S2NE. Any suggestions on another company that may want this lease?
Newfield took some leases in there late last year.
Osage, Newfield, or Continental should all be interested as they have leased in the past year. Osage this month.
Depending on how many acres you have, it may be in your best interest wait just a bit. I'd guess we'll see an application filed before the end of the year. That could increase your odds of getting a better lease/bonus.
Mr. Campbell, I had a lease w/Dudley that expired in March of this yr. in 17. I contacted Hal Smith's office in Norman because they lease for Newfield and they leased my acres about two weeks ago, so you might get in touch with them. They said Newfield would drill that section when the time came because they hold more acres then any of the smaller companies that acquired leases in 17 3 yrs ago. Might wanna give em a call. They typically lease for Newfield.
How much are they paying for leases in this area?
Darla, I received $1500 per ac with a 3/16
Good deal Vicki! It still amazes me at the different bonuses paid now over just a few years ago. I'll check with the companies I work with, but I doubt they would go that high.
Talk to Vicki Furgeson, she got a good deal with Hal Smith to lease hers in S17, 2N3W. XTO just re leased mine in that section, no rhyme or reason.
Darla, that's what I said when I posted my lease on the comment wall a week or so ago-what a difference a few yrs can make. The lease we did with Dudley Land was for $400 per ac back in 2011. Just lucky they didn't throw in a 2 yr option, cause back then we didn't know the difference and would have taken it without knowing it was negotiable. Heck, we probably would have anyway, cause @ the time that was WAY above any amount we had ever leased for in the past. I can remember getting $150 p.a. and thinking it was great not all that many yrs ago on other sections. 2011 was the first yr several of us knew we had minerals in many sections because they had never been leased before and my grandpa never told us he deeded them to us unless they drilled and that was mostly in 1N 2W and 1N 3W. It has been so wonderful and a blessing from above in more ways than one.
Vicki Ferguson Fryar said:
Darla, that's what I said when I posted my lease on the comment wall a week or so ago-what a difference a few yrs can make. The lease we did with Dudley Land was for $400 per ac back in 2011. Just lucky they didn't throw in a 2 yr option, cause back then we didn't know the difference and would have taken it without knowing it was negotiable. Heck, we probably would have anyway, cause @ the time that was WAY above any amount we had ever leased for in the past. I can remember getting $150 p.a. and thinking it was great not all that many yrs ago on other sections. 2011 was the first yr several of us knew we had minerals in many sections because they had never been leased before and my grandpa never told us he deeded them to us unless they drilled and that was mostly in 1N 2W and 1N 3W. It has been so wonderful and a blessing from above in more ways than one.
Thanks for all the helpful advise. We leased with Hal Smith Land for $2000.00 per acre and a 3/16th interest.
Joe Campbell, was that lease with Hal Smith in 17 2N 3W?
Vicki and Joe, Good news that lease money is going up. Must have a plan for us in section 17!
Vicki Ferguson Fryar said:
Joe Campbell, was that lease with Hal Smith in 17 2N 3W?
Yes it was on the legals shown in my original question
2000 at 1/4 royalty is cheap for this area. You are in a great spot! The non-op guys will more than likely pay whatever you ask. Newfield has proposed a well here that will start in section 20 and end in section 5. Cost is close to 16 million for the one well. You are much better off with the non-op guys here versus newfield themselves. They will not want to ruin their pooling terms by paying more. Ask the guys over in Stephens county in 2N-4W pretty close by what some of the lease offers have been. I have heard as high as 35K per acre for a 3/16ths royalty.