Original Mineral lease Jan. 21, 2004 being an undivided 1/16th mineral interest being 40 acres BS&F Sur. No. 513 A-128, LaSalle county, block 4. Flat fee 250.00 received for 5 year. First ext. 250.00 lease June 1, 2009 Of OGMI covering .0625 net min int in 40 acre paid @the rate of $100/AC. Second ext 125.00 lease July 18, 2012 OGMI covering .03125 net min int in 40 acres. Prospect P035 Atlee, East Prospect. P035011K.
Now, yet another ext. on above said property offer 500.00 per net mineral acre. This time with changes Virtex Prod. is now successor to Virtex Petro with assignment and bill of sale dated may 27th 2010. Virtex assigned 75% interest lease to BP America Prod. BP then assigned 50 % of its rights to Segundo Navarro Drilling. Additional three 3 with option to extend for additional 2 years beyond additional 3 year extension. 333.33 per net mineral acre.
At this point I am so confused.. I would appreciate any and all input. With all the changes I have no confidence whatsoever in signing lease extension. There has not been any productions at all since signing in 2004.
Several days ago I got a lease document from a Landman concerning LaSalle County A-717. My great great grandpa had 10 acres. I guess im a heir as well as my cousins and several other family members. This is there proposal to me. 2,000/net acre x 0.00661367=13.23 (100.00 bonus) 20% Royalty OR they buy my mineral interest for 300.00 and we part ways. Some one spelled my name wrong so the Landman is sending me another one. I havent gotten it yet.
Those were the good ole days not to be seen until 2017. Right now the price of lease acreage is 25% of what it was. The game is to find a conventional operator that will lease and drill on your property. World Ge Energy will be drilling vertical wells in 2016 in Lasalle county. if interested in leasing contact Tom [email protected]. We presently have 1500 acres but are interested in obtaining more. If oil is $90 dollars you are right it is a great business but when it is $40.00 it is a business that will sink you. look at Chesapeake loss 4 billion in 3 months and everyone says oil companies make all the money.
1500 per acre bonus,1/4% 3 years term 13.92 acres mrs ma smith jm tarrin naylor jones sub division. i need to know about how the wells are producing in this area. also does anyone know what a solid truquoise circle means on GIS map on the TRRC website?
Laura, I was able to pull up your lease memorandum in the La Salle County public records, and based on the legal description it does not look like your property is included in an active or permitted unit. That said, you are surrounded by EOG units, so it is likely only a matter of time before a drilling permit is issued. I am not sure what a solid turquoise circle is. A solid green circle indicates an oil well, while a hollow blue circle indicates a permitted location. If you have any other questions, feel free to email me. [email protected]
Laura - I think the solid turquoise circle means High Cost Tight Sands - below 15,000'. That's a well designation - I believe to qualify the production from the well for a Tax Credit.
You can download the map legend here (you can also find it under the help button):
Link to Map Legend in PDF
Given that you are using the GIS map on the TRRC website, you can look at the production history for all of the wells surrounding you - to get a feel for how they are producing. Select Wells from the drop down list below the Identify button. Then click on a well. The dialogue box that pops up will have a lot of info in it. Scroll down to the bottom left - it should say Production Data Query. Click on that, and it will pop up a new tab with production info for that well. Be sure to adjust the date range - the default is for only about 12 months of production data, so change the starting year to 2010 or something like that, and hit the submit button. If it's an Eagleford well that's been producing a few years, you'll see at the top of the table that it's got multiple pages of data that you can scroll through.
Hope this helps.