Stephen Who was the letter from ? How many acres do you have ?
Ron, the land (160 ac) was sold several years ago but 1/16 of mineral rights was retained. We (inlaws) received money from drilling back in the '80’s, since then my father-in-law passed away and mil is in nursing home so land was forgotten. To make a long story short-oil company came in and drilled on it-their lawyer misread (and admitted it) or didn’t read at all the warranty deed so we were not contacted. They drilled back in June, 2011, we received a division order contract on 8/31/12 but the Purchaser is doing everything they can to delay paying seems like. We’ve sent them 3 copies of everything and now they have changed the date of drilling and division of interest. Can the oil purchaser just change everything legally?
Ron,
The letter I received was from Cana Woodford. We have 81 net acres in sec31 19n 1E. Also, do you know how the Devon well is doing in sec 6/18n/1E That well is directly across from our property.
What does a “Non participating royalty interest” mean?
This Devon Energy document I believe is in regards to their request to establish Horizontal Drilling Spacing units in 9 T20N R2E. This map is a summary of historical activity for T20N- R2E. Question Ron, you seem to know your way around the Corporation Commission Web Site, Is the well at the bottom of Section 8 20N 2E on the map the horizontal well they are spacing. Does it run thru section 8 and 5. On the spacing order it looks like they already spaced units in 8 and 16. hanks http://www.occpermit.com/WellBrowse/Webforms/WellInformation.aspx?I…
OPPS the link was not complete here is the Devon map of 20N 2E
Matt,
A percentage share of production, or the value derived from production, which is free of the costs of drilling and producing, created by the lessor or royalty owner and borne by the lessor or royalty owner out of the lessor royalty. This royalty is paid to nonparticipating interest holders who do not share or participate in bonus or rentals, or a right to explore, or a right to execute oil and gas leases.
Clint Liles
Matt, A non-participating interest is when you don’t pay to have a well drilled and you receive no money for a lease of your mineral rights. You only get paid when oil is sold.
carol If they Failed to pool you interest and should have you may have more options then you know about . What name is the interest in and what is the section ,township & range so I can look up information. What have you sent them so far ?
Ron
Yes Thanks, I inherited MR on 80 acre in sec 9 they seem to be getting close. Do you have an office in Edmond?
In my home . I manage a small Family L.P.
Carol Who’s name was the interest in when they drilled the well ? Who was the assignment to and from. You have already signed a D.O. and returned it?
Is there any other news of this “decline in production” in Payne? This troubles me…
Phillip, I am still getting offers too. My brother in law (works for Mobil) did some checking and his findings were these Mississippi horizontals should produce 300,000 to 600,000 bbls in their lifetime if drilled and completed properly. He said there a lot of things that can mess up a good well but good companies don’t make that mistake near as often
Are we pretty much obligated to accept the Devon offer of $200/acre @ 3/16 if we’re force pooled? Maybe the $200 isn’t a big deal if we get good production.
Ron, I’m in sec 17 19N 3E; they’re already drilling in the SE corner of Sec 8 just across the road from me. From this location, I believe they’re going to drill a vertical disposal well and a well into section 16 (caty-corner to the SE of the rig and then I think they’ll be drilling from that location southward into our section 17.
Just a thought, production decline talk “may” be laid out there as a way to lower mineral rights values. Happens all the time with stocks. Lots of people contacting me wanting to buy rights. Do they know something about production potential.
Randy where is your interest ?
Randy:
Do you know how many net mineral acres that you own? I may be able to make you a better offer. Respond to my friend request.
Randy They gave 1/5th royalty in section 9 so they should offer it on you pooling for 17 with less cash bonus then 3/16th The pooling for 16 paid 250 for 3/16th.